Contact Information: CONTACT: Elio Evangelista 919-433-0214
LCM Tactics Require Cross-Functional Cooperation
| Source: Cutting Edge Information
RESEARCH TRIANGLE PARK, NC--(Marketwire - April 18, 2008) - According to a new study
released by Cutting Edge Information, lifecycle management (LCM) tactics
must be integrated across several of a company's functions in order to be
successful. The report, "Pharma Brand Optimization: Lifecycle Management
Strategy," discusses the most effective support, structure and
communication avenues for LCM strategy
(http://www.PharmaLifecycleManagement.com).
According to the study, creation of a corporate philosophy that encourages
a holistic approach to LCM is a significant step. Every department must
understand the part it plays in strengthening the existing portfolio and
pipeline. It is also critical for departments to understand the important
role that they play in executing a comprehensive lifecycle management
strategy for a brand.
For example, according to the study, strategic pricing is a pivotal,
peak-time LCM tactic that requires a relatively short amount of preparation
time but requires the input and cooperation of a number of functions. The
study concludes that strategic pricing has one of the shortest planning
times for any LCM tactic: it takes a company approximately 9.5 months to
prepare and implement a strategic pricing campaign. This tactic also
provides a good ROI, about $5 to every $1 spent. Even so, without support
and planning from a number of functions across the organization --
competitors' pricing schemes from market research, labeling from medical
affairs and clinical profiles from R&D, for instance -- a strategic pricing
endeavor is in danger of falling apart.
"With lagging pipelines and slowing revenue streams, pharmaceutical
companies must maximize the market potential of every product," comments
Elio Evangelista, research team leader at Cutting Edge Information. "To
achieve this, every department of a company should be aware of how its
actions impact brand value and how planning is paramount to sustained
revenue and growth."
"A Guidebook to Pharma Brand Optimization: Lifecycle Management Strategy"
(http://www.PharmaLifecycleManagement.com) examines pharmaceutical
companies' lifecycle management structures, funding, processes, and
strategies. Through this report, readers will be better positioned to
streamline their LCM strategies and processes by benchmarking their efforts
against those of top-leading companies.