Rising Competition from Generics Compel Players to Aim at Comprehensive Pharmaceutical Product Lifecycle Management (LCM) Strategies

Published Date : May 08, 2017

Albany, New York, May 8, 2017: MarketResearchReports.biz has announced the addition of a report, titled "Pharmaceutical Lifecycle Management Strategies in 2017”, to its large depository. It provides a detailed reports of product lifecycle (LCM) management strategies that are being implemented and are expected to come into force later this year by pharmaceutical companies worldwide.

In recent times, the global pharmaceutical industry has witnessed rapidly changing healthcare landscape, stiff competition from generic and biosimilar manufacturers, and declining research and development productivity. To grow and stay relevant in this fast-changing marketplace, participants are looking at holistic approaches to improve processes that can escalate innovative product development while cutting down operational costs.

One such holistic approach is to resort to pharmaceutical product lifecycle management strategies (LCM), which manage pharmaceutical products and related information across the enterprise. However, with the prevailing landscape, these strategies can no longer focus solely on the period between launch and patent expiry. The influx of generics is making the conventional LCM approach insufficient today. Determining apt LCM strategies is, therefore, imperative for manufacturers.

To appeal more diverse and global customer base, players are focusing towards stepping up their game in creating, packaging, and quickly delivering consumer products. They are adopting LCM strategies that encompass the whole lifecycle of a pharmaceutical product from discovery through development and commercialization and on into post-market exclusivity. Through these strategies, they are also including planning for competition from generic forms in the initial stages of the development phase, instead of focusing on this area after the product is launched.

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In the process of following more comprehensive life cycle management model, several pharmaceutical companies have discovered that inputs from different verticals within the business must be considered. A cross-functional LCM model includes representatives from marketing, regulatory, research and development, process engineering, manufacturing, and other verticals across all therapeutic areas. This type of team can help formulate an overall company-wide strategy as well as product-focused strategies.

Branded drug manufacturers that aim at new approaches to LCM strategies often rely on contract development and manufacturing organizations (CDMOs) with experience in the designing and execution of LCM solutions. CDMOs not only help in boosting the efficiency of processes of production, they also help in reducing the risks pertaining to product development and commercialization.

The report also sheds light on different aspects of development strategies, including introduction and classification, indication expansion, reformulation, and next-generation products. It includes case studies of various pharmaceutical giants who have implemented LCM strategies, successfully and unsuccessfully. The list of successful implementers includes Pfizer, Teva, Roche & GSK, Cipla, AbbVie, and AstraZeneca. It also offers insights into LCM strategies for pipeline products by companies, including Johnson & Johnson, Merck &Co, Takeda, Eisai, and AbbVie.

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