The 8 Most Common (and Costly!) Life Cycle Management Pitfalls (and How to Avoid Them)
Common life cycle pitfallscan 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: 5 Critical Components of a Highly Effective Life Cycle Management Process
A comprehensive Life Cycle Management (LCM) process is essential to developing pharmaceutical life cycle plans that deliver maximum value over the life of pipeline and marketed products. Ensuring that the life cycle process is objectively and consistently executed enables organizations to fully explore all potential concepts, foster collaborative thinking, and uncover more innovative opportunities. Life sciences companies with multiple products across several therapeutic areas can benefit from a consistent approach that allows management to make effective comparisons across the organizational portfolio and allocate resources accordingly.
The Importance of Early Life Cycle Management
Companies must implement effective Life Cycle Management (LCM) strategies to 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. Competitive companies must also direct sufficient resources to a strong LCM process for their pipeline and marketed products.
RxC Life Cycle Management Case Studies
- 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.