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Developing a new product development & launch process. Case: pharmaceutical market

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  • D. N. Savin

Abstract

Projects on development and a conclusion of new products to the market remain one of the most demanded in practice of the modern companies. In case of their successful realization the companies manage to increase significantly a market share, to attract new consumers, to raise level of the innovative activity, and also to improve financial performance. At the same time a fact of common knowledge is the high share of unsuccessful projects in the field of a conclusion of new products to the market, especially it is characteristic for pharmaceutical branch. Therefore, the purpose of this article is identification of the main channels of obtaining information by the consumer about innovative products, and; definition of the factors having impact on consumers at a choice of new products in the pharmaceutical market. As a result of research it is revealed that two components belong to factors of success of an innovative product: technical, defining high usefulness of an innovative product, and marketing, considering criteria of a choice of goods of consumers. In work it is shown that the majority of consumers as B2B, and B2C of segments during making decision on purchase rely on such source of information as the Internet. Thus, effective communication with potential consumers on the Internet will be one of major factors of success of start of a new product. Following the results of the conducted research it was defined that the main factors allocating an innovative pharmaceutical product are completeness of information on it, and also high level of client support. In this connection, for satisfaction of requirements, it is offered to start a hotel independent platform of support of start of an innovative product which will include: full information on properties of a product; all necessary technical documentation, and also the section devoted to support of potential clients. Practical realization of results of the conducted research is shown on the example of development of strategy of advance innovative BIOCAD company products.

Suggested Citation

  • D. N. Savin, 2018. "Developing a new product development & launch process. Case: pharmaceutical market," Strategic decisions and risk management, Real Economy Publishing House, issue 2.
    • Handle: RePEc:abw:journl:y:2018:id:771
    DOI: 10.17747/2078-8886-2018-2-50-61
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    References listed on IDEAS

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