Top companies find that developing yearly business plans for all products in the development pipeline allow companies to budget all resources, thereby reducing waste and idle resources. This document discusses how to most effectively commercialize new products, allocate the necessary resources, and manage the product life cycle. This document can help companies schedule resource allocations only when developmentally required. This 18-page document shows pharmaceutical companies how to manage cross-functional teams to include and align diverse perspectives in the LCM plan, incorporating representation from clinical/R&D, commercial, marketing, and legal departments.
- Commercializing New Products
- Prioritizing Products and Allocating Resources
- Managing the Product Life Cycle
Sample Best Practices
- Identify commercial issues early in the new product planning process to better allocate resources.
* One benchmark company closely examines the commercial potential of each product in the company’s development portfolio. The company evaluates the commercial potential at numerous points in the development process.
- Conduct yearly reviews of the product portfolio to ensure promising products receive needed resources.
* Each year Company A conducts a thorough product portfolio review, including both products in development and those already on the market. In this process, senior executives review information from the product team leaders and then make strategic decisions for every portfolio product.
- Manage cross-functional teams to include and align diverse perspectives in the LCM plan.
The insights and best practices showcased in this report are distilled from lessons learned in interviews with executives and specialists who have extensive experience in designing and managing new product planning and strategic alliance departments at a range of pharmaceutical companies. This document originated from a Best Practices, LLC consulting project.