Advice You - Business

Ray Kroc, founder of McDonald’s Corp., did not set out to sell Big Macs. His introduction to hamburgers came in

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

the early 1950’s while he was peddling milk shake machines.

A San Bernadino restaurant run by two brothers, Di

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

Examples of combination products may in

ck and Maurice “Mac” McDonald were using a number of the machines to keep up with the huge demand for milkshakes

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

. It was here that Kroc saw a golden opportunity for lot’s of milkshake machine orders if only they had more 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

estaurants! Kroc offered to open and run the restaurants, and in 1955 opened the first McDonald’s in Des Plaine

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

Combination pro

s, IL. He bought out the McDonalds brothers for $2.7 million in 1961.

Ray Kroc understood one important fact a

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

bout business that most of us simply miss. The fact is, that you will make far more money by “duplicating” your

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

efforts over and over again in a mutually beneficial way, than by trying to due it all by yourself. Ray went ou

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

t of his way to find qualified individuals to run and manage his restaurants, and after training them all at “H

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

amburger University”, took a small profit from each restaurant. This “duplication” allowed McDonald’s to enjoy

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

exponential growth over the years.

There are now over 24,500 McDonald’s restaurants in 115 countries around the

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

Following aspects would a

world!

In today’s world, Ray Kroc might be looked upon as an early MLM’er. He recruited owners and managers to

dd to the challenges in developing combination products:

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

run his businesses, he provided them with a product, he trained them to “duplicate” his efforts (through the us

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

e of ‘Hamburger University”), and he took a small percentage of the profits from each restaurant.

If they did n

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

ot succeed, he did not succeed. No McDonald’s restaurant has ever failed. (A tribute to the exceptional suppo

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

rt system Ray Kroc implemented)

Unlike MLM’s, however, the recruiting aspect of the McDonald’s business was rese

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

Professional from academic institutions, pharmaceutical industries, health care indust

rved strictly for Ray Kroc. Restaurant owners were not allowed to franchise themselves. If they had been allo

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

wed to franchise themselves, the McDonald’s Corporation quite possibly would be much larger than it is today bec

.

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

ause of faster exponential growth.

In the MLM business, this faster growth can be achieved because each and ever

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

Companies that provide selfless information through particip

y business owner in the network can franchise themselves. This is the “extension” if you will, of franchising.

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/19383/adviceyou-MultiLevel-Marketing---Is-It-An-Extension-of-Franchising.html">Multi-Level Marketing - Is It An Extension of Franchising?</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/19383/adviceyou-MultiLevel-Marketing---Is-It-An-Extension-of-Franchising.html]Multi-Level Marketing - Is It An Extension of Franchising?[/url]

How you can create a dramatic difference in your business and why this should be considered your first priority.

How many times have you announced a big strategy or organization change and just when you thought it was working it becomes obvious the change didn't happen? You've got everyone in the company talking about it - but what happened? A common mistake that many leaders make is to announce the change, hear the instant positive feedback (ignore the naysayer's input) and assume that the organization will take it from there.

How do you create good customer service in your software business? Providing good customer service is a challenge for every software seller. Useful tips for software vendors.

Tags

Links

Advice You - Multi-Level Marketing - Is It An Extension of Franchising?

Related Articles: