Executive’s Cognitive Factors with Reference to New Product Launch Success in Pharmaceutical Industry

Abstract

New product launch plays a vital role in the pharmaceutical industry. The study identifies the key determinants of new product launch success, examines their role and impact on launch performance and links them to the different stages of product life cycle in the pharmaceutical new product launch context. In order to determine the factors of new product launch success in the pharmaceutical industry, the factors are as follows: Market Orientation, Relationship Orientation, Product Advantage, Strategic Choices, Tactical Decisions, Sales Force Management, Relationship Marketing Activities, Customer Acceptance, New Product Launch Success, etc. The sample size collected for this study are 115 respondents working in Sales, Marketing and Marketing in different Pharma Companies in India. For the study, tools used are Reliability and validity, Frequency analysis, Descriptive statistics, t-test, ANOVA and Correlation using SPSS. Smart PLS software also used for drawing the graphical user interface variance-based structural equation model (SEM) using the partial least squares (PLS) path analysis modelling method for the study. The research design used for the study is descriptive research design. The results of the study show that the Pricing of the Product is a very crucial decision to be taken by the company and prelaunch activities like competitor information, KOL identification and discussions, and a launch plan is crucial.