New Drug Development
How are new drugs developed and marketed? New product development in the
Pharmaceutical Industry is a long term, high investment process starting with the
initial idea and investment to provide info about the demand for a new product in a
specific market. Lab development of the new drug and testing is next with
government interaction and filing of documentation being the most time
consuming of the different stages involved in acquiring a new drug license. Large
scale production of the new product, packaging then logistics to targeted markets
completes the manufacturing process. I will highlight key groups responsible for
bringing to market a product capable of improving your way of life.
With such a highly competitive market in health care, corporations are in
constant search for the next miracle product that will improve lives and make a
profit. An idea must be implemented, an aggressive marketing plan has to be set in
place, then the financial goals and profits for the proposed drug need to be
established before proceeding to development.
Before proceeding with new product development an idea must be generated
with the prospect of high profitability and market sustainability with a long
term growth rate. Today I will use an over the counter oral care product for
sensitive teeth as an example.
The marketing strategy involves the use of focus groups, third party survey
groups as well as dental office inquiries for a product to address a particular
need in which this case is sensitive teeth. Other areas to be addressed in
marketing is competitive products that exist, cost analysis and long term
objectives for the product. Once marketing has established the need for a
new product it will then proceed to finance.
Once the product meets the criteria for a demand, investors within the
corporation must be sought out. Initial cost...