Product development in the pharmacological industry requires extensive research in the laboratory as well as the field. Pharmaceutical companies invest millions of dollars annually to develop and market their new set of products with success.
Prior to entering a new field in the market of pharmaceuticals, firms must be aware of all aspects that revolve around that particular market. To perform this task, a large amount of money is spent to studythe market in order to assess the need and supply of the product.
Several pharmaceutical firms face numerous challenges before entering a field and/or releasing a product into the market. These challenges could be regulatory or legislative in nature.