Pharmaceutical Companies Can Avoid Costly Launch Expenses by Leveraging and Pooling Sales and Promotional Resources
CHAPEL HILL, N.C., Aug. 16, 2013 /PRNewswire/ -- While having a rich pipeline can be considered a "good problem," launching and promoting several products in the same therapeutic area within a short timeframe presents an array of challenges. With the pressure to reduce budgets mounting within both the pharmaceutical and medical device industries, it is critical that leaders learn how to share resources for two products in the same therapeutic area.
Executives have increasingly utilized a franchise approach as a successful cost-cutting tactic. Recent benchmark research shows that franchises are highly effective in driving not only sales force effectiveness, but also in enhancing customer targeting and reducing average sales force size and training.
The recent Best Practices, LLC report, "Best Practices in Launch Optimization: How Promotional Efficiency can be Leveraged to Support Multiple Products & Indications," can serve as a reference point for portfolio managers seeking to efficiently manage multiple products and indications in the same therapeutic area.
Other key issues addressed in the benchmarking report include:
- Managing Similar Products or an Integrated Product Portfolio
- Optimizing Sales Resources within Franchise Operations
- Leveraging Resources for:
- Sales Force Alignment & Training
- Sales Samples & Collateral Management
- Efficient Customer Targeting
- Better Territory Alignment
- Sales Force Effectiveness & Span of Control
- Sales Management & Analytics
- Combining Resources for Efficiently Marketing Multiple Products with Similar Indications
- Optimal Brand Team Approaches for Product Franchise
- Content most /least often included in formal Sales Training curriculum
This benchmarking research drew participation from 65 Sales, Marketing, and Commercial leaders at more than 50 top bio-pharma and medical device companies.
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/rr1228.htm.
For more information on other recent primary research studies, contact us at 919.403.0251, or visit our website 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