Advice You - Business

A franchise is simply a business where a tried and tested format is applied to businesses in each territory. All

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

the guidelines for managing the business are clearly set down in a manual. The owner of the franchise business wi

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

Examples of combination products may in

l be expected to follow all the procedures laid down in the manual

When you start a franchise business, you have

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

to pay an upfront franchise fee. This will then give you the right to use the brand name of the franchiser and hi

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

confidential business system and know how.

You will also have to pay the franchiser a monthly royalty payment.

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

Combination pro

This payment is needed by the franchiser to ensure that you have ongoing support and assistance when required.

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 franchiser will guide you in choosing the right location, train you in the operation of your business, help you

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

in the marketing of your business and assist you in overcoming any issues that may arise.

Franchising is much sa

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

er then starting your own business. The choice of location, how to market, where to buy supplies and accounting p

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

rocedures are all laid down exactly. All you have to do is to follow procedure and the chances are that you will

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

ave a successful business.

According to the US Department of Commerce, after completing a 7 year study, over 90%

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

Following aspects would a

of franchises are still trading profitably.

When people choose to go it alone, 80% of business start ups fail wi

dd to the challenges in developing combination products:

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

hin 5 years. This is because they are entering a market where their business knowledge is usually poor, although

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

their product knowledge might be good. All their experience comes from trial and error, and the banks are quick t

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

pull the plug if cash flow projections are not met.

The limitations to a franchise are that you will not be abl

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

to deviate from procedures. You will have to buy from predetermined suppliers and use the computer systems and s

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

Professional from academic institutions, pharmaceutical industries, health care indust

ftware that has been chosen by the franchiser. You will also be limited to where you can operate the business as

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

the franchiser will not allow you to endanger his reputation, in a location, where he believes that there is litt

.

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

e chance of success.

This can be extremely difficult for an entrepreneur who likes to "be his / her own boss".

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

Companies that provide selfless information through particip

ll in all, what you are entering into is a partnership, whereby it is in both parties interest for you to succeed

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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A business to business company differs from others in such that while the others cater to consumers, b2b caters to businesses in a particular area. The options and choices available upon thinking of going into this kind of business is not just profitable but diverse. Here you can offer blue collar services such as networking or marketing or white collar services like printing and janitorial services. In any case, a b2b or business to business company serves for the benefit of the other businesses in the area by providing them venues for outsourcing some of the work cheaply and effectively. This translates into a lower overhead for them as well as less problems in the logistics, acquisition and maintenance of people and equipments.

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