How to Maximize the Potential of New Medical Device Products While Protecting the Impact on Legacy Brands in the Same Therapeutic Area
CHAPEL HILL, N.C., Nov. 1, 2013 /PRNewswire/ -- Understanding how to balance multiple products from the same indication at the same time can be extremely challenging. Leaders in the medical device sector today understand the necessity of differentiating products in order to prevent one of their brands from gaining market share at the expense of a legacy product. To effectively maximize the potential of numerous brands at the same time, leaders must have well-crafted marketing strategies and smart resource allocation plans.
According to recent research by benchmarking firm Best Practices, LLC, 22 percent of benchmarked medical device leaders indicated there can be negative impacts in introducing a new brand for the same indication or area of use as a legacy brand without having the proper knowledge. Cannibalization, confusion in channel and sales priorities were listed as common concerns.
The report, "Best Practices in Expanding a Medical Device Product Portfolio without Cannibalizing an Established Brand," identifies successful strategies and best practices used by managers and executives to minimalize cannibalization. The research presents marketers with the necessary benchmarks to better understand how to effectively launch and market a new product or brand in a way that challenges external competition yet sustains the sales and value of a legacy brand that the company controls.
Key topics covered include:
- Effective methods of differentiating multiple brands
- Positioning strategies that minimize product cannibalization
- Operational changes that drive success when introducing a new brand into a product family
- Positive & negative impacts of introducing a new brand
- New product's share of the combined marketing spend during first three years both are marketed
- Marketing mix for new & legacy products
This benchmarking research drew participation from 37 brand leaders with 30 leading pharmaceutical, biotechnology, and medical device companies. The report is also segmented into pharmaceutical/biotech and medical device/diagnostic industry segments when appropriate.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1245.htm.
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC Web site at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC