Pharmaceutical companies are determined to extend the life of their drug beyond patent expiration, devising strategies to manage the life cycle of their most important medicines that begin in the clinical phases.
John King recently reported that life cycle management has become a necessity to the continued success of pharmaceutical companies. A successful life-cycle management plan can be broken down into 10 distinct courses of action. These actions, when practically executed, ensure that a pharmaceutical product can potentially live forever.
Following these 10 ideas for successful life-cycle management ensures a constant market presence for a pharmaceutical product.
1. Develop a map to chart the progress of a molecule as it goes through various stages of development
2. Effectively organize company resources into units responsible for specific medicines
3. Develop drugs with multiple indications instead of developing blockbusters
4. Decide early if life-cycle management is appropriate for each product
5. Consider the development of alternate delivery systems for each drug
6. Don't rule out life-cycle management for a drug that was not managed early
7. Be ready to ask for approval of multiple line extensions after the drug gets to market
8. Be prepared to deal with aggressive generic competition even if the drug is protected
9. Consider all available avenues to get the most from a product's patents
10. Consider biotechnology technologies and biotechnology drugs
Learn about the future of generics at the 3 day MBA in Generics in Washington, April. Meet Malcolm Ross our expert trainer and understand the fundamentals of generics in just 3 days. Download the brochure of find out more.