Speed of New Product Development-Enhancement through Supply Chain Management in a Generic Pharmaceutical Company
Keywords:
Supply chain, integrating supply chain, new product development, Generic Pharmaceuticals, speed of product developmentAbstract
Drugs and pharmaceutical industry plays a vital role in the economic development of a nation. Generic pharmaceutical industry is one of the largest and the most advanced sectors in the world, acting as a source for various drugs, medicines and their intermediates as well as other pharmaceutical formulations to meet the patient needs. Given the increasing competition in the world, the sustainability of generic pharmaceutical industry in global footprint is challenging. The key to success of generic pharmaceutical company is the development of new products in a speedy manner with affordable price and introducing them first in to market at the right time is crucial to gain a competitive edge. In this context, to meet the growing complexity of the industry and the varying demands of their business segments, developing strategies for enhancing speed of process development through supply chain in new product development is accomplished to improve the health status of the individuals as well as the society as a whole, so that positive contributions could be made to the economic growth and regional development of a country.
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