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With shrinking Research and Development (R&D) pipelines and mounting costs involved in drug development, it is becoming increasingly important for pharmaceutical companies to implement suitable Life Cycle Management (LCM) strategies in order to maximize revenues and the lifespan of their portfolios, says business intelligence provider GBI Research.
The company's latest CBR Pharma report states that there are three fundamental categories of LCM strategies, namely developmental, commercial, and regulatory/legal strategies, all of which play a key role in boosting the profitability of pharmaceutical products.
Mr Priyatham Salimadugu, analyst, GBI Research, says, successful LCM 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 an LCM strategy.
He comments: "The key to good LCM 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 LCM strategies themselves. As such, LCM 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."