86% of Surveyed Pharmaceutical Companies Employ Dedicated Teams for Lifecycle Management
RESEARCH TRIANGLE PARK, NC--(Marketwired - December 04, 2014) - Eighty-six percent of recently surveyed life sciences companies report dedicating teams or committees to manage the lifecycles of their pharmaceutical brands, according to Cutting Edge Information, a pharmaceutical business intelligence provider. These cross-functional teams often begin looking at strategies to maximize and extend revenue streams prior to product launch.
Experience with the 2012 patent cliff, and upcoming 2015 expirations, has forced many companies to reconsider pharmaceutical lifecycle management (LCM) strategies. LCM groups examine and enact strategies ranging from new formulations to next-generation drugs to patent litigation. Teams that previously spent considerable effort countering generic intrusion now focus instead on maximizing sales and expanding market share while products enjoy patent protection.
"It is important that companies dedicate teams to manage brand lifecycles," says Natalie DeMasi, Research Analyst with Cutting Edge Information. "Time is of the essence with many LCM strategies, and delays can derail efforts and cost companies hundreds of millions, if not billions, of dollars in revenues."
Finding the right mix of LCM team members, including those with extensive experience, is crucial when building an effective team. Another critical element is having someone with a minimum of 15 to 20 years of LCM experience. Having a veteran on board gives the team a broad understanding of project management and experience with product launch.
Cutting Edge Information's new report, "Pharmaceutical Lifecycle Management: Expand and Extend Portfolio Value with a Well-Integrated LCM Strategy," available at http://cuttingedgeinfo.com/research/portfolio-management/lcm-strategy/, provides an in-depth look at industry-wide LCM practices, complete with case studies and executive insights. Data and interviews with executives illustrate companies' use of LCM strategies, including planning timelines, cost, ROI and effectiveness in preserving revenue.
With this report, LCM executives will understand how top life science companies:
To learn more about Cutting Edge Information and its research report offerings, please visit http://cuttingedgeinfo.com/.
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