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Descriptive Essay on New Drug Development

  • Submitted by: elguapobond
  • on November 18, 2013
  • Category: Miscellaneous
  • Length: 1,229 words

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Below is a free excerpt of "Descriptive Essay on New Drug Development" from Anti Essays, your source for free research papers, essays, and term paper examples.

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...

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