Life-cycle management takes the knowledge, savvy, and experience in all areas of pharmaceutical development, from product formulation and clinical development to navigating the regulatory review process, to building an effective marketing strategy and salesforce.
According to industry sources, generic drugs now account for more than 50% of all prescriptions filled in the United States and more than $40 billion in prescription sales worldwide. More than $80 billion worth of global drugs face U.S. patent expiration by 2008. For brand teams, it is no longer sufficient just to focus on evergreening through extensions and next-generation drugs or extending product lives as patent expiration looms. To develop comprehensive life-cycle management plans, brand teams — on both sides of the table — must consider a variety of alternative strategies for dealing with generic competition, such as prescription to OTC, pricing strategies, and marketing strategies to enhance patient outreach, compliance, and retention.
Two main components to developing any life-cycle management strategy are commitment and continuity. Pharmaceutical companies, which experience planned turnover among their brand managers, need to rely on long-term agency partners, who in essence maintain the brand’s history…