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Best Practice Database
Brand Management and Product Leadership » Lifecycle Management
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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.
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.