Advice You - Business

Franchising is practiced in many business establishments today. With franchising, the franch

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

isor generally licenses its trademarks and business modus operandi to the franchisee. This i

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

Examples of combination products may in

done in exchange of a recurring payment from the franchisee which may be a percentage of gr

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

ss sales or gross profits and annual fees. Businesses working as franchise arrangement are r

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

ferred to as chain store, franchise or franchise outlet.

The advantage of franchising lies

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

Combination pro

in the fact that the franchisor is still in command of the financial part of the business. T

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

e franchisee only pays the franchising fees and other commitments while the assets are contr

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

lled by the company. Moreover, with franchising, the franchisor provides trained employees f

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

r the franchise. In fact, if required, they will also provide the necessary training to the

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

employees, wherein the franchisees save in training costs.

When entering into a franchise a

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

reement, it is necessary for the franchisee to pay some capital amount as security deposit t

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

Following aspects would a

the franchisor. With this payment, the franchisee runs the franchise with the needed dedica

dd to the challenges in developing combination products:

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

ion as they will not want to lose the capital sum to the franchisor. As the company would ha

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

ve already had a good standing in the market, and allots franchises just to expand, there is

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

not much of a hassle in getting customers, and business to the franchise.

Franchising helps

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

in the growth of a business as there are no limits to the number of franchises to a company.

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

Professional from academic institutions, pharmaceutical industries, health care indust

It is in fact much easier to open franchises of a company, than branches of a business as th

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

e cost involved is much lower. Moreover, the franchise receives franchise fee, franchise roy

.

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

lty, better lease options, discounts on equipment and raw materials and discounts from vendo

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

Companies that provide selfless information through particip

s. So they basically have more money to run the franchise than an individually owned company

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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To accomplish this task there are several things to keep in mind. First you need to provide resources to be full time on the project to oversee your personnel and to be your advocate to the partner

You have just minutes to make that all important impression at an interview. Creating the right impression is not rocket science, thorough preparation, listening carefully and answering the question asked make all the difference.

The Warren Buffet essays are as good for Corporate America as Milton Friedman's papers were for Free Markets or Henry Kissinger's essays for Foreign Affairs. The stuff Warren Buffet wrote about is timeless. They are old now, but could have been written yesterday. Remember he is old school not a stock flipper, although today you could say he is a market maker, as his investments move stocks and industries. Well, I guess Kramer on TV is too these days.

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Advice You - The Many Benefits of Franchising

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