LONDON, November 25, 2015 /PRNewswire/ --
Developmental, commercial, and regulatory/legal strategies all play a key role in boosting the profitability of pharmaceutical products, says GBI Research.
Analysis from business intelligence provider GBI Research - Life Cycle Management Strategies - Optimizing revenues and defending generic competition - says that it is becoming increasingly important for pharmaceutical companies to implement suitable life cycle management strategies in order to maximize revenues and the lifespan of their portfolios.
This is particularly important in a time of shrinking Research and Development (R&D) pipelines and mounting costs involved in drug development. For a complimentary sample of this research, please visit the GBI Research website.
Analyst Priyatham Salimadugu: "Successful life cycle management planning commences early in the life cycle of a drug, ideally during the R&D phase, and that multiple factors, such as timing, disease characteristics and market environment, should be considered when choosing a life cycle management strategy.
"The key to good life cycle management is not to manage a single product in isolation, but to think in terms of optimizing sales of the company's entire portfolio, both marketed and R&D, through planning and learning across the organization.
"However, the changing industry and regulatory environment is impacting the effectiveness of life cycle management strategies themselves. As such, life cycle management strategy selection and implementation needs to be a dynamic and adaptive process, and having access to up-to-date market intelligence is a vital factor."
GBI Research's report also states that while developmental strategies are implemented to significantly increase revenue during the period of market exclusivity, commercial strategies work to expand a product's uptake and value.
Salimadugu continues: "Developmental life cycle management strategies focus on increasing the number of patients eligible to receive a drug, such as by expanding its usage for different indications or targeting rare diseases. These strategies also focus on maximizing patient uptake, by offering more convenient methods of administration, improving dosing frequencies, or reducing side effects.
"Commercial strategies include switching from prescribed to over-the-counter drugs, geographical expansion, and utilizing price flexibility. In this last case, timing and competitive intelligence are crucial to the success of strategic pricing, as altering the price too early or too late may mitigate any benefit."
About GBI Research
GBI Research is a leading provider of business intelligence reports, offering actionable data and forecasts based on the insights of key healthcare industry influencers to ensure you stay up-to-date with the latest market trends.
For more information, please contact GBI Research on: +44-161-359-5817
For the full range of market-leading analysis on the pharmaceutical industry, visit GBI Research's report store.
Follow GBI Research online for the latest healthcare industry updates:
SOURCE GBI Research