|Publication Date||September 2016|
|Charts / Graphics||152|
Top Reasons to Buy This Report on Pharmaceutical Lifecycle Management
Reinforce the Need for Cross-Functional Communications: As a new patent cliff nears and pipelines empty, drug companies need to develop or strengthen team structure to better manage their existing portfolios. Executives interviewed for this study are all in agreement that pharmaceutical lifecycle management warrants a dedicated team. Companies that are on the right track to managing drug lifecycles have also begun to add cross-functional or ad hoc committees to assist these dedicated teams. In total, 86% of life science companies have both a dedicated LCM team and a cross-functional LCM committee. This report examines the communication strategies that pharmaceutical lifecycle management teams use and shows which functions are involved in committee decisions and at what points during the product’s lifecycle they contribute to the LCM strategy.
Mix Market Enhancement and Line Extension Tactics to Maximize Product Value: Within lifecycle management planning, companies deal with patent expiry mainly in two ways: either maximize a product’s market impact before patent expiry (market enhancement) or delay a product’s patent expiry altogether (line extension). The traditional LCM method is to delay a product’s patent expiry by creating more products and indications that carry on the brand name; however, this strategy may not actually delay the initial product’s patent. Market enhancement strategies enable companies to increase their customer base and add value to their existing products by developing relationships with patients and healthcare providers. As a result, market enhancement tactics help companies to earn consumer trust and maximize profits before patent expiry. Learn from this study how superior pharmaceutical lifecycle management teams choose one set of strategies over another. Additionally, use this study’s ROI benchmarks to determine an ideal mix of tactics that create a robust LCM strategy.
Key Questions This Study Answers about Pharmaceutical Lifecycle Management
- What elements contribute most to LCM strategy success?
- Who should be involved in setting corporate- and brand-level LCM strategies?
- How are drug companies reacting to and preparing for the next patent cliff?
- What factors determine the most appropriate LCM tactics for a given brand?
- How can companies use market enhancement strategies to improve patient access?