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There are great benefits to owning a franchise. You often can sell goods and services that have instant name recognition and can obtain training and ongoing support to hel

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

p you succeed.

But be cautious before you sign on the dotted line.

1. Know How Much You Can Invest - A franchisor may tell you how much you can afford to invest or that

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

Examples of combination products may in

you can't afford to pass up this opportunity. Before beginning to explore investment options, consider the amount you feel comfortable investing and the maximum amount yo

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

can afford.

2. Know What Type of Business is Right for You - A franchisor may attempt to convince you that an opportunity is perfect for you. Only you can make that det

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

ermination. Consider the industry that interests you before selecting a specific franchise system. Ask yourself the following questions: Have I considered working in

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

Combination pro

that industry before? Can I see myself engaged in that line of work for the next twenty years?

3. Realistically Evaluate Your Own Background and Skills - If the industry

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

does not appeal to you or you are not suited to work in that industry, do not allow a franchisor to convince you otherwise. Spend your time focusing on those industries

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

that offer a more realistic opportunity.

4. Take the Time to Comparison Shop — Talk to or visit several franchisors engaged in the type of industry that appeals to you.

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

Get answers to the following questions:

• How long has the franchisor been in business?
• How many franchised outlets currently exist?
• Where are they locat

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

d?
• How much is the initial franchise fee and any additional

start-up costs?
• Are there any continuing royalty payments?
• How much?
• What manag

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

ement, technical, and ongoing assistance does the franchisor offer?
• What controls does the franchisor impose?

5. Get Substantiation for Any Earnings Representatio

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

Following aspects would a

ns — Some franchisors may tell you how much you can earn if you invest in their franchise system or how current franchisees in their system are performing. Be careful. T

dd to the challenges in developing combination products:

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

e FTC requires that franchisors who make such claims provide you with written substantiation. Make sure you ask for and obtain written substantiation for any income proj

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

ections, or income or profit claims. If the franchisor does not have the required substantiation, or refuses to provide it to you, consider its claims to be suspect.

6.

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

Avoid High Pressure Sales Tactics — You may be told that the franchisor's offering is limited, that there is only one territory left, or that this is a one-time reduced fr

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

nchise sales price. Do not feel pressured to make any commitment. Legitimate franchisors expect you to comparison shop and to investigate their offering. A good deal t

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

Professional from academic institutions, pharmaceutical industries, health care indust

oday should be available tomorrow.

7. Study the Franchisor's Offering — Do not sign any contract or make any payment until you have the opportunity to investigate the fra

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

nchisor's offering thoroughly. The FTC's Franchise Rule requires the franchisor to provide you with a disclosure document containing important information about the franc

.

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

ise system. Study the disclosure document. Take time to speak with current and former franchisees about their experiences. Because investing in a franchise can entail a

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

Companies that provide selfless information through particip

significant investment, you should have an attorney review the disclosure document and franchise contract and have an accountant review the company's financial disclosures

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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In marketing what is important is to keep your customers. Creating a long-term relationship with your customers is of the essence if you want your business to grow. But marketing is not that easy. You need and effective marketing plan to get to the top of the competition.

Perhaps you have seen the catalogs or talk to a company that rents giant blowup guerrillas that you can use to help advertise your store. But does it really makes sense to put a big blow up guerrilla in front of your store to make people look and get their attention? In some cases it does, but consider if you will that the guerrilla needs to wear a sign on his chest that says; Big Sale!

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