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Product Development Process: Marketplaces

In an attempt to learn more about the product development process I have prepared the following hypothetical scenarios. Please provide a unique response based upon your experience/expertise in this field as it will provide a strong foundation upon which I will build my understanding of product development.

Please either create a new product/service in the pharmaceutical industry OR
Identify a new marketplace for an existing product/service in the pharmaceutical industry. Please focus upon the pharma industry in the US and worldwide.

Having done this, please justify why you made that particular scenario choice. Identify two potential challenges and/or opportunities that may arise while developing this product/service.

Solution Preview

There has been a significant development among the Western Countries in the field of inhalers and injections for Asthama patients. In developing countries like India, most of the Asthama patients are still deprived of the newer technologies for Asthama patients. Therefore, I will like to chose India as a potential market for Asthama related products like inhalers and injections.( new market for an existing product or service)

The reason for chosing this market is due to several reasons. There is a high number of affluent people in India who are suffering from Asthama, who can afford costly medicines and inhalers for Asthama but are ...

Solution Summary

There has been a significant development among the Western Countries in the field of inhalers and injections for Asthama patients.

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