Research On New Product Development Strategies Of Shandong Wohua Pharmaceutical Co.,Ltd

New product development capability is an important part of the company’s corecompetitiveness. Correct new product development strategy, which could help companies lockneeds of the target market quickly and accurately, identify the direction of productdevelopment and select the appropriate development approach and product categories to meetcustomer demands, could contribute to get ahead in new product development and marketcompetition.Based on the introduction of the theoretical basis product definition, product lifecycle,product market segments, the connotation of new products and new product developmentstage, seven approaches and the general strategy for new product development weresummarized. Approval provisions and specific requirements of the development of new drugswere cleared through the introduction of the definition and classification of drug andpharmaceutical new product in China’s drug administration laws and regulations. Theproblems and reasons of Wohua pharmaceutical company in new product development werefound out by comparing new drug development model of pharmaceutical companies in theUnited States, Europe, Japan and China, introducing the dilemmas and new trends of drugdevelopment under the current global vision and analyzing the company’s situation of basicinformation, products and new product development. The Wohua pharmaceutical company’sown resources, market environment and factors affecting new product development wereidentified through the SWOT analysis including the strengths (S), weaknesses (W),opportunities (O) and threats (T) analysis of the company. On the basis of the previous studies,the market positioning, degree of innovation, development approaches and product types ofthe Wohua pharmaceutical company’s new product development were proposed.Because of the particularity of drugs, there are both common features of the generalproduct development and specific features different from the general on new pharmaceuticalproduct development which is one of the most active development of innovative products.This study of the new pharmaceutical product development strategies would contribute toreveal these special features, and find a way to conform to the world’s trends of pharmaceutical industry and adapt to China’s market environment of new pharmaceuticalproduct development combined with the political, economic and cultural environment, stage ofdevelopment and characteristics of the industry of China’s pharmaceutical enterprises.