Digg It - Business

Franchising research is a dangerous business for potential Franchisees. The 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

nchisor can hold all the cards….unless you see the relationship for what it is!

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

Examples of combination products may in

I’ve set out below 4 rules that I go into in more depth in my book. Ignore the

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

se at your peril, but take them into account and you and the Franchisor can hav

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

discussions with the deck not stacked against you.

1) The Franchisor is wishi

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

Combination pro

g to enter into a contract with you that will enable him to grow his business.

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

The relationship that you develop is based around MUTUAL benefit. In the light

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

f this, there is no need to feel that you have to impress the Franchisor or tha

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

when you meet with them you are applying for a job.

2) The purchase price of

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

the Franchise should be in proportion to the rewards that are realistically on

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

ffer. Don’t forget, every penny spent in the purchase of the Franchise is one l

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

Following aspects would a

ss going into the development of the Franchise after purchase.

3) Remind yours

dd to the challenges in developing combination products:

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

elf that the person who is taking the biggest risk in this relationship is you.

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

It’s true that the Franchisor wants to grow their Franchise with the right peop

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

e. However don’t forget that if they don’t sell Franchises they don’t grow thei

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

r business at all!

4) The Franchisor’s representative is well motivated to sel

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

Professional from academic institutions, pharmaceutical industries, health care indust

you a franchise. Remember, if this was a job interview you would be the salesm

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

n in the relationship. In fact you are the buyer and the Franchisor is the sale

.

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

sman. Tailor your approach in the light of this.

Don’t forget these rules when

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

Companies that provide selfless information through particip

interviewing Franchisors.

NOTE YOU are interviewing THEM -- NOT vice versa

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/19177/diggit-4-Tips-To-Remember-When-Talking-To-Franchisors.html">4 Tips To Remember When Talking To Franchisors</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/19177/diggit-4-Tips-To-Remember-When-Talking-To-Franchisors.html]4 Tips To Remember When Talking To Franchisors[/url]

Most manufacturers view service as an added expense and burden. Their goal is to build a product that does not require service. Upper management and sales usually present design with a need for a product, and when the product has been designed and sales estimates have been made, it is up to manufacturing to produce the product at the lowest possible cost.

Or 'why it is easier to pay for it, but not necessarily as satisfying as doing it on your own' Oct - I had an idea for a business venture and having had some successes...

Don't you hate it when you share an absolutely brilliant idea with your colleague and she runs to your boss and presented your idea as hers? It's totally dishonorable, absolutely despicable and utterly disgusting when such scumbags are bathed in the light of your glory while you languish in the back-waters of obscurity. That idea of yours is an intellectual property and should be protected. Find out why I'm mad this time...

Tags

Links

Digg It - 4 Tips To Remember When Talking To Franchisors

Related Articles: