If you're familiar with the proprietry tools for designing IWB activities that ship with big brand boards, such as Activinspire and Smart Notebook, you might agree they have limited functionality, poor interface design, are buggy and frankly horrible. I'm experienced with Indesign, which would be a pretty good candidate for designing lesson activities, but it lacks some of the necessary interactivity. Flash might be another possibility, but is too unstructured to enable time-poor teachers to create activities quickly. Is there something available that sits between the two, in terms of structure and interactivity? If not, I'm sure there's a big market for Adobe in for such a product.
A frustrated teacher
I am not familiar with the products you speak of. There is Adobe Captivate (available separately and part of the eLearning Suite) that can be used to make interactive products. There is Director which is a bit more complex. There used to be a great Macromedia product that languished under Adobe call Authorware which was easy to use and still available, but alas hasn't been updated for use with modern systems in ages. You might get more help posting in the Adobe eLearning forum.