To Avert Daunting Losses, Drug Companies Must Better Manage Patent Expirations of Established Products
CHAPEL HILL, N.C. - June 21, 2013. With all brand drugs inevitably facing patent loss, pharmaceutical companies are increasingly focused on enhancing their lifecycle management (LCM). In order to fully take advantage of each brand at every stage of its life, including the often neglected back end, brand management leaders have been actively investigating the best practices associated with extending and maximizing the life of a mature product.
To meet the growing needs of brand leaders, research and consulting firm Best Practices, LLC has published, "Lifecycle Management Excellence: High-Performing Strategies Used to Maximize Potential of Mature Brands". The report examines the effectiveness of more than 20 strategies for prolonging the commercial life of mature pharmaceutical products. The study found the average financial gain from using individual lifecycle management strategies for a mature brand was $254 million – illustrating the value of understanding how to successfully manage a lifecycle management program for a mature product.
The benchmarking report also addresses key issues that are integral to lifecycle management, such as:
- Success rates & ROI of different strategies that leading companies have used to maximize mature-brand value.
- Relative cost, time, complexity, & regulatory barriers encountered with using each strategy.
- An overview of the operation, expenses, responsibilities & business impact of dedicated mature brand (MB) groups.
The 76-page report delivers hard-to-find benchmarks that will allow executives to better examine industry standards for implementation time, cost and ROI of frequently used lifecycle management strategies. It also provides critical benchmarks on the optimal size and structure of Mature Brand Organizations, as well as the barriers and regulations affecting the strategies used by Mature Brand Organizations.
Participants for the research included 25 executives and managers from 18 different pharmaceutical and biotech companies. Respondents represented 12 different therapeutic areas.
To access the full report or to download a complimentary summary containing insights found in this report, click here.
For more information on this study or other recent primary research studies, contact us at 919.403.0251 or to learn more about best practices in brand management and other benchmarking insights, visit our website at http://www.best-in-class.com.