Lifecycle Management Excellence: Relative Cost, Time, ROI & Effectiveness of Key Strategies Used to Maximize Potential of Mature Brands

With fewer products in the pipeline and more at the edge of the patent cliff, pharmaceutical and medical device companies are increasingly focused on lifecycle management strategies to make the most of each brand at every stage of the product lifecycle. However, it is important to consider the required resources and the potential return on investment for each of these strategies to maximize their effectiveness.

Best Practices, LLC undertook this benchmarking research to identify winning lifecycle management (LCM) strategies for mature brands. In particular, this study provides benchmarks around the relative time and cost required to implement key lifecycle management strategies. This study also delves into the ROI and effectiveness of different lifecycle management strategies.

Brand management and marketing leaders can refer to this study to execute successful lifecycle management strategies to extend the commercial life of pharmaceutical and medical device products.

KEY TOPICS

• Effectiveness of key lifecycle management strategies
• Relative cost & time required to implement key strategies
• ROI of different strategies that leading companies have used to maximize mature-brand value

• For each of the strategies that you have used, rate its level of effectiveness in meeting your product objectives
• How expensive is it on average to use each of the listed Lifecycle Management strategies?
• Based on your experience, how much time is required on average to complete the listed strategies after a decision is made to use one of them?
• For each of the strategies that you used, what was the overall level of ROI it achieved?

• Effectiveness of Strategies: Eighty percent of the benchmark class consider fixed dose combination, pediatric exclusivity, and building alternative promotional channels to be highly effective in meeting their product objectives. More than 60% consider pricing and reimbursement and extended release formulation to be highly effective.
• Average Duration to Implement Strategies: According to majority of the companies, brand loyalty programs (93%) and strategic pricing (81%) take less than one year to complete. Strategies taking more than 3 years, as per the majority are extended release formulation (92%), new indication (81%), and new dosing regimen (75%).

Best Practices, LLC engaged 38 industry professionals from 25 pharmaceutical and biotechnology companies through a benchmarking survey, focus group interviews and round-table discussion. More than sixty percent of the benchmark partners serve at the director or president level.

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.