Main Subject - Business

The first step in franchising your business opportunity is to start by analyzing your business model. Is it profitable after allowing for your franchise fees

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

? If it is profitable and has well defined objectives to exploit the opportunities in the market place then you are ready to move to step two.

Can the busin

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

Examples of combination products may in

ess model be easily taught? There is no point in having a profitable business opportunity if it can not be duplicated by your franchisees. A training package

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

must be devised that assumes that the franchisee has no prior business experience.

Step three is to create a detailed and well laid out operators manual. T

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

his should be divided into two parts: one section for the franchisee and one section for the employees of the franchisee.

Step four is to decide on the init

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

Combination pro

ial franchise fee and the ongoing royalty payments. In the initial stages of launching the business franchise, the franchise fee will have to be kept at a ve

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

ry low level to entice the first batch of franchisees. Once you have some franchisees running successfully then you will be able to increase the initial paym

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

ent.

Step five is to create an ongoing support system for your franchisees. Some will require more support than others. A few will need more training. You w

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

ill need to decide at this point who is going to actually carry out the training. Many franchisors outsource the training aspect to a qualified training comp

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

any. This means that they can focus on the critical aspect of running and managing the business.

Step six is to devise your franchise agreement with the hel

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

p of a decent franchise lawyer. There is no point in cutting costs as this will end up being the cornerstone of your business opportunity.

Step seven is to

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

Following aspects would a

create all the marketing material including brochures and video presentations to market your franchises. You will also need to decide where you are going to

dd to the challenges in developing combination products:

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

market your business opportunity. There are now a multitude of mediums where you can promote your franchise ranging from franchise exhibitions, franchise mag

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

azines and franchise websites. Many companies even advertise their franchise offering in the national press.

Bear in mind that the above steps will be under

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

constant improvement as the franchise network grows. All the marketing material, ongoing support and training will have to be developed as weaknesses are di

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

scovered.

Some of the franchisees will have to be treated like children as they will never have managed a business before. Not only will you have to teach t

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

Professional from academic institutions, pharmaceutical industries, health care indust

hem how to mange your franchise but in some cases you will have to also train them into how to use a computer and basic accountancy skills.

Finally, a syste

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

m will have to be created to deal with franchisees that are deemed unsuitable after they started managing their business. No matter how comprehensive the rec

.

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

ruiting programme is, it will be very difficult to weed out all the unsuitable candidates until they actually start running their business.

Finding the righ

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

Companies that provide selfless information through particip

t franchisees, training them properly in all your systems and providing full ongoing support should reduce the numbers who end up failing as business owners.

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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The trap of being doing business without a clear vision of where you are going is that you simply become busy. Being busy is no substitute for doing the real work of your business.

Too often, we are only half listening to what people are saying. Many times this is because we believe we know what the other person is going to say or because our mind is on something else. The results can be painful or disasterous.

A great logo design can go a long way in facilitating the brand building process of a product- service. The article used examples to illustrate this particular point.

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