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The author of the current literature review "Strategies in the Pharmaceutical Industry" highlights that the development of drugs consists of several phases. Not all drugs are expected to complete the whole process, i.e. certain of the drugs will be excluded from the drug pipeline…
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Strategies in the Pharmaceutical Industry
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Download file to see previous pages The exclusion of a drug from the drug pipeline can take place anytime up to the last part of the drug development process; for example, even if a drug has been made available to the public the firm involved can decide to withdraw the drug from the market (Nishimura et al. 2009). A drug that is proved to have severe side effects that had not been identified in the pre-clinical or the clinical testing is an example of the above case.
Firms operating in the pharmaceutical industry could secure the success of their New Product Development process by employing the ‘Critical Success Factors approach’ (Schuh et al. 2012, p.3). The specific approach promotes the idea that the chances for the success of a business strategy can be significantly increased if the strategy is designed based on a series of factors (Schuh et al. 2012). These factors, as presented in Figure 1a, can affect the design of the business strategy at lower or at a higher level depending on the industry involved and the conditions in the business environment (Schuh et al. 2012). In any case, the use of these factors could help a pharmaceutical firm to secure the competitiveness of its new products, as possible (Schuh et al. 2012).
On the other hand, Figueiredo and Loiola (2012) explain that a drug development process is characterized by the continuous exchange of ideas; during the process, many of these ideas are rejected while news can also appear. However, because the issues that need to be taken into consideration during the particular process can be many it should be wise for the managers working on such projects to screen each stage of the process as carefully as possible (Figueiredo and Loiola 2012, p.21). The economic aspects of drugs, as reflected in their Net Present Value (NPV), should be also taken into consideration by managers when developing a new product. ...Download file to see next pagesRead More
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