Advice You - Business

Many franchisors in the marketplace believe that there is a certain type of person that they are

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

targeting in order to sell them a franchise. This is a mistake in modern-day franchising and let

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

Examples of combination products may in

me tell you why.

I am the founder of a franchising company and became a franchisor in my 30s.

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

I originally had considered that there was a certain type of person I was looking for to buy my f

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

ranchisees and I was thinking it would be someone just like me. Boy was I wrong.

You see, our t

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

Combination pro

op franchisees were not people like me. The franchisees that were the most like me actually were

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

the biggest pains in the butt. They did not seem to want to follow the franchise system rules t

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

hat we had set up and they were busy being entrepreneurs rather than following the system. A sys

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

tem, which I had designed over a 25-year period and it was perfect in every single way. If you c

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

hange something it simply would not work as well, of course how would they know that?

Sure they

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

can read the manual the exact way to do things, but we also left out of the confidential operatio

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

Following aspects would a

ns manual all the mistakes we've made over the last 25 years. In other words we had everything i

dd to the challenges in developing combination products:

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

n the manual to help you do things right, but we did not list all the mistakes we had made along

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

the way. I suppose if someone knew all the mistakes we've made along the way; that they may not

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

have the confidence to buy the franchise in the first place?

Nevertheless, what I'm saying to yo

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

u is that our top-performing franchisees were people from all different walks of life, every inco

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

Professional from academic institutions, pharmaceutical industries, health care indust

me level, every religion, every nationality and they ranged in age is from 18 years old to 75 yea

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

rs old. The fact is there is no profile for a franchise buyer and franchisors need to know this

.

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

and stop trying to profile a specific type of individual to buy your franchises. In theory it so

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

Companies that provide selfless information through particip

unds like it might work, but in actuality it is all wrong. I hope you will 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

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/19327/adviceyou-Franchisors-How-to-Determine-a-Franchise-Profile.html">Franchisors; How to Determine a Franchise Profile</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/19327/adviceyou-Franchisors-How-to-Determine-a-Franchise-Profile.html]Franchisors; How to Determine a Franchise Profile[/url]

Are you tough enough to become an internet millionaire? Do you have what it takes to make it online?

As it does with every main life aspect, feng shui also provides tips and guidelines to help you improving your career. If your career is not moving on in the way you wish, that is due to a lack of ba...

As a leader, you constantly face three options: going all out for new opportunities, meeting challenges head on when they are still manageable, and doing nothing. In every case, whether explicit or not, you make a decision about how to deal with the change. What will you do?

Tags

Links

Advice You - Franchisors; How to Determine a Franchise Profile

Related Articles: