Pharmaceutical Summit and Expo

Biography

Biography: Gannu Praveen Kumar

Abstract

Continuous innovation is one of the pharmaceutical industry’s most defining characteristics. New medications can be crucial forrnmaintaining the quality of human life, and may even affect its duration. The global pharmaceutical market is expected to reachrn$1.1 trillion by 2015. Pharmaceutical innovation is marching towards an orderly, predictable process. It follows a technology pushrnmodel dependent on a meandering path of scientific breakthroughs with uneven timing and hard to foresee outcomes. Technologicalrncompetency, decades of rigorous research, and profound understanding of unmet customer needs, while necessary, may proverninsufficient for market success as the critical decision for commercialization remains outside the firm. Drug innovation as a businessrnprocess requires savvy strategic, organizational and managerial decisions. It is already enjoying intensive research coverage, givingrnrise to abundant but relatively dispersed knowledge of the mechanisms driving drug discovery and development. A comprehensivernoverview of the process of drug innovation from a business and academic perspective is explained. The evolving organizational formsrnand models for collaboration, summarize significant empirical regularities, and highlight differences in market positions related tornfirms’ strategic orientation, innovation emphasis, attitudes to risk, and specialized resources are highlighted. As a guide to futurernresearch, critical drivers and modes for drug innovation are systematized in a unifying framework of characteristics and processrndecisions, and multiple areas in need of further scrutiny, analysis, and optimization are suggested. Because of its rich potential andrnhigh significance, research on drug innovation seems poised to gain increasing momentum in the years to come.