Pharmaceutical Product Life Cycle Management Strategies
The life cycle of pharmaceutical products is a bit different than consumer goods, this video explains the stages of the life cycle of a new drug, namely early, middle, and late stages and what are the strategies implemented by pharmaceutical companies to extend the life cycle over a longer period of time.
During the early stage, the new drug is submitted to certain intensive clinical and pre-clinical tests. At this stage, the company invests money without generating sales as the drug is not launched yet in the market. The company starts the pre-launch activities.
During the middle stage, the drug is launched to the market, and the company starts making profits.
When the patent expires, companies seek defensive strategies to combat generic competitors and retain market share.
There are three strategies to extend the life cycle; evergreening, flanking and RX to OTC switching.
Evergreening is a strategy involving either line extensions or launching a next-generation version of the current drug. AstraZeneca successfully implemented the evergreening strategy in extending the lifecycle of its proton pump inhibitors products by replacing Prilosec with the next generation Nexium.
Flanking strategy involves entry into the generics market. The branded drug company develops it's own generic and market it through its own subsidiary or through another company with permission.
Switching from RX to OTC is a strategy is appropriate when a branded drug, whose patent is about to expire, gains approval by the FDA for OTC sale. The switch will make the market unattractive for generics.
Check out www.thepharmamarketer.com for more resources on pharma marketing
Видео Pharmaceutical Product Life Cycle Management Strategies канала The Pharma Marketer
During the early stage, the new drug is submitted to certain intensive clinical and pre-clinical tests. At this stage, the company invests money without generating sales as the drug is not launched yet in the market. The company starts the pre-launch activities.
During the middle stage, the drug is launched to the market, and the company starts making profits.
When the patent expires, companies seek defensive strategies to combat generic competitors and retain market share.
There are three strategies to extend the life cycle; evergreening, flanking and RX to OTC switching.
Evergreening is a strategy involving either line extensions or launching a next-generation version of the current drug. AstraZeneca successfully implemented the evergreening strategy in extending the lifecycle of its proton pump inhibitors products by replacing Prilosec with the next generation Nexium.
Flanking strategy involves entry into the generics market. The branded drug company develops it's own generic and market it through its own subsidiary or through another company with permission.
Switching from RX to OTC is a strategy is appropriate when a branded drug, whose patent is about to expire, gains approval by the FDA for OTC sale. The switch will make the market unattractive for generics.
Check out www.thepharmamarketer.com for more resources on pharma marketing
Видео Pharmaceutical Product Life Cycle Management Strategies канала The Pharma Marketer
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
Understanding Pharmaceutical industry by Kris Kristensen | Webinar | Technology | Starweaver |1.4 The life cycle of a medicinal productThe New “Disrupters” in Healthcare – Patients and Pharmacists | Rajiv Shah | TEDxFargo16. Portfolio ManagementIPPCR 2016: Concepts in Pharmaceutical Development Project ManagementGMP 101 - Intro to Good Manufacturing Practice [WEBINAR]Industries Of The Future | Alec Ross | TEDxBaltimoreDan Olsen "How to Create Your Product Strategy" at the 2018 NYC Product Leader SummitFDA Pharmaceutical Validation Guidance and ICH: What you must knowThe Project Management Life CycleWEBINAR: Assay Development – From Scratch to Validated AssaysThe FDA Drug Development Process: GLP, GMP and GCP RegulationsThe Product Life Cycle ExplainedPharma outlook 2030: From evolution to revolution20 Years of Product Management in 25 Minutes by Dave WaschaPortfolio Management Execution with Julia Reznick, Teva Pharmaceuticals - SmartOrg webinarAn Introduction to SAP Enterprise Product Development | Product Lifecycle Management SolutionsProduct Life Cycle |Different Stages of product life in Hindi | Introduction-Growth-Maturity-DeclineWhat really happens to the plastic you throw away - Emma BryceMultiChannel Marketing for Pharma