Main Subject - Business

All franchises & business opportunities can be analysed for both growth and profit potential using very simple rules. These rules apply whether you are starting a busines

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

s on your own or considering buying a franchise opportunity.

The first golden rule in business is to analyse the market place that you are contemplating to enter. Is it

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

Examples of combination products may in

declining market or is it growing? Is it becoming more competitive or less? Is it forecast to grow or decline? The same rules apply when you are considering buying a fra

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

chise opportunity. What forces are at play in this segment?

Let us assume that you are thinking of entering the retail trade and specifically mens' clothing.

By analysi

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

g the market or commissioning market research you will quickly discover that the segment is very tough indeed. Average retail prices when taking inflation into account ha

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

Combination pro

e actually fallen in real terms. Average cost prices have not fallen so quickly. Margins are being squeezed. Average spending power has actually increased so certain high

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

ly specific segments within this segment could still hold their own.

The growth in mail order and internet shopping for these products has risen over the same time. Supe

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

markets have entered the field and now hold a significant market share. The quality of imported goods has now reached the standards of some inferior brand names.

All the

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

above should sound alarm signals for anybody considering entering this business segment. So the first golden rule in business is to enter a growing market segment where p

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

ofit margins have not been already squeezed. In reality the opportunity has already been exploited. Again if you are contemplating buying a business franchise in this seg

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

ent I would advice you to think twice.

A rapidly growing market segment is to supply health care, holidays, specifically designed products and other services to the elde

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

Following aspects would a

rly. In the last 50 years the rate of growth of the over 60s has exceeded any other age group. Their disposable incomes have risen at the same time. This is forecast to g

dd to the challenges in developing combination products:

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

ow even further as better understanding of health risks, improved medication and exercise facilities enable the population to live longer.

The need for help with every d

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

y activities also increases with age. Most elderly people need help with one or another area of life that we all take for granted.

Another very important feature that ha

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

been widely seen is that the elderly now seem to be a lot different from the same age group only 50 years ago. They are much more likely to travel on their own, exercise

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

in the gym & demand greater services from both the business community and the government.

So in this case the first golden rule has been overcome. Profit margins are hea

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

Professional from academic institutions, pharmaceutical industries, health care indust

lthy and the market segment is expanding and forecasted to continue expanding. Spending power is on the rise and forecast to grow further in years to come. There are man

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

market segments that are forecast to grow so the above example is just one of them. Again there are other segments that have already started declining.

The First Golden

.

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

Rule states that if you find a niche in a market place that is growing rapidly even a hard working fool can make money. Your accountant can help you analyse any market se

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

Companies that provide selfless information through particip

ment very quickly and easily. Why enter the wrong segment when you are likely to be in that field for at least the next 5 years? Look out for my next golden rule out soon

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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