Product Development & Commercialization in Pharmaceutical Industry
Rizwan Raheem Ahmed, Jolita Vveinhardt
This study examines the importance & imperative parameters in order to bring a new product in a Pakistani pharmaceutical Industry/market. Although, there is good quality international literature available for the under examine topic, but it carries the perspective of developed countries, where things are very different from a developing country like Pakistan. The study identified that Pharmaceutical products can be classified under two main categories: Prescription products and OTC products. The study concluded that a company’s product mix has four important dimensions: width, length, depth and consistency. Product mix width refers to the different product lines a company carries; Product mix length refers to the number of items a company carries in its product lines. Product mix depth refers to the number of versions each product offers. The new product development process in Pakistan’s pharmaceutical industry can be outlined as 1) Molecule identification, 2) Molecule screening, 3) Sourcing of raw material, 4) Pilot batch manufacturing, 5) Marketing strategy development, 6) Test marketing/Clinical trial/user trial, and 7) Commercialization. We can attempt to develop a concept on similar lines for pharmaceutical products in different characteristics like 1) Quality Level, 2) Feature of a product, 3) Dosage forms 4) A brand name and 5) Packaging of products.
How to cite this article:
Rizwan Raheem Ahmed, Jolita Vveinhardt. Product Development & Commercialization in Pharmaceutical Industry. Pharma Innovation 2014;3(9):40-45.