Pharmaceutical NPD Software Solution
New Product Development is the transformation of a business opportunity into a product fit for consumption. It means getting a great product to the market and is contingent on several factors such as customer needs, competitor analysis, costing, and nature of the market.
Innovative companies usually develop processes wherein they aim to continuously satisfy new customer demands or new markets by regularly launching new and/or improved products.
One important element of the NPD process is reducing the Time To Market (TTM) of a product, i.e reducing the time it takes for a product from its conception to its market launch. Organizations can choose to pursue one or multiple variations of TTM such as Pure Speed, Minimizing Resources, or Flexibility to Make Changes.
TTM is also intricately and ultimately linked to the quality of the final product. For example, some firms choose to skip repetitive steps in the development process which might ultimately lead to a fall in the quality of the product or service, whereas some choose to follow a structured process such as Six Sigma or the Phase-Gate model.
In the pharmaceutical and life sciences industry, new drug launches face unprecedented competition today. The average window of time in which a drug remains on the market before competing products arrive has fallen to four years, down from eight years between 2000 and 2004 (Source: Bain.com). The onslaught of new products makes it that much harder for companies to keep their product ahead of the curve. In short, it is critical to be the first to market. Market and industry leaders usually have a luxury of time, while the clock is clearly running for the followers.
Nowadays, new drug launches require much more coordination across the entire organization, for example, patient and physician services, market access, regulatory, marketing, and sales. Many pharma companies rely on loosely organized data contained within messy spreadsheets and locally stored files. Cross-functional teams working together are inadequately empowered with actionable data and may lack a global leader. This undercut’s the group’s ability to respond to critical issues and take bold decisions.
Do you want to optimize your TTM?
Yes? Then continue reading.
A pharmaceutical NPD software accelerates your TTM by providing a single source of truth for all queries related to product development and establishes protocols for on-time production and distribution. It enables your team to have a single system for managing the gated development process and organize research and development. It also empowers your team members to move quickly and confidently through the stages with predetermined milestones and avoid cost overruns due to missed deadlines.
Additionally, it provides you with the tools to conduct post-launch activities such as collecting relevant market data and converting them into actionable tools for future launches, which in turn boosts the rate of market success.
ProductDossier’s flagship product TouchBase is a best-in-class, NPD Software solution for the pharmaceutical industry & is currently working with some major pharmaceutical organizations for more than 3 years successfully.
It covers the entire NPD life-cycle from New Drug Idea Generation, Business Case Evaluation, Product Development, Dossier Registration, FDA Approval & Market Launch. It also offers comprehensive functionality in business case development, integrated project & portfolio management, document management, data & procurement management, budgeting & costs, etc. This can be integrated with existing IT landscape such as ERP to provide an end-to-end solution.