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SOURCE Best Practices, LLC
CHAPEL HILL, N.C., Feb. 14, 2014 /PRNewswire/ -- Pharmaceutical companies are increasingly focused on lifecycle management to make the most of each brand at every stage of its life - including the sometimes neglected back end. In this environment, brand management teams are exploring strategies that are most effective for extending the commercial life of a mature product.
To help guide lifecycle management (LCM) decisions, research and consulting leader Best Practices, LLC studied the effectiveness of 20 key lifecycle management strategies for extending the commercial life of mature pharmaceutical therapies. The study evaluates each strategy by asking: How long do they take to implement, how much do they cost and how much will they return?
Almost 80 percent of the companies that participated in the study are expanding into emerging markets, seeing this as a strong late-life tactic for mature products. In fact, this strategic goal was considered to be one of the most effective means of deriving value from late-life brands. However, moving into emerging markets can cost more than $10 million, according to 40 percent of study participants.
"Lifecycle Management Excellence: High-Performing Strategies Used to Maximize Potential of Mature Brands" will help biopharmaceutical companies more effectively conduct the many activities related to lifecycle management.
The report addresses three over-arching issues that are integral to lifecycle management:
The 76-page report delivers hard-to-find benchmarks around the implementation time, cost and ROI of frequently used lifecycle management strategies. It also provides benchmarks on the optimal size and structure of Mature Brand Organizations, as well as the barriers and regulations affecting the strategies used by Mature Brand Organizations.
Research participants included 25 executives and managers from 18 different pharmaceutical and biotech companies. Respondents represented more than a dozen therapeutic areas.
To access the full report or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1268.htm.
To learn more about best practices in brand management and other benchmarking insights, visit our 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. 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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