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Main Subject - Questions That People Buying A Franchise Must Ask Of The Current Franchisees
I am frequently asked about the questions that people contemplating buying a franchise should ask of the current Fra
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
nchisees. This is such a common request that I have added an appendix to my book, Real World Franchising, with a que
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
tionnaire designed to ensure you get the full picture.
However to give you an idea of the sort of questions that mu
However to give you an idea of the sort of questions that mu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
st be asked, I've included a selection of the questions here:
2) Is your background useful in running the franchise
2) Is your background useful in running the franchise
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
? Yes/No
If Yes what is your background?........................................................................
If Yes what is your background?........................................................................
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
...........
4) Did the training cover all aspects of running the business?
Yes/No
Subsequently do you think the t
4) Did the training cover all aspects of running the business?
Yes/No
Subsequently do you think the t
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
raining was enough to get you started?
Yes/No
5) How did you find the support you got from the Franchisor during t
Yes/No
5) How did you find the support you got from the Franchisor during t
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
e initial stages of the Franchise
Good/Indifferent/Bad
7) What aspect of the job do you like least. How much of yo
Good/Indifferent/Bad
7) What aspect of the job do you like least. How much of yo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ur time is spent doing this aspect?.....................................................................
12) Have y
12) Have y
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
u incurred any significant overspends on costs?
Yes/No
13) What areas have been significantly overspent?..........
Yes/No
13) What areas have been significantly overspent?..........
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
....................
10) Which Franchisees do you think are the ones who I should definitely talk to?..............
10) Which Franchisees do you think are the ones who I should definitely talk to?..............
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
.....................................................................
Perhaps you will excuse me if I don't republi
Perhaps you will excuse me if I don't republi
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
h the list in full. I have left out some questions that I do think are important. However you will notice that the l
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ast question is out of order. To give you some more value I'd like to explain the reasoning behind that question.
I
I
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
a franchise system where the franchisees are not happy they are also frequently unable to risk 'sticking their head
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
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
above the parapet'. However they do know that they would feel guilty if they didn't tell you something of the issues
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
. Therefore they will frequently point you in the direction of a franchisee who is willing to give you a truthful pi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ture.
I actually learned of a problem with a franchise system I was considering in this way. The person I interview
I actually learned of a problem with a franchise system I was considering in this way. The person I interview
.
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
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
ed first was in dispute with the Franchisor and couldn't risk the potential legal action that could ensue if he was
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
xplicit with me. He therefore pointed me to another franchisee who was free to talk....
And saved me a lot of money
And saved me a lot of money
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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