Launching of New Pharmaceutical Product and Promotional Challenges
ABSTRACT Purpose: The purpose of the study was to find out the basic challenges and major aspects in launching of new pharmaceutical products, and the usual way to overcome with the concerned challenges. The second most important purpose was to find out the role of innovative and creative way in promotion of new pharmaceutical product and its impact on their market value. Methodology: I went through questionnaire based survey on 10 medical representatives and 10 doctors respectively to find out the challenges, strategies, innovations and considerations in launching of new pharmaceutical products. Later on I have analyzed the results by using statistical method and results were discussed accordingly. Findings: In this era of innovation and creativity, the “perfect product launch’ and lifecycle management is now viewed in a different and expanded way so the strategies would be accordingly, as the companies now a days think about virtually every aspect of research, marketing, product development, suppliers, materials management, manufacturing, distribution, warranty and defect management, maintenance repair and overhaul, and product end of life and disposal. So the challenges in launching and maintaining a new product in the market is increasing which is mostly being overcome through innovative and creative way while and after launching a product. Value: Innovation is global and without any boundaries. And hence its growth is being nurtured by active investments, grants, and tax incentive policies of established industrialized nations and emerging economies. This research might be helpful for that researcher having interest towards marketing and is also useful for the medical representatives whose company has recently launched a product or about to launch.
Manish Gunjan, Jegathambigai Rameshwar Naidu, Ishab Kumar and Yogesh Kumar