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Effective Drug Life Cycle Management: The Crucial Interaction Between Brand Life Span and Market Life Cycle
Decision Resources, Inc., Sep 2008, Pages: 29
Pharmaceutical companies recognize the importance of life cycle management but often focus on their own brands without taking note of the all-important market life cycle. Companies need to understand how the three stages of the brand life span relate to the four stages of the market life cycle. The challenges increase as markets approach the mature and declining stages and generics competition looms. Follow-on products can offer a defense against generics erosion, but companies must avoid four common mistakes. The statin market, the bestselling drug class in the United States, offers valuable lessons on life cycle management.
Get the Answers You Need to Shape Your Strategy
- The market life cycle has four stages—introduction, growth, maturity, and decline. What are the characteristics of each of these stages? What four factors must manufacturers consider in each of these stages?
- Brand life span can be divided into three stages—launch, maintenance, and retirement. What is the relationship between brand life span and market life cycle? How do appropriate pricing strategies in each brand life stage vary depending on the stage of the general market cycle?
- Generics competition can erode a brand’s market share by more than 90% in less than a year. How aggressive is generics erosion in extreme cases? What impact does generics competition have on the prices of branded and generic drugs?
- Many companies have used follow-on drugs as a defense against generics competition. What are the various types of follow-on drugs? What are the keys to the successful launch of a follow-on product, and what mistakes must manufacturers avoid? Which brands are examples of notable successes and failures?
Scope
- Interaction of brand life span and the market life cycle: introduction; growth; maturity; decline; a series of tables provide clear guidance on strategies to adopt in each interactive stage.
- Follow-on drugs as a tool of life cycle management: types of follow-on drugs; keys to a successful launch; successes and failures.
- The statin market as a life cycle case study: Mevacor; Pravachol; Zocor; Lescol; Lipitor; Baycol; Crestor.
- Outlook and implications for the pharmaceutical industry: challenges in the mature and declining stages of the life cycle; increasing generics competition; growing emphasis on comparative effectiveness research.
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