Product Life Cycle Management
Pharmaceutical and bio-pharmaceutical company bear risk of losing sales after patent expiry. So in order to get maximum return on investment, it is important to extend product life cycle to generate continuous revenue.
To deal with this challenge, companies have to focus on Product Lifecycle Management approach to manage products revenue. Hence strategies such as Rx to OTC switch, fixed dose combination, launching branded generic are getting high importance.
• What all strategies are there for product life cycle management? How many of them have proven success record?
• Is switch from prescription to OTC feasible? What will be the potential?
• What is the perception of KOLs about strategy change?
• What would be the expected acceptance of new initiative for product life cycle management?
• What are the recent product life cycle management developments in any particular indication?
• Should we change the pricing model? If yes why and what should be the new one?
MRA Group has a great deal of experience designing, conducting, analyzing, such as options for given product in any particular indication.
Team members at MRA Group provide consultation on the operational issues associated with all the options. We leverage our deep OTC commercial expertise to help clients develop and optimize their switch marketing, lifecycle and competitive strategies.
We help client teams to develop strategies for switch approval and provide tactical support throughout the approval process.
How We Help?
• For screening and deep drive analysis of identified strategies for all the geographies.
• Feasibility survey of new concept and to generate reports with key insights.
• Product Life Cycle Management (PLCM): Our analysis involves in-depth evaluation and estimation of revenue model depending upon the phase of the product (launch, growth, mature and decline phase), key steps/actions to be implemented at different phases of the product stage.
• Strategic Feasibility Analysis: This analysis involves testing of all the available strategies for PLCM and checks which all can work in the particular situation. This includes deep-dive analysis of methodologically proven strategies and backed by historical examples and their success stories.
• Market Introduction/Product Launch Analysis: Product and cost evaluation of competitor products in specific market, market demand analysis, market penetration strategy, key department and key stakeholder evaluation.
• Rx to OTC Switch: Rx-to-OTC switch refers to the transfer of proven prescription drugs (Rx) to nonprescription, over-the-counter (OTC) status. Rx-to-OTC switch is a data-driven, scientifically rigorous, and highly regulated process that allows consumers to have OTC access to a growing range of medicines. For a medicine to be granted OTC status, it must have a wide safety margin and be effective, and must bear understandable labeling to ensure proper use. MRA Group analyzes each and every parameter to provide our clients with valuable insights on Rx-to-OTC switch.
• Accelerating commercialization of new strategy.
• Collaborate efficiently with new/existing stake holders to reduce product and process costs
• Manage effectively the change in products, like labeling components, pricing structure and brand image.
• Identify and assess potential strategies and market scenarios, to determine whether a switching strategy is likely to be commercially viable.