Advice You - Business

In this article I cover the most frequently asked question about the franchise industry, the opportunity costs, and my responses to the question posed.

Question: Wha

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

t is franchising?

Answer: Franchising is where you buy the rights to a business concept, trademarks & know how. In return you pay a franchise fee and a percentage of

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

Examples of combination products may in

your profits.

Question: What is a franchise?

Answer: A franchise is, in its simplest terms, an agreement between the franchisor and the franchisee, whereby the fran

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

hisee has the rights to use the logos and trademarks of the franchisor and the ability to market the franchisors products. Both parties commit to a legal agreement wh

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

ich protects both their interests. The franchisee usually pays an initial franchise fee and ongoing royalty payments.

Question: Is it better to buy a franchise oppor

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

Combination pro

unity or start my own business?

Answer: Based on the surveys carried out by the US Department of Commerce & NatWest/BFA, the majority of franchisees are still tradin

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

profitably after five years. Everyone knows that the majority of people who start out in business on their own, I am sad to say, end up failing within the first thre

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

e years. When you buy a franchise business, in return for a franchise fee, you receive training and ongoing support. You also benefit from the knowledge that the fran

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

hisor has picked up over many years.

Question: How much does a franchise business cost?

Answer: There are no fixed prices for a franchise opportunity. Depending on

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

our budget there are franchises to suit most people ranging from only a few thousand, to over a million.

Question: What's the first step to buying a franchisee?

Ans

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

er: Do a search on the internet for the following: "franchise", "business franchise" & "franchise opportunity". You will find a wealth of material on the internet. Yo

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

Following aspects would a

u can also buy magazines that specialise in franchises and of course, you should attend franchise exhibitions where you can meet the franchisors or their agents and a

dd to the challenges in developing combination products:

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

k questions. At the exhibitions, in some cases you will also be able to touch and feel the products that form the cornerstone of the franchise!

Question: How do I ra

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

se the funds required to buy the franchise?

Answer: Most banks have special units set up to help potential franchisees. In many cases the franchisor has done the har

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

d work for you and arranged special terms with lending institutions.

Question: Which franchise is right for me? Answer: The best franchise for you is not necessaril

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

the business that makes the most money! Buy a franchise which suits your lifestyle and is interesting to you. If you like the products that you are marketing, then y

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

Professional from academic institutions, pharmaceutical industries, health care indust

u are much more likely to enjoy your work!

Question: Can I sell my business when I want to move on?

Answer: If your franchise business is trading profitably, then y

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

ou should be able to sell it like any other business. Your franchise agreement will go into detail regarding the processes that are involved in selling the business.

.

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

nfortunately, if your business is not making a profit, then it will be difficult to find a buyer.

Finally, always take legal advice before signing any franchise agre

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

Companies that provide selfless information through particip

ment. Your lawyer has to ensure that the agreement is fair for both parties. Your accountant will help in evaluating the profit potential of the franchise opportunity

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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