Report Summary: Best Practices in Expanding a Product Portfolio Without Cannibalizing an Established Pharmaceutical Brand: Benchmarking Report

STUDY OVERVIEW
BENCHMARK CLASS
STUDY SNAPSHOT
KEY FINDINGS
VIEW TOC AND LIST OF EXHIBITS

For free report summary, click "Download FREE Excerpt".

Companies at bio-pharmaceutical industry today managing multiple products for the same indication is a complex balancing act —especially those that want to prevent one of their brands from gaining market share at the expense of another. Maximizing the potential of each product requires well-crafted marketing strategies and smart resource allocation plans. Marketers have to make sure of 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.

Best Practices, LLC conducted extensive research to identify successful strategies and tactics for marketing multiple brands for the same indication or area of use without cannibalizing an existing portfolio. Special attention was given to strategies for managing resources and for avoiding or controlling product cannibalization. Marketers can use the valuable insights and exhaustive data in this research study to carefully plan and implement their marketing strategies to create multiple, high-performing brands.

Industries Profiled:
Health Care; Pharmaceutical; Diagnostic; Medical Device; Biotech

Companies Profiled:
Abbott; CardioDynamics; Alcon; Centocor Ortho Biotech Inc.; Amgen; Elixir Pharmaceuticals; Baxter International; Lumenis; Boehringer Ingelheim; Micro Labs; Genzyme; Monogram Biosciences; Medrad; Teva Neuroscience; Merck; Novo Nordisk; Pfizer; Schering-Plough; Shire; Solvay Pharmaceuticals; Xanodyne Pharmaceuticals

Study Snapshot

Best Practices, LLC conducted this research to identify successful strategies and practices that can be used by biopharmaceutical managers and executives to maximize the potential of multi-drug portfolios or franchises.

An online survey instrument was used to collect quantitative data. Research analysts also conducted in-depth interviews to collect executive insights and harvest best practices and lessons learned.

Key topic areas covered:

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

Sample Key Findings

Benefits of New Brand: Most benchmark participants realized benefits from introducing a new brand where they already had a legacy product. Top among those benefits were market leadership, expanded market share and improved reputation with physicians and specialists.

Marketing Spend: On average, 60% of the combined spend for the legacy and new products is allocated to the new brand during its first year on the market. Over the next two years, the proportion of combined spend allocated to the newer brand begins to drop.

Table of Contents

Executive Summary

Research Overview: Objective & Key Topic Areas
Participating Companies
Critical Success Factors in Marketing Multiple Brands
Key Findings & Observations

New Product Differentiators, Strategies & Impacts
Marketing Spend & Budget Allocation
Marketing Activities & Product Goals
Qualitative Analysis
Pitfalls to Avoid
Best Practices
Appendix

List of Charts & Exhibits

Most effective differentiators for two or more brands within one company for the same indication or area of use

Successful use of brand promotion strategies
Positioning strategies for minimizing cannibalization
Positioning strategies for minimizing cannibalization
Operational changes resulting new product introduction
Positive impacts of marketing multiple products
Average percentage of combined marketing spend allocated to newer product
Marketing mix for newer product
Marketing mix for legacy product
Percentage of total marketing spend per activity
Jointly-funded marketing activities
Goals for introducing new product for same indication
Marketing strategy success ratings
Steps to excellence in multiple-brand marketing
Key pitfalls identified by the benchmark class
Key best practices identified by the benchmark class

Report Summary: Best Practices in Expanding a Product Portfolio Without Cannibalizing an Established Pharmaceutical Brand

ID: PSM-298A

Pages: 11

Published: Pre-2018

Delivery Format: Online

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