Advice You - Business

Acquiring a franchise business system is like dating. You meet a person you thought you like and before you know i

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 you are head over heels in love with him, but you should know who you are dating before committing yourself to th

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

Examples of combination products may in

relationship. Do not be swayed by the sweet words you will hear from your franchiser instead it is better if you

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

know everything you need to know about the franchise business because you might end up regretting your decision in

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

he end.

Before you take the plunge and agree with the franchiser, you should ask about the level of support that y

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

Combination pro

ur franchiser is going to give you in terms of training, marketing, advertising, and financial support. Once you h

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

ave this information, research about the strength of the franchise business system and the brand name especially th

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

business system. You have to learn all about this from scratch. You can find this information in public financia

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

l records of the company. It is also advisable to know about the income of the company, financial statistic and th

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

growth of the company. From knowing how many new franchisees a franchise business system acquires yearly, you can

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

figure out the growth of the company and the level of success of franchising. One way to confirm all these is to t

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

Following aspects would a

alk to other franchisees and ask them about these things to solidify the researches you have made.

Once you have a

dd to the challenges in developing combination products:

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

l this information on hand, then it is time to go to your franchiser. You have to read carefully the franchise agr

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

eement and the financial agreement carefully as it contains the contract. It is also imperative to know if your fr

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

nchiser is agreeing to have another franchisee in your area, which means you and the new franchisee will be sharing

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

customers. If the answer is yes, it is showing less support because it means a lower income for you and for the ne

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

Professional from academic institutions, pharmaceutical industries, health care indust

w franchisee. If the deal is all right for you then you can go ahead and sign the contract.

In dating, before mar

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

ying the person, you have to have information about them, their background and what they are really like before you

.

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

say “I do” to the person because it the end you might be committed to a relationship that is not to your liking.

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

Companies that provide selfless information through particip

nd there might be no way out. Think of franchising as dating, who would want to be caught in a doomed relationship

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 - Know Who Your Franchisor Is

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