Understanding Market Stakeholder Perspectives: Application in the Biopharmaceutical Industry

Abstract:

New products are sometimes perceived as risky. This article contributes a process that new product development teams can use to better understand stakeholders' concerns. The stakeholder analysis process is appropriate for products that can be perceived as risky since it enables developers to address key issues of concern prior to new product introduction, mitigating market acceptance risk. It uses a stakeholder model that facilitates dialogue to understand market risks and guide the assessment process. This article includes a case study describing a successful application of introducing biopharmaceutical products, as well as some of the key findings to demonstrate usefulness.