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Considering Looming Patent Expiry, More Pharmaceutical Companies are Adopting Lifecycle Management Strategies

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Published on : May 15, 2017

Albany, New York, May 15, 2017: The report discusses in detail the various product lifecycle management (LCM) strategies adopted by various pharmaceutical companies. As the industry remains highly competitive and continues exhibiting lucrative opportunities, pharmaceutical enterprises will continue toying with novel strategies aimed at preserving their revenue stream and strengthening their foothold in the market. 

With looming patient expiries of blockbuster drugs, companies operating across the global pharmaceutical industry are looking for ways of extending patent life and delaying competition from generics. Technologies encompassed in product lifecycle management strategies enable them to attain the same while maximizing sales through the product lifecycle. These strategies are also sought-after as they allow market players to retain their market share as patient expiry approaches. 

In the last few years, the pharmaceutical industry has witnessed declining research and development (R&D) productively, a dynamic healthcare landscape, and intensifying competition from generic counterparts. These challenges have led to lower growth and overall low profit margins in the industry. While drug development was historically focused on clinical trial managements, nowadays pharmaceutical companies are looking for more holistic approaches to launch novel products. 

Furthermore, with a significantly large number of pharmaceutical companies not optimized for cross functional collaborations, the industry is finding it difficult to keep pace with the changing market conditions. However, these concerns can be mitigated if the companies focus on product lifecycle management. This is a business transformation approach aimed at managing products and related information. Product lifecycle management strategies can provide the companies with the ability to launch novel products in the market quicker, ensure better efficiency, and greater regulatory compliance. 

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Considering the dynamic business environment currently prevailing in the pharmaceutical industry. A large number of pharmaceutical companies are likely to adapt lifecycle management strategies. The report provides detailed case studies showcasing a few of most relevant real-world examples of LCM strategies and how pharmaceutical companies are benefitting from the same. Information thus comprises in the report are leveraged from industry-leading database, besides this thorough primary and secondary researches are conducted to offer the readers with the most pertinent industrial data. 

As per recent studies, the pharmaceutical industry will continue facing challenges in the forthcoming years, including declining productivity, patient cliffs, intensifying levels of competition from biosimilar and generic manufacturers, stricter regulatory policies, and low reimbursement levels. Careful LCM planning will thus emerge as a crucial element for the industry to improve its ability of mitigating the aforementioned concerns. 

Results obtained from extensive research are therefore included in the report, to provide a comprehensive overview of LCM strategies and how the pharmaceutical industry and leading players operating there in are benefiting from the same. For a detailed analysis, the report also includes profiles of some of the most prominent companies such as AstraZeneca, Roche & GSK, AbbVie, Pfizer, Cipla, and Teva among others. 

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