E-Articles - Business

Finding The Right Franchise

Whether it’s hamburgers, pizza, telecom, coffee, Internet, muffler parts, or senio

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

rs’ services, there are Franchise opportunities available to evaluate. There are great Franchise systems, good

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

Examples of combination products may in

ranchise systems, and bad Franchise systems. The challenge is to ask the right questions to find the right syst

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

em that will fit your goals and dreams. The key is to ask the questions – and listen closely to the responses.

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

nly then can you determine if the Franchise opportunity is the right fit for you. So whether it’s food services

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

Combination pro

like burgers or coffee, professional services like telecom or IT, or manual services like cleaning or oil chang

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

es, ask the questions and record the answers.

How Big Is The Market?

The Franchisor should have a good handle

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

on the available market for the product or service that you will be offering as a Franchisee. Presumably the Fr

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

anchisor has done extensive research on the current market size, as well as the potential market size for the f

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

ture.

The Franchisor should be willing to share that information with you so you can assess the data to make s

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

re that the opportunity is going to be of sufficient size to satisfy your own goals. You may have to sign a non

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

Following aspects would a

-disclosure agreement first, but the information is important to you, so it must be assessed. The whole idea of

dd to the challenges in developing combination products:

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

Franchising is to ensure that the goals and dreams of the Franchisee, and those of the Franchisor, are unified.

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

If the market availability will allow for strategies to be implemented by you, which are consistent with your

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

oals, and those penetration goals are congruent with the Franchisor’s goals, then all is good.

If it’s a long-

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

tanding and stable market, then there should be plenty of statistics to back up that conclusion. If it’s a new

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

Professional from academic institutions, pharmaceutical industries, health care indust

and burgeoning market, there should be analysis that you can assess to give you a comfort level that you, toget

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

er with Franchisor, can go get a significant share. If it’s a fad market, or limited life market, then the stra

.

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

tegies should reflect that, as should the agreements.

The caution is that if the Franchisor is wishy-washy abo

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

Companies that provide selfless information through particip

t the market, or is unwilling to discuss the issue in depth with you, that should be a significant warning sign

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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