Innovation Is New Mantra For Advancement

Industry the world over is aiming for top spot with best of modernisation.

- Ketan Zota

Innovation is the key to excellence in the present competitive environment. The more innovative are the concepts, better are the chances to achieve the desired target. Every industry of today’s world is fighting for the top spot with the best of their innovation. The driving force of every player in the pharmaceutical industry is also the ‘innovation’ strategy. Every product by a pharmaceutical player has to be different and unique. Hence, product innovation is an essential element for survival.

A product innovation is the introduction or modification of goods or services that is new or has additional benefits or uses or has significantly improved characteristics or improved uses. In case of service, there is overall increase is the service rendered or experience.

A process innovation refers to the implementation or introduction of a new or improved production or delivery method. It may lead to development of new product or new uses of product. Introduction of new salt or any excipients that enhance performance of a particular dosage form can be treated as a new product development in pharmaceutical industry.

In the past it was okay if companies do not develop new products and rely on flagship products for growth. But with ever-changing technologies and competition in the market, the product cycle has become narrow and there is a continuous need for innovation. Also, change in consumer’s mindset has led to need for more effective and user-friendly products which leads to product innovation.