It is never too early to start implementing a life cycle management strategy, particularly with the long lead-times for the
development of a pharmaceutical product.
PUTTING IT ALL TOGETHER
Brands across the industry pursue these options every day. The difference lies in planning for late-life success and following
a cohesive plan— not resorting to a jumble of desperate tactics as damage control.
That kind of strategic planning requires time. Efforts to improve formulations and drug delivery, for example, start in clinical
testing. Next-generation products take years to either develop or acquire. Even small tweaks to promotion strategies require
mastery of market, clinical, and competitive data collected over time—and that's not including complete overhauls that reposition
drugs in their markets. Even then, there's no guarantee that any particular strategy will work. There's at least a chance
that it will, however, with advance planning.
With some planning, companies can advance their LCM processes, strategies and structures. Teams that take the time to map
out their brands' options—both for today and tomorrow—will be thankful in the long run.
Eric Bolesh, Research Manager at Cutting Edge Information, can be reached at Eric_Bolesh@cuttingedgeinfo.com