Advice You - Business

Deciding to get a franchise is only the first of several major decisions a prospective franchisee will have to make. The next is determining the best franchise opportunity.

The best franchise opportunity is a totality of many factors. These factors are l

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ike parts that make up a whole. They work together to achieve a beneficial result.

Foremost of these factors is the prospect’s financial capability or ready access to financing since a large amount of money is required for the franchise fee, down payment

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

n the lease, and other expenses. In addition to being financially ready, he should make a complete self-examination to determine his personality and preferences so that he can find the right kind of business that will match his style.

Preferably, the pros

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

pect must have conducted his own research and market study before setting up a meeting with the franchisor. This will enable him to inquire intelligently about important details relative to the company and the arrangements under the franchise. This way, h

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

does not enter into something that he does not know much about, wherein he will have to depend mainly on the franchisor for information. This kind of information is unreliable since it has already been edited to come up with a highly convincing franchise

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

resentation.

In asking questions, the prospect must solicit important information such as those about the track record of the company insofar as its franchises are concerned; how committed it is in providing continuous support to the franchise and ensuring

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

its success; how effective its training and marketing programs are; and if the company has an continuing product research and development program to make the business updated and competitive. The franchisor must be able to provide this information to the

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

rospect’s satisfaction.

If the business is large and enormously popular in the market, its franchise network is most probably successful. Accordingly, the franchise fee alone will cost the prospect a large sum of money. If he does not possess the financi

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

l capability required by large companies, the next best thing is to look for a lesser-known company that has a high market potential but a lower franchise fee. However, the risks involved here are definitely higher than with a large-company franchise.

In

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

considering the franchise offer of a less popular franchisor, the prospect has to conduct a thorough study on the background of the company, its present management, and the market potential of its products or services in his intended business location. He

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ust also be able to find substantiated answers to the following questions: Is the business concept innovative enough to attract customers? Will it draw enough interest in the marketplace to make loyal customers? Is the company willing to allot a reasonab

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

e budget to fund marketing programs in the area to help the franchisee realize more profits? Am I willing to risk my money on a novel concept such as this? If so, am I up to the challenge of turning the franchise into a profitable venture? If the answer t

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

o all these questions is “yes,” the other equally important factors must also be considered.

The planned business site for the franchise unit is another crucial factor if the business is to succeed. Ideally, the business must be established in a place whe

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

e there is a lot of human traffic, possibly inside a shopping centre, near a school, or downtown where all the shops are situated. It must also be easily accessible to its target market. In this regard, the franchisor’s willingness to provide support in p

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

npointing determining the ideal location and negotiating the lease will be a good indication of his sincerity.

In addition, the prospect has to determine the availability of competent people in the area who can be considered for possible employment in his

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

franchise. Staffing the business with quality employees who can be trained in operations and management will be an essential factor in running the business smoothly.

As the prospective chief operations officer of a franchise unit, the prospect must be ass

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

red of an effective training program that will arm him with adequate knowledge in starting the business and running it smoothly later on. A good training program for the employees should also be in place.

Furthermore, local legislations that are favorable

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

to business will make the franchise opportunity more encouraging, assuming, that is, that the general economic condition is good for business.

The best franchise opportunity materializes when the prospective franchisee is financially ready; he has made a t

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

horough study of his chosen company, its viability, products, and franchise network; he is assured of the commitment of the company to provide him continuous support; he has a good business site in mind; and the prevailing economic condition is conducive to

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

starting a business.

The moment this opportunity presents itself, seize it!

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tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Advice You - The Best Franchise Opportunity - How to Determine It

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