Main Subject - Business

New franchise opportunities are coming to the market regularly and the franchise industry is going from strength to strength. Franchise exhibitions are attracting many

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

new exhibitors. Potential franchisees are coming in their droves to look at the many new & old opportunities that are eager to take their cash.

Entrepreneurial spirit

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

Examples of combination products may in

is alive and kicking. People from all walks of life and different educational backgrounds are now thinking about going into business. More women are now looking to buy

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

a franchise than ever before. Older people are joining the queue looking for part time & full time business opportunities for later life.

The banks and lending institu

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

tions are competing strongly to lend money competitively to new franchisees. It has never been a better time to buy a franchise. In some cases the franchisors are even

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

Combination pro

tepping in to provide guarantees to lenders to enable the franchisee to buy their franchise and set up the business.

Buying a franchise is much safer compared to start

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

ing a business on your own. Survey after survey carried out by official franchise organisations and lenders prove that people buying a franchise business are much more

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

likely to still be trading profitably than people who choose to go into business on their own steam.

For those who are considering buying a franchise business it is im

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

perative that the right questions are asked to the franchisor.

How long has the franchisor been trading?
Are you a member of any approved organisations?
What

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

skills are required to operate the business?
How long will it take to recuperate capital invested?
How much turnover will I need to do to breakeven?
Who

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

are your main competitors?
Is the market for your products growing, at a standstill or declining?
Will there by any unexpected fees?
Is there any ongoing

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

Following aspects would a

training & support?
Which territories are available?
Do I have an exclusive territory?
What assurance do I have that my territory will be protected?

dd to the challenges in developing combination products:

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

Are there any ongoing fees?
How long is the training?
How many franchisees do they have?
Can I contact all or some of your franchisees?
How many a

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

re trading successfully?
How many franchisees have failed in the past?
Why did they fail?
How are disputes handled?
How is marketing done?
What

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

will be my contribution?
What is the procedure in selling the business?
What are the fees involved in selling the franchise?

Bear in mind that a good fr

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

nchise opportunity will only work if you are prepared for the hard work involved in running a business. It is absolutely vital to find a business that will stimulate yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

u for years to come. Far too many people choose an opportunity primarily based on profitability, rather than choosing the right business for them.

The franchise agreem

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

ent is the cornerstone of your business and as such demands close scrutiny. Legal advice should always be sought to ensure that it is evenly balanced. Some franchise ag

.

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

reements that I have seen are far too one sided and give more protection to the franchisor than the franchisee.

A final word of caution, even the best franchise will s

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

Companies that provide selfless information through particip

truggle in the wrong territory and marketplace. Always get independent advice from professionals to determine if your ideal franchise opportunity will work in your area

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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I recently received a phone call from a very enthusiastic, if not perky, flight attendant who has been working in the commercial sector for several years. I could tell that the airliner end of flying was no longer for her; I also heard a certain excitement in her voice as she imagined herself flying within business aviation. Truthfully, it is this type of conversation that inspires me to promote our industry as I believe it is one of the best industries around.

You're an entrepreneurs if you use an entrepreneurial mindset inside a large company. Maybe you bring in new clients, launch new products, or take an interest in areas outside your job. You're great at your job, but your ultimately selling yourself short! Heres why...

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