FORMING OF INNOVATION PORTFOLIO OF PHARMACEUTICAL ENTERPRISES BASED ON STUDY OF EXTERNAL AND INTERNAL FACTORS


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UDC 615.12:338.33:339.13

FORMING OF INNOVATION PORTFOLIO OF PHARMACEUTICAL ENTERPRISES BASED ON STUDY OF EXTERNAL AND INTERNAL FACTORS

S.V. Zhadko

National University of Pharmacy, Ukraine, Kharkiv
ANNOTATION

In this article a comprehensive model of forming of innovative portfolio of pharmaceutical manufacturing enterprises based on the study of factors of internal and external environment has been presented. The methods of analysis and evaluation of product assortment, directions of the research of pharmaceutical market in choosing promising market niches, and criteria for determining of feasibility and sequence of medications manufacturing application have been detailed.

Keywords: pharmaceutical company, innovative portfolio, marketing research.
FORMULATION OF A QUESTION. The conditions of activity of domestic pharmaceutical companies become more complicated due to the accelerating scientific and technological progress, globalization of the economy, rapid change of requirements and preferences of consumers, and the impact of government regulation. Using reasonable innovative approaches on the formation of product range is one of the most important directions of providing competitiveness and increased financial resources and profits of pharmaceutical companies [4, 5]. Successful activity of pharmaceutical companies at the current stage should be based on the composition of the portfolio of innovative drugs designed for implementation in the coming years [1]. In this context, the problems of selecting the correct range of drugs and dosage forms, their value, feasibility, phasing and timeliness of implementation in production and marketing, adapting of commodity portfolio to specific market segments are particularly relevant.

REVIEW OF RECENT RESEARCH AND PUBLICATIONS. Problems associated with the improvement of product policy of pharmaceutical companies (forming of assortment, improving production program, innovation and investment activity, etc.) have been dedicated in research of scientists Z.M.Mnushko, V.M.Tolochko, A.S.Nemchenko, M.S.Ponomarenko, O.V.Posylkina, M.M.Slobodyanyuk, O.P.Piven, O.Yu.Rohulja, A.B.Olhovskaya, I.V.Pestun et al.

Current conditions of activity of pharmaceutical companies (financial instability, increasing competition and market saturation) require new approaches to identify promising market niches for the development and implementation drugs on the basis of market analyzes of pharmaceutical market segments and identify business opportunities in this market.

THE PURPOSE OF THE ARTICLE. The aim of this work is to develop a model of forming the innovative portfolio of pharmaceutical companies. Methods of historical and logical analysis, and study of literature sources and practical activity of pharmaceutical companies have been used.

RESULT OF RESEARCH AND DISCUSSION. In a competitive market, forming of innovative portfolio on the ground of research the external and internal factors is the basis for effective renewal of assortment of pharmaceutical companies. According to leading experts, there are two groups of factors influencing the formation of innovative strategy of pharmaceutical companies. They are current enterprise potential and environmental conditions (customer needs, competitive environment, and market position of the company) [5, 8]. Market research carried out at different stages of the innovation process, is an important prerequisite for the success of new drugs on the market.

Analysis and generalization of literature sources and practical activity of pharmaceutical companies has allowed offer a comprehensive model of forming the innovative portfolio of pharmaceutical company based on studying external and internal factors (fig. 1).

At the first stage, analysis and evaluation of commodity portfolio of the company is carried out. It allows reveal problems of current activities and justifies the need and possibility of updating commodity assortment. In the practical activity of pharmaceutical companies we use matrix, economic and statistical methods, ABC-analysis (static, dynamic, multicriteria, in combination with XYZ-analysis), rank analysis, SWOT-analysis, Gap-analysis, benchmarking, analysis of renewal coefficients and duplication coefficients, analysis of product life-cycle, sociological methods and others. The analysis of economic characteristics of the of assortment we perform in the following directions: costs, profitability, production volume and sales volume, the rate of sales, revenue (yield), payback period and risk. Combination of different approaches significantly improves the quality of decision-making for managing of commodity portfolio [3, 6].

In the next step we study the dynamics of morbidity and mortality in the country and in the region, and identifying the most common and growing disease, then we form pharmacological groups of drugs that should be included in the production program of the company. It is convenient to use the system of ATC-classification of drugs and data of research companies concerning auditing pharmaceutical market. In the process of selection of pharmacotherapeutic groups for further analysis we pay attention to the experience of company in the development and bring to market drugs of certain groups, public attention to the illness or medical problem, and the presence of national programs to fight diseases. Thus, during the last decade the attention of pharmaceutical companies to development and introduction of cardiovascular, tuberculosis, antitumor, anti-retroviral drugs as part of national programs of fight against these diseases has significantly increased [9].

The next step involves the analysis of assortment structure of the selected market segment and identifies the promising market niches for the development and introduction of drugs. Criteria for the selection of promising market niches include volume of market segment in cash and physical indicators and their dynamics, the number of foreign and domestic counterparts, the range of retail prices. Analysis has shown, that antihypertensive, hypolipidemic, anorectic and antiallergic drugs are promising for the development of domestic pharmaceutical companies. Depending on the image and existing innovation and investment potential, the manufacturing company can select "young" segments (segments of rosuvastatin, orlistat, sibutramine, combined drugs of angiotensin II and diuretics, etc.) or "older" highly competitive segments (segments of amlodipine, simvastatin, atorvastatin, trimetazidine, lisinopril, losartan, etc.). In the first case, the advantages for pharmaceutical manufacturers consist in ability to produce highly profitable drugs and sell them at relatively high prices, low initial level of competition, small part or absence of drugs produced by domestic competitors, and the prospect of growth in volume segment. It is reasonable to use branding of drugs to form long-term loyalty of audiences. The disadvantage is the difficulty of predicting the development of market segment and a high level of risk [9].

Later we conduct analysis of the competitive position of dugs of the selected group on the target market segment, including data clinical and pharmacoeconomic studies, expert opinions of specialists on therapeutic efficacy, safety and prospects of medical application, the level and characteristics of demand for drugs, determination of consumer preferences and cost parameters of drugs. We provide an analysis of competing products (volume of sales and trends to their changes, price parameters, methods of promotion, and advertising and promotion expenses) and pricing analysis of the chain manufacturer-distributor-pharmacy. At this stage of the analysis, the manufacturers often use resources of consulting companies that allows obtain data of independent analysis and save their own resources to meet current marketing problems [9].

This stage allows form the previous range of drugs, which subsequently is corrected depending on the assessment of the market potential of the company and additional external factors. Assessment of the market potential of the company includes an assessment of its manufacturing, research and development, investment, institutional, energy, financial and economic potential, economic diversification and social potential [6]. We pay respect to the position of the manufacturer in a particular market segment, the presence of successful products into the commodity portfolio and the presents of medical representatives working in certain market segment. Recently we can see a trend of directing of leading domestic producers of drugs to certain pharmacological groups of drugs associated with special promotion strategies. Leading Ukrainian companies are increasingly offering not a single drug, but therapy concept, i.e. a complete portfolio of products, designed for complex pharmacotherapy of patients with certain diseases, their complications and their prevention. For smaller companies, forming of assortment is based on the desire to associate it with their manufacturing capabilities, experience engineers and manufacturing traditions [9].

Additional external factors influencing on the decision include requirements, preferential lists, and ability to bring the drug into the list of essential medicines, and the State and regional formular of medicines. The attractiveness of market segment, its potential capacity, dynamics, maturity and saturation, cost and feature of market entry, a feature of the registration process, the impact of government regulation, system of privilege and the elasticity of demand have an important role [9]. When choosing drugs for developing and market promotion, among the important criteria we pay attention on the belonging of drug to a promising and dynamically growing market segment, matching with the innovation strategy of the company, and enable of the company to ensure competitive advantage that will differentiate the drug from its competitors.

At the last stage it is necessary to carry out the Feasibility study of the drug and to develop a scheme of sequential implementation of innovative programs on the principle of reinvestment. The Feasibility study includes the determination of cost and profitability of drugs installation and forecasting production volumes and sales in the next 3-5 years, the amount, structure and sources of investment and terms of their use. Modeling of situations in the optimistic, pessimistic and most probable options provides the possibility of predicting the variants of financial flows and determining the financial payback [2, 9]. Ranking of drugs for their inclusion into the innovative program of the company should be carried out by the following criteria: income from sales, cost and duration of the development and organization of production, expiration date of patent protection, and medical and social significance of the drug. The primary introduction of commercially more profitable drugs allows reinvest profits into innovative portfolio of the company [7, 10].

CONCLUSIONS

  1. Comprehensive model of forming of innovative portfolio of pharmaceutical manufacturing enterprises based on the study of factors of internal and external environment has been presented.

  2. The methods of analysis and evaluation of product assortment, directions of the research of pharmaceutical market in choosing promising market niches, and criteria for determining of feasibility and sequence of medications manufacturing application have been detailed.

  3. Further research should be focused on the generalization of theoretical and practical approaches to the development of programs to promote drugs on the market.

REFERENCES

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  2. Жадько С.В. Маркетингове й економічне обґрунту­вання доцільності та ефектив­ності впровадження нових препаратів в товарний асортимент фарма­цев­тич­ного підпри­ємства / С.В. Жадько, М.М. Слобо­дянюк // Ефектив­ність використання маркетингу та ло­гістики фар­мацевтичними органі­заціями : матері­али наук.-практ. конф., 21 жовт. 2008 р. – Х.: Вид-во НФаУ, 2008. – С. 147-152.

  3. Жадько С.В. Методи аналізу та оцінки асортименту лікарських препара­тів в системі управління товарним портфелем виробничих фармацевти­чних підприємств / С.В. Жадько, М.М. Слободянюк, Н.М. Скри­льова // Збірник наук. праць співробітників НМАПО ім. П.Г. Шу­пика. – 2009. – Вип.18. – Книга 3. – С. 257-265.

  4. Посилкіна О.В. Актуальність створення галузевої методики оцінки ефек­тив­ності інноваційних проектів / О.В. Посилкіна // Вісник фармації. – 2003. – № 2 (34). – С. 68–72.

  5. Посилкіна О.В. Визначення залежності ефективності діяльності хі­міко-фар­мацевтичних підприємств від рівня їх інноваційно-інвестиційного потен­ціалу / О.В. Посилкіна // Вісник фармації. – 2002. – №1 (29). – С. 58–63.

  6. Посилкіна О.В. Інноваційно-інвестиційний розвиток фармацевтич­ного ви­робництва: проблеми фінансового забезпечення : моногр. / О.В. Посил­кіна. – Х.: Вид-во НФАУ: Золоті сторінки, 2002. – 528 с.

  7. Півень О.П. Вдосконалення фінансування інноваційних програм підпри­ємства зі створення й організації виробництва лікарських засобів / О.П. Півень, О.М. Хренов // Фармаком. – 2007. – № 1. – С. 93–96.

  8. Пестун І. В. Стан та перспективи впливу макрооточення на діяль­ність фарма­цевтичних організацій в Україні / І. В. Пестун, З. М. Мнушко // Управ­ління, економіка та забезпечення якості в фармації. – 2008. – Т.1, вип. 1. – С. 8–14.

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  10. Слободянюк М.М. Науково-методичні підходи до оптимізації фінансу­вання інноваційного портфелю фармацевтичного підприємства / М.М. Сло­бодянюк, С.В. Жадько, О.С. Самборський // Укр. журн. клін. та лаб. мед. – 2010. – № 2. – С. 58-62.






Figure 1. Model of forming of innovation portfolio of pharmaceutical enterprises

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