While bio-pharmaceutical products still benefit from 17-20 year patent terms and 10-12 years’ of market exclusivity, the need for consistent brand management strategies has never been more critical. Waning innovation, the proliferation of biosimilars, earlier generic challenges and demand for more scientific information both pre- and post-launch have diluted the value of those protections and weakened first-launch advantage
There is no doubt that the pharmaceutical industry faces multilayered challenges within the customer landscape as well with many of these challenges pointing squarely back to brand management.
Physicians’ prescription decisions now weigh the influence of empowered patients, payers and further-reaching regulations; and healthcare cost-containment measures are accelerating the penetration of generics and the restriction on pricing and reimbursements for originals.
Add to this that product development and production require more complex processes as well as the involvement of various parties such as development, manufacturing, marketing and external partners.
So what can bio-pharmaceutical companies do to ensure stronger strategic brand management?
Think Long-Term for Brand Management Success: Many of the brand management strategies that provide the greatest financial reward often take years of planning. To succeed, companies must move beyond short-term goals and work toward long-term priorities. To do this, brand management leaders must build collaborative relationships among groups such as marketing, clinical and manufacturing to achieve corporate objectives.
While many companies focus on the launch portion of brand management, the work really begins before then. The initial indication may be selected on the basis of favorable pricing or positioning in the marketplace, but that decision needs to be taken early to ensure that maximum value is extracted over its viable lifetime. That means considering end-of-lifecycle options, such as…