SlideShare: Effective Pharmaceutical Life Cycle Management Planning - Optimizing Product Value over a Drug's Lifespan
Developing an effective drug life cycle management plan is critical for maximizing the value of a pharma product over the course of its commercial lifespan. Drawing from our deep expertise of pharmaceutical product lifecycle management, RxC International has identified key success factors and industry best practices as well as common pitfalls to avoid when developing and implementing LCM plans.
Partnering for Successful Life Cycle Management: 5 Reasons to Seek Outside Help
Pharma companies with effective LCM typically work with outside partners to develop and execute plans. “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,” says Madeline Bennett of The Telegraph.
The 8 Most Common (and Costly!) Life Cycle Management Pitfalls (and How to Avoid Them)
Common life cycle pitfalls can lead to sub-optimal life cycle plans or ineffective implementations. Companies that don’t optimize the life cycle management process and develop innovative strategies to meet the demands of today’s pharmaceutical landscape generally experience lower returns than their more proactive counterparts.
How to Avoid Pharmaceutical Value Erosion
A comprehensive LCM process is essential to developing life cycle plans that deliver maximum value over the life of pipeline and marketed products. Ensuring that the life cycle process is consistently executed enables organizations to fully explore potential concepts, foster collaborative thinking, and uncover opportunities.
The Importance of Early LCM
Companies that implement effective LCM strategies build more value into products while they are still in development. LCM includes identifying and prioritizing multiple potential indications and formulations while strategically planning their development and launch timing and sequence.
- Bringing together PLM and ALM for continuous development for the Internet of Things: This article is a good example of how certain LCM themes like cross-functional engagement cut across industries.
- Pharmaceutical Life Cycle Management: Today’s Competitive Landscape Requires New Strategies: Given the rapid generic encroachment on key brands, it’s critical that pharma companies develop comprehensive life cycle strategies that can help sustain product sales well beyond the market exclusivity period.
- Life Cycle Management Strategies More Crucial than Ever for Pharmaceutical Success: In an environment faced with rising drug development costs and the challenges of continuous innovation, pharma companies need to depend more heavily on product life cycle strategies to maintain and grow the value of their product portfolios.
- Advanced Delivery Devices - Disruptive Delivery Technology Partnerships Are Key to Pharmaceutical Life Cycle Management: New delivery systems are a great example of how innovative life cycle strategies can generate more value for the brand by improving patient convenience and in some cases reducing overall healthcare costs.
- Rethinking Product Lifecycle Management: Regardless of how many stages one divides a product's life into, the key to successful life cycle planning is to begin early during drug development and to continually monitor and adjust each year based on market changes.