Best Practices in Lifecycle Management: Maximizing the Potential of Mature Brands
As many drugs are reaching the patent cliff, strategies to extend the commercial life of mature brands is critical to today’s pharmaceutical industry. Used correctly, lifecycle management strategies can add as many as 10 years and billions of dollars to the life of an established or mature brand.
In order to properly conduct the many activities related to lifecycle management, leaders must fully understand the main issues that are integral to lifecycle management. From regulatory changes, to expanding into emerging markets, the lifecycle management process is constantly shifting. Is your organization on top of the current trends in lifecycle management?
From a primary study we conducted, we found some of the following key findings & insights:
- Regulatory Changes Expected to Impact Lifecycle Management: All five of the most often used LCM (lifecycle management) strategies are expected to be weakened by regulation / reform over the next 12 months. These strategies tactics include: new dosage form, publication strategies, new dosing regimen, new indication and strategic pricing.
- Emerging Markets Play a Lead Role for Many Organizations: Almost 80% of companies seek to expand into emerging / developing markets, seeing this as a strong late-life tactic. In fact, this strategic goal was considered to be one of the most effective means of deriving value from late-life brands.
- Barriers to Use Are High: Across all strategies, the length of time required to execute was the most frequently cited barrier to use for any LCM strategy examined.
- Create a Mature Brand Organization: Create a centralized group to focus on LCM. By creating a mature brand, companies streamline operations and decision-making, which helps with setting lifecycle management priorities.
- Select the Right LCM Tactics Based on Therapeutic Needs: Not all tactics work effectively for each therapeutic area. Mature brand leaders should examine needs and internal capabilities, then choose to set LCM tactics and goals that align with their late-cycle drugs.
Now, more than ever, brand executives are exploring strategies and corporate structures that are the most effective for extending the commercial life of a mature product. Understanding how to do this can give companies a competitive edge over their competition.