Advice You - Business

Franchising a business is a great way to expand and get your products to the market quickly. It is possible to achieve strong growth using the franchise model.

Fr

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

anchising though is not suitable for every business. Analyse your business model and ask yourself the following questions:

Can my business model be taught easily

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

Examples of combination products may in

o people with no prior business experience?

How easy would it be and how much would it cost to recruit new franchisees?

What kind of person would make the ideal

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

franchisee?

Who would provide the training and ongoing support?

What are the unique selling points of my business?

If you can answer all these questions then it

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

is time to seek expert professional advice. You will need help in creating a franchise agreement, training programmes, support systems and marketing methods.

A fr

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

Combination pro

nchise lawyer will be able to assist you with creating a professional franchise agreement which will end up being the cornerstone of your business.

You will have

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

to decide whether you can do the training in house or outsource it completely. There are many training providers who can do an exceptional job of training your fra

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

chisees and I strongly advice you to examine them carefully. These providers will not only assist with the initial training but can also provide ongoing support.

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

A marketing expert preferably from the franchise industry can give you ideas on how to market your franchise and recruit the best people. It is essential that you

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

o not offer your franchise to everybody who has money. They must also possess the skills required to manage your business successfully.

The services of an account

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

nt will then be required to present your franchise to the banks that specialise in helping franchisees to buy a franchise. Funding agreements must be in place befo

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

Following aspects would a

re you start recruiting. Banks are very helpful to have on your side when you start recruiting as most of your franchisees will not have the full funds required to

dd to the challenges in developing combination products:

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

buy your franchise. The franchisees will also require operating capital until their new business can sustain their lifestyle.

To attract the right kind of franchi

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

see you need to present your business opportunity in a professional manner. There are hundreds of franchises on offer and many of them are very good opportunities.

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

The presentation is almost as important as the concept when it comes to recruitment!

Once you have managed to attract the right franchisee it is imperative that t

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

ey are taken skilfully through the training process. The training must be well thought out and thorough. Many of your recruits will not be coming from either a sal

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

Professional from academic institutions, pharmaceutical industries, health care indust

es or business background. They will have to be taught basic business and marketing skills prior to learning how to manage your business model.

If premises are re

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

uired then the choice of location must not be left to the franchisee but rather it should be a joint decision. Even this can be outsourced to professional companie

.

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

s, who specialise in finding the right locations, negotiating favourable terms and dealing with the landlord.

Using the franchising route to expand into new marke

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

Companies that provide selfless information through particip

s can be fraught with dangers but if correctly handled it can lead to successful growth of your business model and ultimately to the profitability of your business

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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