Step of New-Product Development

In the pharmaceutical industry, the development of new products involves several challenges. Here is a note on the challenges:

1.     Idea generation: The first challenge is to determine whether an idea is worth considering. This involves evaluating whether the idea aligns with the company’s objectives and if it requires modifications to the existing product or marketing program.

2.     Idea screening: The second challenge is to screen the product idea to ensure it is compatible with the company’s objectives, strategies, and resources. This step helps filter out ideas that may not be feasible or aligned with the company’s goals.

3.     Concept development and testing: The third challenge is to develop and test a concept that consumers would be willing to try. This involves creating a concept that resonates with the target audience and conducting tests to gather feedback and validate its potential.

4.     Marketing strategy development: The fourth challenge is to develop a cost-effective and affordable marketing strategy. This involves identifying the target market, positioning the product, and determining the most effective channels and tactics to reach potential customers.

5.     Business analysis: The fifth challenge is to analyze whether the product will meet the profit goals. This involves conducting a thorough analysis of the market, competition, pricing, and demand to assess the product’s potential profitability.

6.     Product development: The sixth challenge is to develop a technically and commercially sound product. This involves ensuring that the product meets quality standards, regulatory requirements, and customer expectations while also being economically viable.

7.     Market testing: The seventh challenge is to test the product in the market to assess its performance and whether it meets expectations. This involves monitoring sales, gathering customer feedback, and making necessary adjustments based on the market response.

8.     Commercialization: The final challenge is to ensure that the product’s sales are meeting expectations. This involves ongoing monitoring of sales performance, customer satisfaction, and market trends to make informed decisions and optimize the product’s commercial success.