Planning Groups for New Product Planning Growing in Importance
With the growth of patent expirations, the importance of planning groups in new pharma product ventures has grown. These new product launch groups are faced with the pressures of efficiently developing new products with both minimum risk and maximum value. As the age of patent expiration continues to grow, companies must now strategize ways to effectively develop new products in a timely manner.
In order to address the various issues related to the process of new product planning (NPP) in bio-pharma and biotechnology companies, leaders can learn from other companies lessons learned in regards to critical elements of the NPP function. Through our research we found that the role of the NPP is constantly changing and will continue to change over the coming years. The future for NPP includes:
NPP Will Play an Increasingly Important Role Over Time: Companies surveyed noticed that the task of producing drugs coupled with the competitive pharmaceutical industry means that the NPP function will grow in importance. It will be closely linked to long-term health and strategy for these different companies and will greatly factor into decision making for these organizations.
NPP’s Scope of Involvement Will Greatly Expand: NPP’s importance in the early stages of the development cycle will grow in importance in order to provide proper perspective on market and commercial opportunities. Regional and Global NPP groups will also work closer together, with Regional NPP groups being involved earlier in order to iron out details that may go unnoticed by Global NPP functions.
NPP Will Have to Increase Skill set in Global Markets & Value Propositions: NPP groups must gain a deeper understanding of global markets and must be able to accurately determine value that a potential new drug can provide for a company. It must become the “Voice of the Market”, which will mean that both internal and external stakeholders will have to gather relevant information and communicate it to other decision makers.
The role and impact of NPP groups on different product commercialization efforts in pharmaceutical and biotechnology companies is likely to increase. If done correctly, new product planning groups can provide precise and reliable data to inform and shape executive thinking surrounding the challenges of new product development.