Advice You - Business

Can you franchise your business? Is franchising the right route to take for your business? As rents and rates ris

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

e in the main shopping areas & supermarkets take a greater share of consumer spending what are the advantages and

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

Examples of combination products may in

disadvantages of franchising your business.

If a business has managed to find a niche and can maintain a high p

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

rofit margin through the ups and downs in the business cycle, then it might be possible to franchise. Is the busi

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

ness model easily explained? Can somebody who has no experience in this business be taught the specialised knowle

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

Combination pro

dge required to manage and make a profit in their town or city?

If the answer is yes, then franchising could be

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

very lucrative. Once the decision has been made to franchise the business, then it is imperative that the right p

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

erson is found. A big mistake that a lot of franchisors make is to take the first person who comes to them with s

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

ome money. Finding the right franchisee can be time consuming and very expensive.

Once the right franchisees hav

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 been acquired, then you can expand your model relatively quickly. Once you achieve critical mass, then recruiti

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

g new franchisees become easier as the word gets around that your business model works.

Once you have reached cr

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

Following aspects would a

itical mass, then the whole group benefits from higher purchasing power. National marketing costs can then be spr

dd to the challenges in developing combination products:

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

ead out amongst the franchisees, making it relatively inexpensive for each one. You can then exploit your niche a

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

nd expand in your chosen market very quickly. Your brand name and logo is then known by everyone.

Franchising an

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

existing national business can be a quick way of disposing your retail outlets and scaling down your business co

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

mmitments. It can be difficult selling the group as a whole due to the size and value. This route can be ideal fo

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

Professional from academic institutions, pharmaceutical industries, health care indust

r business owners who are looking forward to retiring soon. Assuming that you have the correct business model, w

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

ith franchising you can:

Expand your business and brand very quickly

Compete with larger players due to economi

.

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

es of scale

Raise money for expanding your business

Secure a residual income stream

Enter new markets without

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

Companies that provide selfless information through particip

risking your capital

Make sure that you take professional advice before deciding to follow the franchising route

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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