Research and development is a part of every industry or innovation. Before bringing a product in the market, it needs to go through some tests and research to ensure quality and safety to the consumer. Just as any other product, pharmaceutical products too need go through numerous phases of pharmaceutical research to provide the user an efficient item. Since of the enhancing need of pharmaceutical products in the Indian market, every company has been seen spending millions of rupees in order to perform research and development and be ahead of everyone else. Indian pharmaceutical industry is the 3rd biggest in the worldwide clinical market location. Even a single fault by company can get it to the bottom of the race of being the number one in the industry since of such huge competitors.
Every new item introduced should compulsorily go through a set of professional tests like medical research, metabolic studies, pre-clinical pharmacology and lots of other procedures are undertaken prior to being accepted for use. The pharmaceutical research and development of a product is performed by keeping in mind the FDA standards. When the item is authorized by the FDA it can be brought into the market, only. If for any factor the product is not approved, the company faces a large amount of loss.
Product R&D is concerned with the development of new or enhanced items for sale to customers, and is driven by present and awaited market trends. Market research is performed to gather info about what completion users of a company’s item require, and what the company’s rivals are doing to address those requirements. This detail is utilized to develop concerns for the efforts of item R&D.