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Generally pharmaceutical industry is faced with the challenge of continuing and succeeding in the market and the environment which is said to be more complicated and uncertain, the main reason for it is the rapid development in organization change, science, and technology. For which I have taken this as a challenge and want to do a research on this topic, and it may be helpful to me in future for launching a new pharmaceutical industry in Vancouver. The stimulus for change resulted of a combination of economic, political, technological and social factors; all of the mentioned factors helped in redefining the dynamics of this particular pharmaceutical industry.
Statement of problem
This research will include the problems faced in launching a new pharmaceutical industry. Earlier, the rapid need for new products to be at premium prices, producer's ability to raise prices as they wanted, made functioning costs a moderately insignificant factor. With the initiation of a free market for pharmaceuticals, of which functioning costs had become a major concern for respective producers. Now arises a question of how well an industry deals with its resources and structural costs has become vital issue of the existence in a progressively cost conscious market. Pharmaceutical manufacturers must therefore be expert at determining, manufacturing, and sending products that customers not only want, but are also willing to pay for.
The pharmaceutical industries need to recognize, so that how they can reposition themselves in two significant ways:
1) Becoming full-fledged cohesive providers to health care delivery
2) Qualified partners to other members in health care chain.
Coming to the other main problem, over the year's growth of the pharmaceutical industry has been slower than the increases in research and development costs, for which industries are not being sustained forever. Where in this worst case, I am coming forward in launching a new industry, and the type of products would be the bulk drugs, and intermediates together make a medicine.
For instance, any person who wants to start a new industry will know the basic information of the competitors while entering into the market. But the main problem is, whether he will be able to cope up with the other competitors or not. As per my view I want to start an industry which manufactures both bulk drugs and intermediates and to produce rapidly unique products that are truly successful in treating unconquered diseases. There are many pharmaceutical industries in Vancouver which manufactures drugs and intermediates separately. But, I am planning to manufacture bulk drugs and intermediates together. By following the criteria starting from research, manufacturing, developing and sending into the market, there is no need for me to depend on any other companies. As this is a unique and huge industry there will not be much problem with the competitors.
As this industry includes chemicals in manufacturing which may cause harmful effects to the environment. So there will be objection from the government, for which we have to show the specific need of people using these medicines and try to reduce the pollution which effects the environment.
This topic is very much important because, as it is related to health issues. The pharmaceutical industry deals with drugs where every human will have its use once in a while in their lifetime. So, if they perform any improper operations without taking care about compositions of drugs, which in turn may cause major effect on public.
This research helped me out with many internal issues to be considered for starting a new industry. The first thing is that, at most care should be taken while seeking the accreditations. It also helped me to know the pharmaceutical market situations in Vancouver. The more money and effort we put into innovation, greater the chance of discovering new products. Corresponding to this, it's also believed that the greater number of new products introduced into the market, greater the prospect of achieving considerable market success which therefore results in competitive advantage.
Purpose of the Study
The main purpose of this research is to explore at the best in launching pharmaceutical industry, providing medicines with effective composition of chemicals to the customers. It also said that an atmosphere of support should be created among customers regarding the value of drugs, rather than it costs. If customers are not influenced that healthcare costs can only be reduced through integrated approaches and not by ingredient cost management, then this effort of launching a new industry with high technicality will surely fall. Through this research, one can discover a mechanism through which future returns for a successful product, thereby justifying the significant investment requires for high-task, cutting-edge research; there will be general decline in the number of products offering genuine solutions to healthcare problems.
The development will only serve to provide low-quality improvements in effectiveness or safety. Such ingredients only retain a limited potential to create meaningful distinction over existing companies, branded ones, or common ones. Additionally, the degree of out-and-out protection available no longer provides a safety net over gross profit margins. Thus the key issues centers on the extent to which a customer recognizes on how much a product is worth.
This research mainly taught me the present customer-driven market, degree of modernization is a success function of how well a product is supposed to offer new or better solutions to customer's clinical problems. Also the companies are forced to make decision based on resource allocation. Mainly the success in the pharmaceutical industry is no longer determined by product innovation alone, but through a combination of value generating factors.
Personally, I am very happy doing this research in the field related to my area of study. I did my Bachelors in Pharmacy and wanted to launch a new pharmaceutical industry back in India, but at that point of time I was not good at management skills. This gave me a thought to do MBA, where there is major scope for building up business and management skills. So, I took this topic for research as it would be helpful to my career. Each and every aspect of this study makes me learn many things about how to launch a pharmaceutical industry. But after arriving here in Vancouver and started doing my Masters in Business Administration, now I am planning to launch a new industry here in Vancouver considering that this research done here will be more helpful to me in getting into this international market. So, I have decided to launch it here considering this study which made me familiar with the present competitors in pharmaceutical industry and also the current position in the market.
The consequences by doing this research is that the researcher gains a lot of knowledge about how to launch an industry and manufacture the drugs and provide them to the customers and satisfy them. Moreover it is useful for me personally to establish as an organization in providing more security to the customers by providing them with effective medicines.
What are the problems faced in launching a new pharmaceutical industry in Vancouver?
Back- up question
How to overcome those problems such as market, maintaining operational costs, competitors and environmental factors?
The scope of this research is to explore the reasons behind the problems in launching a new pharmaceutical industry. The above discussed alternatives may fetch me out with right solution to the problems. For this research I am going to engage with my uncle who is working in one of the leading international company (Ranbaxy) in London. And when once I find a solution after the research, I may move further to get succeed.
Yes, the scope of my research question is accountable. Because, i will be able to know the problems faced in launching a new industry. As I am from other country, I am much familiar with the market situations over there. This may be helpful here in finding a better solution.
First of all my research question is answerable and fully researchable because, I have done a lot to answer this research question. I will go meet with some of the executives of leading pharmaceutical industries in Vancouver and also some of the clients associated with this industry to get feedback which may help me in future.
I am interested in gathering suggestions from various sources like journals, newspapers, and internet services which may be considered for improvements. As I am open for suggestions, would also like to gather information from my home country.
The types of data I need to collect is from