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New Report Details How to Expand a Pharmaceutical Product Portfolio without Cannibalizing an Established Brand
CHAPEL HILL, N.C., Feb. 27, 2015 /PRNewswire/ -- Pharmaceutical and biotech marketers are often faced with the challenge of managing multiple products for the same indication. This can be a complex balancing act — especially for those that want to prevent one of their brands from gaining market share at the expense of another.
According to recent research by benchmarking firm, Best Practices, LLC, 75% of companies successfully promoted their products as independent brands rather than together as part of a franchise. Marketers have to make sure that they are launching and marketing a new product or brand in a way that challenges external competition while sustaining the sales and value of the legacy brand.
The related report, "Best Practices in Expanding a Product Portfolio without Cannibalizing an Established Pharmaceutical Brand," delivers successful strategies and tactics for managing resources and avoiding or controlling product cannibalization when marketing multiple brands for the same area of use.
Key study topics include:
- Effective methods of differentiating multiple brands
- Positioning strategies that minimize product cannibalization
- Operational changes that drive success when introducing a new brand into a product family
- Positive & negative impacts of introducing a new brand
- New product's share of the combined marketing spend during first three years both are marketed
- Marketing mix for new & legacy products
- Marketing activities that drive continuing success for legacy brand
- Best indicators of marketing effectiveness
- Pitfalls, failure points and best practices
The study engaged 37 brand leaders from 30 leading pharmaceutical, biotechnology, and medical device companies via an online quantitative survey instrument. Research analysts also conducted in-depth interviews to collect executive insights and to harvest best practices and lessons learned.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1333.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
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