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Business Development – Domestic Avenue
Business Development is not just about international search, in-licensing and contracting. BD has a very important role in domestic arena as well.
The notable avenues which business development should work upon are outlined below.
- New Products Identification. BD should review the new products’ introduction in the overall Pharma scenario, get information about these and see how the existing portfolio can be expanded and reinforced. Because patents are now observed more seriously, it is necessary that products going out of patent in the next few years are picked up ahead of time and developed for introduction at appropriate time. New products are lifeline for all companies and taking lead in introduction of new products gives a solid advantage to company. BD should take lead in this activity.
Though it is not happening at present, but it can be that a local company buys brand from another local company. Presently, it is only between MNCs and local companies, because MNCs have established, big brands. The cost may be disproportionate and enormous. The same activity can be between two local Pharma companies on better terms.
- New Segments Identification. This is another area where BD can give tangible input and it should. It would be improbable that the company would be operating in all segments. BD should analyze and recommend new segments for expansion. New segments are at a much bigger level than new products, but it is worth doing.
Both the above activities are on the fringes of marketing. And someone may raise objection that new products identification and new segments search is the domain of Marketing, and BD should not do it. Objection is sustained. Having said that, Marketing is so much involved in day to day business that it does not leave much time with them to do futuristic activities. BD can support Marketing in this area.
- New Contract Manufacturers. DRAP allows toll manufacturing from one manufacturer to other for dedicated sections. BD is instrumental in search and identification of suitable manufacturer for toll manufacturing. The final selection will be done through a process involving technical and regulatory, but BD will coordinate the entire process.
We conclude the discussion on Business Development on the following note.
- Business Development is a flexible portfolio which may be expanded based upon organization needs.
- Business Development expansion at present is highly person-dependent. If the BD guy has wide exposure, she/he can add many things to the function. Business Development function should be institutionalized and developed.
- Organizations may take greater benefit of BD if they design, develop and run the function in ever-evolving manner.
- BD does not encroach upon any other function; it only supports and supplements. BD should work comfortably with all other functions and vice versa.
- True value of BD is yet far from being understood and exploited. The current under-estimated and under-utilized space in BD should be used in a better manner.
Concluded.
