Advice You - Business

Before we conclude our series on the "25 Reasons Why A Franchise Is Better Than Other Business Models", let's review "Reasons 1-16".

1. You have the identity of a chain.

2.

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

No experience is necessary.

3. You have an established market and product.

4. You have an established total concept.

5. Your business is recognized by the general public.

6. Your risk fac

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

Examples of combination products may in

tor is considerably lower than other small business models.

7. You have access to standardized policies, procedures, guidelines, formats, products and services.

8. Company experts can help you

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

discover problems before they impact your business.

9. You have collective buying power.

10. Initial training is provided for operating personnel.

11. You have ongoing supervision and consult

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

ng.

12. Local and national advertising.

13. Professionally designed point of sale advertising.

14. Uniform packaging.

15. Ongoing research and development of new products and/or services.

16.

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

Combination pro

Financial assistance is available in many cases.

Now, the final installment in our 3 part series.

Part III: Reasons 17-25

17. Franchisers also can assist you with site select

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

ion. What makes a good site for a service station, may be a poor site for a restaurant or a retail establishment. Certain kinds of businesses do well in shopping malls while others do not. Norm

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

lly, it is difficult to get into a successful shopping center without the credibility of a successful franchise entity. In terms of site characteristics, should you locate on a near corner or a f

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

ar corner? What kind of business should you locate next to? The franchiser has already addressed location problems and knows exactly where to place the franchise for maximum profit potential.

1

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

8. You will receive an operating manual. The manual is a convenient tool that will help you familiarize yourself with franchise operations and you can use it to train personnel. One of the bigg

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

st challenges in business is hiring and training employees. One of the major weaknesses and breakdowns in many companies is employee training. The operating manual will help you develop and impl

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

Following aspects would a

ement a quality personnel training program.

19. Franchisers will help you with planning and forecasting. It is very important to know what to expect in terms of sales and marketing, activity, p

dd to the challenges in developing combination products:

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

ersonnel, stock, equipment and personnel training. It is also important to forecast income so cash needs can be determined in advance. Franchisers also provide you with inventory control forms t

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

o help you track stock and other supplies so you will know what to order and when. These forms are excellent control tools that will help you reduce employee pilfering from your supplies.

20. I

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

vesting in a franchise will enable you to go into business with less capital, more expertise and more advantages than going into business on your own.

21. Franchises make it easier to get people

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

excited about going into business with you if you lack sufficient capital to go it alone because of their long track record of success and profitability.

22. The vast majority of franchises are

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

Professional from academic institutions, pharmaceutical industries, health care indust

well known. Many are household names. Therefore, you have the greatest probability of seeing a return on your investment in the shortest possible period of time.

23. You do not have to be a b

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

siness genius in order to succeed in a franchise.

24. The franchiser will train you and your personnel how to handle customer complaints and problems in a courteous, professional and business li

.

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

ke manner.

25. It is much easier to grow and expand your franchise operation into other locations within the same city or town or establish additional franchises in other localities.

For indivi

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

Companies that provide selfless information through particip

duals or groups with limited or no business expertise or experience, franchises are, by far, the best possible commercial enterprise model for going into business for yourself, but not by yourself

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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Advice You - Part III: Reasons 17-25 - Of The 25 Reasons Why A Franchise Is Better Than Other Small Business Mode

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