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Some people have unique talents or skills, hobbies or avocations or specialized knowledge that they can turn into a profitable business venture with little or difficulty. If you lack t

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

hese attributes, and still want to have your own business, consider owning and/or operating a franchise. In our previous installment in this series, we covered reasons 1-8. In this ins

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

Examples of combination products may in

allment, we will outline and discuss reasons 9-16.

Part II: Reasons 9-16

9. As a franchise owner, you have collective buying power. This is an increasingly greater a

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

vantage because there are more conglomerates and larger companies today than there were just 5 years ago. The small business person really can not compete with conglomerates to lower

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

is/her cost. Because small businesses typically buy supplies and services in much smaller quantities, their per item cost and service usage cost is higher which can lower profit pote

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

Combination pro

tial. When you become a franchisee, you have the collective buying power of the entire franchise network. Therefore, you will receive much lower prices for goods and/or services.

10

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

Initial training is provided for operating personnel, which is very important. Before actual business operations begin, a complete and extensive training program is provided by the

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

ranchiser.

11. Most franchisers offer ongoing supervision and consulting. This means when you open your doors for business, someone will be there to hire the initial work force, trai

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

them and help solve problems as they develop. This is a valuable learning experience for you. Eliminating problems before they impact your earnings, saves you time, money and effort

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

This cost reduction increases your profit potential.

12. You will also receive local and national advertising programs. Most franchisers will give you a local advertising program you

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

can implement immediately. Normally, your advertising program is professionally designed with the high profile of large scale national advertising. This gives you an edge over local

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

Following aspects would a

competition.

13. Many franchisers provide point of sale advertising; such as ceiling mobiles, posters, etc. These are expensive to develop and they are very helpful in creating that

dd to the challenges in developing combination products:

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

xtra point of sale impetus that can increase your overall profit potential. The sophisticated advertising material franchisers provide gives you a much better business image and iden

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

ity.

14. There is also uniform packaging. The franchiser has already worked out the best size and type of packaging. This is a tremendous savings in time and money. Plus, trial and e

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

ror has been eliminated for you. For instance, a food product package may need a certain treatment to resist moisture or to retain heat. The franchiser has already invested in the res

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

arch and development to produce the required packaging material and manufacture it on a large scale. As a franchisee, you can take advantage of this.

15. The vast majority of franch

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

Professional from academic institutions, pharmaceutical industries, health care indust

se companies do ongoing research and development. They are constantly working on new products, new variations on existing products, new ideas, new concepts and new systems. Franchiser

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

are experimenting and testing all the time. They can do things that you, as an independent business person, can not afford to do. Many have their own research and development laborat

.

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

ries and you, as a franchisee, are the recipient of their work and continuing efforts.

16. Some franchisers even provide financial assistance. In some cases, the franchiser will fin

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

Companies that provide selfless information through particip

nce part of the initial acquisition cost, whether it is equipment, leasehold improvements or land. Some even provide assistance to lower your initial cash outlay which saves you 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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