Advice You - Business

If you are a franchisor you want your most successful franchisees to operate more outle

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

ts. In other words you want them to buy more franchises and you are probably even will

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

Examples of combination products may in

ng to give them a discount because there will be no training involved since they alread

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

y own one or more units.

It is a well-known fact in business that it is much easier to

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

sell something to a current customer than to try to go market, advertise and get new cu

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

Combination pro

tomers to come in and buy. The same thing applies to franchising organizations. So ho

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

w do you get your current franchisees to open more outlets?

Many franchisees do not wi

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

h to open more outlets because that means they are required to put up more capital. Ma

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

y franchisors do not want to spend their capital to put in company-owned stores, becaus

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 they need to conserve their resources so they can continually grow exponentially.

On

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

way to get franchisees to open more outlets is to offer them more territory, yet in do

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

Following aspects would a

ng this sometimes franchisees feel that if they opened stores too closely to their curr

dd to the challenges in developing combination products:

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

ent stores they will cannibalize sales that there were already getting.

This may or ma

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

not be true originally, but by opening another story you will increase the brand name

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

n the region and increase the total pie or number of buyers in the area and therefore b

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

oth locations can succeed.

Starbucks figured this out, although they are not a franchi

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

Professional from academic institutions, pharmaceutical industries, health care indust

e, when they start opening more outlets closer together. At first the new outlet would

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

cannibalize sales from the existing location, but over three or four months new custome

.

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

rs would start going to the new location and the Starbuck’s brand would become mo

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

Companies that provide selfless information through particip

e popular in the area and both locations would do better. Please consider this in 2006

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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CBS will imprint their logo on egg shells. Here are some other weird and funny ads that companies have done.

Change management and fast-moving high-tech companies can be devastating for the efficiency and innovative spirit of the company. All too often high-tech executives will find other work and leave the company to go work for another corporation.

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Advice You - How to Get Franchisees to Open More Outlets

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