Wikipedia describes it as follows:
Business development comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities between multiple organizations. ... Business development is the creation of long-term value for an organization ...
"the tasks and processes concerning analytical preparation of potential growth opportunities, the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities"
Such "growth opportunities" may result from
- new manufacturing technologies enabling an IP potential for use during product life-cycle management (e.g. line extensions),
- new dosage forms for improved bioavailability (resulting e.g. in improved tolerability and compliance caused by dose reduction),
- new dosage forms and packaging concepts for improved patient compliance (by reducing number of intakes per day, by removing food interactions etc.)
- new dosage forms and packaging concepts for special patient populations (e.g. pediatric, geriatric)
- additional development of "branded generics"
Necessary innovations can be generated either (if respective know-how and technological capabilities are available) in-house (in a lot of cases just an "initial spark" is needed) or externally by means of outsourcing, offshoring or M&A measures.
PharmDev holds a lot of in-depth qualifications not only in pharmaceutiucal technology, GxP and IP but also in strategic and economic areas.
We are ready and well prepared to support you in such questions.