Author: Mathai, Joseph A.

Source: The Marketing Review, Volume 8, Number 2, May 2008 , pp. 183-206(24)

Publisher: Westburn Publishers Ltd

Abstract:

The importance of innovation in today's dynamic business world is well recognised. However, evidence proves that innovative aspects of a product alone do not guarantee its market success. Of equal importance is the clarity with which these features are communicated to the customers. The pharmaceutical industry is a domain of great innovations, which unfortunately has witnessed many an innovative drug faltering due to sheer laxity of marketers who fail to communicate the critical differentiating features and the related benefits to the right customers. Added to this is the complacency which sets in with the initial success of the product. The study presented herein looked into the various market related aspects of the pharmaceutical industry and the importance of innovation in the same. Also, it investigated the reasons for the waning of Merck KGaA's innovative drug-Glucovance in the US market. It provides ample evidence for the possible reasons aforesaid for the failure of innovative products.

Keywords: INNOVATION; PHARMACEUTICAL INDUSTRY; ANTI-DIABETICS; GLUCOVANCE; MERCK KGAA

Document Type: Research article

DOI: http://dx.doi.org/10.1362/146934708X314145

Publication date: 2008-05-01

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