RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--A new product planning (NPP) team benefits from having executives with many years of experience both in the industry and academics, finds a recent Cutting Edge Information study.
The study, “Pharmaceutical New Product Planning: Building the Framework for Brand Commercialization,” found that although new product planning executives focus mainly on commercialization of potential products, knowledge about clinical pharmacology and other development aspects is essential. NPP staff must know how to effectively communicate with both scientific and commercial experts to create a complete target product profile.
Of the companies surveyed, the only ones with executives possessing a PhD are new product planning vice presidents. Sixty-seven percent of surveyed companies’ new product planning vice presidents have attained this degree, with 16% attaining a master’s degree. Seventeen percent of companies report employing new product planning executives who have attained a bachelor’s degree, although this is not typical of someone at the vice president or even director level.
Surveyed pharmaceutical executives report that the majority of their new product planning management holds a master’s degree with a fraction of their management holding either a B.S. or a B.A. The data suggest that, overall, the ideal level of education increases as the position and responsibilities within the new product planning team increase. A master’s degree is sufficient as high as the senior director level. A Ph.D. is preferable for higher-level new product planning positions, including vice presidents.
“Although no company surveyed for this report indicated a Doctor of Medicine (MD) as an education level attained by these staff levels, some companies may prefer this level of experience in their new product planning executives,” said David Richardson, research manager at Cutting Edge Information.
“Pharmaceutical New Product Planning: Building the Framework for Brand Commercialization,” (http://www.cuttingedgeinfo.com/research/portfolio-management/new-product-planning/) features detailed data on new product planning teams’ early commercialization efforts including team structure and reporting lines, budgets and staffing. Additionally, this study is designed to help pharmaceutical companies:
- Benchmark their resource allocation levels, including new product planning budgets and staffing.
- Increase new product planning resources to support growing brand responsibilities as developing products move closer to launch.
- Leverage new product planning teams’ scientific and commercial expertise and unbiased perspectives to support business development groups.
For more information about new product planning benchmarking, contact Cassie Demeter at 919-403-6583.