Knowing how to most effectively identify and evaluate potential products and how to establish decision goals for products to ensure efficiency and accountability is a necessity for any pharmaceutical company. Having a formalized selection process also improves the speed and quality of development effort. This document can help pharmaceutical companies keep the process of identifying and evaluating new products moving forward by being aware of key internal milestones. It is increasingly necessary for companies to set formal rules and processes that facilitate compound movement through the selection process from development to FDA submission. This 20-page document describes how leading pharmaceutical companies establish an integrated, systematic approach, coordinating activities and resources between different departments to move the compound through as quickly as possible.
- Identifying Potential Products
- Evaluating Potential New Products
Sample Best Practices
- Utilize diverse channels to identify strategic alliance opportunities *One benchmark partner, for example, discovers opportunities primarily via contacts made at various meetings, conferences, and associations.
- Concentrate strategic alliance expertise on best-known therapeutic areas
* Another studied company, for example, stresses the importance of therapeutic-area expertise in its strategic alliances.
- Formalize selection process to improve speed and quality of development effort.
* Another studied company analyzes the merits of each of its compound carefully. From the beginning of the selection process the company uses a carefully planned process model.
The insights and best practices showcased in this report are distilled from lessons learned in interviews with executives and specialists who have extensive experience in designing and managing new product planning and strategic alliance departments at a range of pharmaceutical companies. This document originated from a Best Practices, LLC consulting project.