Advice You - Business

You have decided to buy a franchise. Which one will you choose? There are so many out there. Are you going to go for a co

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

ffee shop or fast food outlet? What about an internet business, printing company or stationary?

There are distinct advan

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

Examples of combination products may in

ages in buying a franchise over starting your own business from scratch. The greatest advantage is that most franchises a

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

re still trading after 3 years whereas most new start ups have ceased trading.

What is a franchise?

With a franchise yo

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

benefit from a proven business model and the experience of a larger organisation. You have to pay a franchise fee and a

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

Combination pro

license fee to the franchisor to have the right to run their business model.

In the UK companies like McDonalds, Prontap

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

int & KFC made franchising very popular in the 70s. Now you can find an outlet in nearly every town & city in the UK. Fra

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

nchising is now one of the fastest growing areas of business in the UK.

Let's examine the pros and cons of franchising

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

he advantages are:

1) You receive full training in the operation of your business
2) You are not reinventing 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

e wheel
3) You receive support from the franchisor when you encounter a problem
4) You have a proven business m

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

del
5) It is in the franchisors interest for you to succeed
6) Accounting procedures and business systems are w

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

Following aspects would a

ll established
7) You are part of a group of people all running the same business
8) You benefit from national

dd to the challenges in developing combination products:

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

marketing

The disadvantages are:

1) You have to pay the franchisor a percentage of your profits
2) You hav

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

to follow the guidelines laid down by the franchisor
3) The Franchisor controls the development of your business

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

> 4) The Franchisor dictates your supply chain
5) You have to market the business in a way that is approved by the

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

ranchisor
6) You have to report back to the Franchisor at least annually

Before you jump in

Before you commit

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

Professional from academic institutions, pharmaceutical industries, health care indust

to a franchise make sure that you evaluate the following points:

1) Take professional advice from lawyer before sign

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

ng any agreements
2) Take advice from an accountant to check the viability of the business
3) Carry out market

.

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

research to see if the franchise is right for your area
4) Be prepared for hard work - running a business requires c

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

Companies that provide selfless information through particip

mmitment

If you’re ready to make the commitment, franchising can be a rewarding, and often highly lucrative business

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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Most entrepreneurs consider payroll management a strenuous business process. Most companies either have a dedicated staff involved only in payroll management or they outsource this function. Payroll management involves calculating the money owed to each employee, taking hourly wage, commission, sick leave, vacation time, and other variables that change the pay from week to week into account. From this gross pay medical insurance, pension plans, social security taxes and other programs the company or government pay for has to be deducted. In all, figuring out the payroll for each employee can become a job unto itself.

Most reasonable people will a still that if a franchisor is selling franchised outlets to the public then they have a viable business concept that is profitable. However, this may not always be the case and to assume this is risky if you are a franchise buyer.

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