Pharmaceutical companies with effective Life Cycle Management (LCM) planning typically work with outside partners to develop and execute LCM plans. Working with a third-party partner adds outside thinking and best practices to an organization. “When you can [bring] in the experience that you need, you’ll benefit from the hard work that others have done, shorten your time to market for new products, and introduce new talent to your company,” writes Madeline Bennett of The Telegraph.
Below are the five most valuable reasons to bring in outside help to assist with product life cycle management.
Top Reasons to Engage Outside Resources
1. Knowledge of Industry Best Practices and Innovative Solutions
Hiring professionals who routinely help drug companies develop and optimize LCM plans provides access to the industry’s best practices without significant training costs for permanent staff. Outside partners with expertise in LCM know what has worked for other companies and what hasn’t, and can use this knowledge to effectively navigate your LCM challenges.
“By hiring externally, companies can instantly gain specific skills for certain projects, get an outsider's perspective without emotional investment to the business and augment their team to give them more resources for time-dependent tasks,” writes Ben Judah at Entrepreneur. Experienced outside partners have also seen the mistakes of other companies and know how to avoid those mistakes. This experience is especially crucial in today’s market that penalizes any commercial delay.
2. Proprietary Frameworks and Models
An experienced outside partner will have proprietary LCM frameworks and models that have been developed, tested, and improved upon by real-world application. Working with a partner that has these models in place avoids the trial-and-error process that can waste precious internal time and resources. Access to your external partner’s frameworks also helps ensure that your LCM is complete and spans the lifecycle of your product.
3. Consistent LCM Process
For pharma companies with multiple brands, putting in place an effective process is critical for developing LCM plans for each brand. A comprehensive life cycle process that is objectively and consistently executed allows companies to thoroughly explore potential concepts, foster collaboration between departments, and uncover more opportunities for innovation.
An external partner with experience developing life cycle processes can help your company establish its own process for LCM planning. Outside participation also helps avoid the perception of functional over-reach, ensures broader organization alignment, and better integrates input from multiple departments and stakeholders.
4. Cross-Functional Engagement
An experienced external partner has the tools and resources necessary to engage cross-functional experts from clinical, commercial, medical, manufacturing, tech-ops, and regulatory departments. This is important for idea generation and organizational alignment.
Additionally, an outside partner can help key stakeholders within an organization understand the importance of LCM and provide them the framework to help ensure successful plan development and execution.
5. Integrated Solutions
External partners with diverse expertise offer the best choice for partnerships because they bring to the table comprehensive industry knowledge and a team of experienced experts. “Working with a...partner that can deliver integrated solutions across a broad set of specialized areas can drive enhanced value, increased synergies, [and] stronger patient relationships,” notes Joe DePinto, Specialty Pharmacy Times. This is especially true for LCM which requires extensive understanding of the pharma landscape.
External partners can help bring all the key components of LCM together, from the initial planning stages through to implementation.
About RxC International
RxC International, a life sciences management consulting firm with deep operational and strategic expertise, has collaborated with many drug companies to successfully develop and improve LCM plans as well as internal life cycle planning processes.
We leverage our experience to apply best practices and proprietary frameworks to every client engagement and are particularly experienced at assisting companies with developing innovative LCM strategies and performing in-depth analysis of existing LCM plans to identify areas for improvement.
To see how we can help your company develop new LCM plans or optimize existing plans, please contact us or email Frank Koos, Head of Business Development, at firstname.lastname@example.org. To receive updates from RxC International, follow us on LinkedIn. Visit our LCM Resource Center for other posts, case studies, and resources on optimizing life cycle plans.
About the Authors
Nick DeSanctis is an Executive Partner at RxC International with over 25 years of leadership in the pharmaceutical industry. Nick is an expert in new product planning and driving portfolio value through portfolio management, life cycle management, target value profile development, and therapeutic area strategy.
Subbarao Jayanthi, Managing Partner of RxC International, has over 20 years of strategic consulting and operational experience in the life sciences sector. His areas of expertise include corporate strategy, life cycle management, and M&A.