Digg It - Business

You’re ready to quit your day job, and venture into the uncharted territory or working for yourself. But you are still at the point o

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

f having to choose to branch out on your own, with unique business of you own making, or to invest your hard-earned dollars in an esta

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

Examples of combination products may in

blished business franchise, which may offer a security missing from your as-yet-unknown business.

Or maybe you don’t have a clue abou

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

t what business you would start on your own, but know that you don’t want to work one more minute for somebody else. If that be the c

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

se, buying into a business franchise can be the fastest way to get your own operation up and running. It will also save you a lot of

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

Combination pro

the marketing you’d need to do to get your own business and products recognized.

Buying a franchise gives you the right to promote an

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

already successful, widely recognized product or service, and you will have access to the company higher-ups when you need pointers.

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

It’s Not A Walk In The Park

While franchises of established companies have extremely low instances of failure when compared to

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

new independent businesses, they still demand plenty of hard work. Even among franchises there are the big dogs and the Chihuahuas,

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

and there are those who find after getting a taste of the running their own business franchise that it is just not they had imagined.

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

Although business franchises come with some built-in

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

Following aspects would a

safeguards against failure, such as a proven product or service, advertising courtesy of the franchise chain, and brand recognition,

dd to the challenges in developing combination products:

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

the manner in which you manage your business franchise will be the biggest deciding factor in its success.

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

Even if you win “New Franchisee of the Year Award” after your first anniversary, you will still be at risk if the other franchisees
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
in your area do not live up to your business franchise company’s standards. The negative effect of a single defective product or case
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
of poor customer service from one of your fellow franchisees will not necessarily be confined to their business. Bad news travels fa
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
st, and especially if there are several other franchisees in your area, you may all be tarred with the same brush.

Some other caveats
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
about purchasing a business franchise are that you will need to account for the royalties you be paying to the franchisor before figur
.

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
ing you products, and you will have to run the business according to the wishes of the franchisor, even thought their policies may not
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
be the best for your customer base.

Also, you will not be able to sell your franchise except to someone acceptable to the franchisor

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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