subject: Growth of the Pharmaceutical Industry – Need for Research and Development [print this page] A product manufactured incorporating innovative technology makes it possibly the most preferred product in the market. Most revered organizations spend millions everyday to carry out scientific research and development in order to stay ahead of competition.
Application of best practices in the medical industry generally equips one with an edge over the others. Besides, research and development offers enough scope to exponentially improve a product.
How do you promote your pharmaceutical products?
In order to test the waters or target a niche market, attending trade shows and conferences held specifically for pharmaceutical industry can be beneficial. These shows can help one get an insight into their competitor's line of products.
Apply the right product mix that can help in good product positioning. A new product launch must be a resultant of effective market research and competitor analysis. In addition to this, the work force must be skilled and efficient to streamline their skill into making the new product. They should possess high levels of the required job skills besides being able to market the product well. In order to achieve desired quality and quantity levels for a product, large-scale infrastructure, committed project teams, cross-functional therapeutic units and new technologies is necessary.
Pharmaceutical sales training should be adequately provided in order to meet both tactical and strategic demands.
Pharmaceutical industry is the second largest growing industry in India. With such a profound growth there is cut-throat competition in the industry. Hence, the need for business research and competitor analysis has become part and parcel of a growing industry. Indian pharmaceutical industry holds the 3rd largest share in the global medical industry. Such is the importance of this industry that there's a greater pressure to provide cutting-edge medical solutions worldwide.
Companies can maximize their return on investments made on research and development by applying the right marketing strategies that will position a product well in the global market.
Growth of the Pharmaceutical Industry Need for Research and Development
