New Product Development Software
Despite having experience of successful drug launches in the past, pharmaceutical companies today face different challenges than what they did 5 years ago. Today’s hyper-competitive drug market has an entirely different set of needs and a varied set of consumers and stakeholders.
Consumers are not just the patients taking the medication, but also the physicians. Stakeholders include the legal, political, and market structures of a country. Pharma companies need to differentiate themselves from their competitors and create value for every single stakeholder in the market. They must be able to prove that their product provides the best health outcome within the year of launch.
Typically, any Pharma product undergoes the following life cycle
- Idea Generation
- Product Development
- Regulatory Approval (from multiple countries)
- Product Launch (in multiple countries)
2020 is the year where the entire world has been brought to its knees due to the ongoing corona-virus pandemic. As economies around the world are suffering from the extended effects of the pandemic, individuals have lost their jobs, many industries have been temporarily shut down, and there is a complete upheaval of lifestyle.
Pharmaceutical companies are now in the center stage. Typically, API/Formulation development takes several years, however, now companies are under increasing pressure to formulate, develop and distribute a API/Formulation for the virus as soon as possible to minimize the virus’ social, economic, and political effects on the world. They are also facing new challenges in the drug development process such as disruptions in clinical trials and supply chains.
Covid-19 and the resultant disturbance is here to stay. In this time of the “New Normal”, it is critical that pharmaceutical companies support this strong clinical need by adequate investment in the research and development process. There also needs to be an unprecedented utilization of all resources and a reduction in the time to market of new possible API/Formulations. The developed drug also has to be distributed to the remotest corners of the world. Hence, it is more imperative than ever before to use the right tools for the development process.
New product development for any company is a high-risk process with high investment. Without the right tools and software, drug companies would be unable to track market analytics and requirements. It will be impossible to effectively collaborate across teams and departments, and it could also lead to revenue leakage. The ultimate launch could be more susceptible to the risk of failure.
Using the right software for the product development process in the cut-throat competition of the pharmaceutical industry could mean the difference between being a market leader and being one of the generic followers. An NPD software can increase profits, reduce project execution time, and can even be configured according to the industry needs to enable ease of implementation and use.
Below are some of the key benefits of using NPD software. :
- Idea Management
- Register all new ideas and track them
- Financial evaluation based on sales forecasting and CAPEX
- Technical feasibility evaluation based on CFT feedback
- Competitor Analysis & Risk Analysis
- Go-No Go decision
- Product Development
- Plan product development activities
- Technical Product information
- Resource Allocation
- Experiment Management (ELN)
- Analytical and Application Tests
- Clinical Trial Data
- Regulatory Activities
- Dossier Filing
- Query Management
- FDA Registrations
- Product Launch
- Market Potential
- Product Launch
- Market feedback
- Centralized Data
- All Product development data is centralized
- Access to the authorized personnel on need basis
- Real-time analytics
- To help leadership teams in the decision-making process and deal with market changes.
- All regulatory approval/renewal related notifications/reports
- Eliminate barriers to effective communication
- Automatic notifications to relevant stake holders
TouchBase for Pharmaceutical & Life sciences is a world-leading software that automates business processes across project management, product candidate selection, product development, registration & product launch. TouchBase provides multiple solutions and can be used by Drug Delivery & Healthcare Companies, Biotech Companies, Pharma Packaging, Fine Chemicals, Contract Manufacturing, R&D, and Others.