Navigating pharmaceutical product decisions: A comprehensive review

Product management in the pharmaceutical industry is a complex and challenging role that involves overseeing the entire life cycle of a drug product, from development through commercialization and beyond. It requires a deep understanding of the regulatory environment, market dynamics, and patient needs, as well as strong leadership and management skills By classifying product decisions into these categories, businesses can prioritize their efforts and allocate resources effectively. Strategic decisions, for example, may require more resources and involve more stakeholders than operational decisions, but they can also have a greater impact on the success of the product. By making informed product line and product mix decisions, businesses can effectively meet customer needs and grow their market share. By using product portfolio analysis, businesses can make informed decisions about which products to invest in, which to divest or improve, and which new products or markets to pursue. This analysis helps businesses align their product offerings with their overall business strategy and maximize their profitability and growth potential.