Winning Strategies for Pharmaceutical Brand Management


Brand Management

Learning how to effectively manage brands is an issue that various pharmaceutical companies struggle with. While the complex function of pharmaceutical brand management can be daunting, by examining industry failures & triumphs, pharma brand managers can drastically improve the quality and efficiency of their leadership. In order to avoid confusion amongst employees, communication and the proper brand management strategy for your company is essential.

New research has illustrated the dramatic impact effective structuring of brand teams can have on the success of pharmaceutical product sales before and after launch. Benchmark class companies have implemented strategic operational systems to adequately coordinate, communicate and execute the critical activities that support brand growth. In order to assist brand management specialists, we have provided some key strategies that have been implemented and were deemed as successful. These tips can be especially helpful when developing a brand management strategy.

TIP #1 – TEAM COMMUNICATION IS KEY. One of the most important ways to ensure success is to formulate and accurately communicate team objectives carefully to ensure that team members across all functions are working effectively towards the same goals. Starting off on the right foot will also help to ensure that the team will stay focused. Lack of proper communication can lead to frustrations and strains within the team. Make sure to explain what you are doing and why you are doing it. As one of our interviewed benchmark partners stated:
“How can you expect everybody to be on-job, on-strategy and on-message if they have no idea what the plan is?”

TIP #2 – BALANCE YOUR TIME. It is imperative that everyone makes sure not to schedule too many team meetings. As I’m sure you have discovered, it is very difficult getting work done when you are in meetings all day. A tip to ensure that meetings do not run too long is to provide attendees of the meeting with materials prior to the meeting. This gives people time to digest the material & can speed up the entire meeting process.

TIP #3 – HAVE CLEAR DECISION-MAKING RIGHTS ESTABLISHED. Clearly establishing who has the decision-making rights if a consensus cannot be achieved by the team is critical. While decision rights may vary depending on company cultures and individuals, establishing responsibility and accountability will significantly improve your brand management strategy. Defining rights will also help to ensure that lifecycle management decisions are handled efficiently and with minimal controversy.

The importance of brand management has led to the emergence of an increasingly sophisticated system to adequately coordinate communication and execute the critical activities that propagate brand growth. That being said, there is still unfortunately no specific scientific method for how to truly measure brand management. Despite this, teams and executives can better learn from other companies’ peaks & pits with the help of benchmarking.

–To learn more about pharmaceutical brand management, check some related report excerpts on the Best Practices, LLC website!–

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