Maximizing the Potential of Mature Brands through Lifecycle Management
To maximize the value of a brand at every stage of its life, pharmaceutical companies are increasingly focused on lifecycle management (LCM). Considering the nature of the pharmaceutical industry, with expiring patents and thin pipelines, brand executives are consistently examining new approaches and corporate strategies that prove most efficient and capable of extending the commercial life of a mature product.
Understanding when and which type of corporate structure to implement in a product’s lifecycle is fundamental in achieving lifecycle management excellence; however, many organizations struggle with this implementation- often neglecting the back end of a product’s life.
Provided below are some of the best practices and key insights of over 20 executive and managers from top-level pharmaceutical and biotech companies.
- Think Long-Term for LCM Success: Many of the lifecycle management strategies that provide the greatest financial reward often take years of planning. To succeed, companies must think beyond short-term goals and work toward long-term priorities. To do this, Mature Brand Groups must build collaborative relationships among important groups (such as marketing, clinical and manufacturing) to achieve key corporate objectives.
- Create a Mature Brand Organization: Create a dedicated group to focus on LCM. By creating a mature brand team, companies streamline operations and decision-making, which help with setting lifecycle management priorities.
- Select the Right LCM Tactics Based on Therapeutic Needs: Keep in mind that 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.
- Track ROI & Purge Ineffective Strategies: It is absolutely critical for companies to measure the impact of each tactic utilized to build support for and justify LCM efforts.
As the landscape of the pharmaceutical industry continues to change, so too must the strategies and structures that top executives implement. The industry continues to evolve, decision leaders are forced to reevaluate how they approach LCM, namely methods implementation and cost considerations. Achieving the right combination, however difficult, can enable companies to maximize their product’s value and the longevity of product success.