Advice You - Business

With specialized training under his or her belt and walking papers in hand, how does an individual, who spent so many years in the military, adapt to civilian life?

Acquiring a franchise m

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

ay just be the solution. Franchising draws on parallels founded in all arms of military branches, with a strong work ethic and discipline being significant shared traits.

Successful franch

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

Examples of combination products may in

sers have proven operating systems established, and in turn, search for franchisees to carry them out. Numerous military veterans have found franchised businesses to match their skills, and

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

some exceptional programs are in place to enable veterans to pursue business ownership.

The Veterans Transition Franchise Initiative is one such program. Known as “VetFran,” this voluntary

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

discount program was designed to help former military personnel become small-business owners. As of Sept. 1, VetFran has enabled 612 veterans to acquire small businesses, compared to 385 a

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

Combination pro

ear ago, and more than 150 veterans are currently considering franchise purchases.

In recognition of franchising’s wide variety of business concepts and sizes, the program allows each part

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

cipating company to determine its own financial incentive. Typically, VetFran participants offer discounts of their initial fees, which make franchises more accessible to these first-time b

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

yers. The only requirements established by the association are that participating companies be current members of IFA and offer the incentives to honorably discharged veterans. The associat

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

on does not receive government funding for the initiative.

Verlo Mattress Factory Stores, the nation’s largest factory-direct mattress retailer, recently enlisted in the program, offering

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

15-percent discount to veterans. “The VetFran Program is ideally suited for veterans,” Verlo Mattress Factory Stores President John Siipola said. “Many men and women coming out of the mil

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

tary have very specific skills and experience that may not readily apply to civilian occupations. But they have acquired the personal discipline and sense of accountability to excel in a fr

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

Following aspects would a

anchise system that provides the business model, training, and ongoing support as a foundation for their success as independent business owners. The key to success in franchising is to foll

dd to the challenges in developing combination products:

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

w the system and not spin your wheels trying to reinvent the wheel.” Siipola said because Verlo’s mattresses are individually tailored to match customers' needs, attention to detail is vit

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

l. Being a veteran himself, Siipola understands the demands of military life and its application to civilian life. “After spending six years in the Navy, I was fortunate to be accepted at

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

ortheastern University to continue my education,” Siipola said. “After graduation, like most of my college classmates, I went into corporate America.” Siipola said he soon found that large

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

corporations were not what he had envisioned. “Franchising offered me the opportunity to use some of the personal skills that I had learned in the military to my advantage,” he said. “Lea

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

Professional from academic institutions, pharmaceutical industries, health care indust

ning the system and following the guidelines within the system allowed me to succeed in a business where I had no previous experience and my military training was a definite asset.” Prior

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

o joining Verlo Mattress Factory Stores, Siipola said he had been a proponent of the VetFran Program and worked with several veterans who were interested in becoming franchise business owne

.

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. “Not only do we at Verlo provide qualified veterans with a 15-percent discount on our franchise fee, participating financial institutions may count the 15-percent discount as equity or

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

Companies that provide selfless information through particip

paid in capital for loan qualification purposes. It is a great program that can really assist our military veterans to get a start as small business owners in a proven system,” Siipola said

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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