Advice You - Business

While there is no magic formula that every franchisor seeks, there are some key characteristics that are necessary for success. Many franchisors look for the follo

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

wing in franchisee candidates:

People Skills- are you a people person? Can you manage and work with others? How do you interact with customers? Can

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

Examples of combination products may in

you make connections and promote your business?

Can you follow a system? This is key!

Can you ask for and accept assistance? Will y

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

u let the franchisor help you get started and overcome hurdles to success? Success in franchising means following the proven system.

Are you ready to r

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

oll up your sleeves and get it done? There is no substitute for hard work, especially the first year. You may want to do a self-assessment
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
trong> to better understand your skills, goals and motivations.
Why do you want to own a franchise?
What is your financial health? What are your f
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
nancial needs and goals?
Do you have the support of your family?
Can you give up benefits of employment?
Are you healthy and equipped fo
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
r the stress of business ownership?
Do you need to be in charge of all decisions?
What is your lifestyle? What hours are you willing to work?
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
i>
Do you prefer a home-based business or a retail or office setting?
How do you feel about selling?
What is your risk tolerance?
A
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
ommon myth is that franchisors require industry specific skills. Rest assured that franchises do not insist that you have specific industry experience (and
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
some even prefer you do not!). In fact, more often than not, franchisees choose businesses that reflect their interests; not their professional backgrounds. And
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
the very nature of franchises, a proven system with excellent training and ongoing support, makes this possible.

What are your chances of success as franc
dd to the challenges in developing combination products:

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

A U.S. Small Business Administration study conducted from 1978 to 1998 found that 62 percent of non-franchised businesses failed w
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ithin the first 6 years.
A 1999 study by The United States Chamber of Commerce found that 86 percent of franchises opened within the last five years were
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
still under the same ownership and 97 percent of them were still open for business.
Franchise businesses account for about 50 percent of all retail
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
ales in the US and employ more than 14 million Americans. ?
More than 75 industries use franchising to distribute goods and services to consumers.?
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

Total sales by franchised businesses are projected to reach $1.7 trillion this year. ?
One of every 12 businesses is a franchise and a n
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ew one opens every 8 minutes of every business day.?
In 2000, the median gross annual income, before taxes, of franchisees was in the $75,000 to $124
.

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
000 range, with over 30 percent of franchisees earning over $150,000 per year. No one wants to fail and few can even afford to.

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

Companies that provide selfless information through particip
e: Franchises have a 97 percent success rate. Most people cannot even predict that they can keep their jobs with a 97 percent certainty! Can you

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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