RESEARCH TRIANGLE PARK, NC--(Marketwire - September 29, 2010) - Life Science companies are strengthening their brands' abilities to preemptively fend off competitive market threats and generic challenges with improved team communication, according to new research from consulting firm Cutting Edge Information.
The practice of long-term strategic planning -- known as lifecycle management (LCM) -- equips drug brands for the attacks they face in the global marketplace, according to "Pharmaceutical Lifecycle Management: Strategy Selection and Execution," (http://www.cuttingedgeinfo.com/lifecycle-management/). But only 21% of surveyed companies have a centralized lifecycle management team to coordinate brands and act as a strategic LCM authority.
The most common approach, found at 45% of companies, is for individual product teams to devise and implement their own LCM strategies. Other firms manage LCM efforts by region or therapeutic area.
Executives interviewed for the study recommend a centrally located, mid-sized team to oversee strategy for all brands. In addition, LCM personnel should sit on product teams to help implement lifecycle strategies.
"Organizational structure plays a big part in how teams can plan and execute strategies successfully," said Jason Richardson, president of Cutting Edge Information. "If each product team oversees its own LCM efforts, they may handle challenges in very different ways and sometimes have to reinvent the wheel, thereby letting potentially valuable opportunities fall by the wayside."
Central LCM teams help bridge the structural and communications gaps between clinical interests and commercial drug stakeholders for the good of every brand. They also elevate lifecycle management's organizational profile to win buy-in and increase accountability across all functions.
"While most companies recognize that LCM is critical to brands and overall company health, other function leaders are too busy to dedicate much time to long-term strategies," Richardson said.
The new study was developed from primary research with 28 leading life science companies. The research focuses on improving team management, how to set LCM strategy and implementation. Metrics outline LCM structure, budgets and return on investment. The report also profiles 11 LCM strategies and tactics, complete with timing, ROI and effectiveness data.
Cutting Edge Information (http://www.cuttingedgeinfo.com/) serves the Life Science industry. For more information about product lifecycle management, contact Eric Bolesh at 919-433-0209. For media information, contact Stephanie Swanson at 919-433-0212.
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Stephanie Swanson
919-433-0212