Develop New Products To Match A Progressive Marketplace

By Author: Kirthy Shetty
Total Articles: 2542
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In a constantly evolving marketplace, consumer advocacy has seen a startling rise to power. Constant innovation and creativity has seen many pharmaceutical companies tackle most diseases and disorders. But since there are numerous diseases and disorders that demand attention, the pharmaceutical new product development team has miles to go before they sleep.

New Product Development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.

The steps to NPD are 8 fold. It all starts with Idea Generation. The next step is to screen the idea and to eliminate unsound concepts prior to devoting resources to them. At this stage many questions ...
... such as the benefit of the target market and technological feasibility are tackled. Once the idea is approved, the concept is developed upon and tested. Along with the concept development, the marketing and engineering details are also developed. Intellectual property issues are dealt with and the cost of production is broken down. One the concept has been thoroughly developed, the likely selling price of the product is decided based on the competition and customer feedback. The profitability and breakeven point has to be decided. Beta testing of the prototype follows along with market testing. Technical implementation processes such as new program initiation, resource estimation, logistics plan and contingency plans are put into place. The final two steps of NPD include launching the product or commercialization and pricing the new product.

To help pharmaceutical industries streamline their NPD processes, benchmark reports are available which are compiled after conducting extensive research in the field of New Product Development and Launch. These reports carry important information such as Planning and Coordinating Launch, Optimizing Product Portfolio, Managing Thought Leader Programs, Managing Development Process, Ensuring Market Focus and Creating Infrastructure Support.

Through these reports, developers and project managers can streamline their New Product Development strategy and New Product Launch strategy. Altogether, the company may succeed in maintaining their market share while maybe cutting costs and unwanted processes.

Kirthy Shetty, Expert Author.
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