Product Lifecycle Management: Maximizing profit and leveraging innovation
The cost of developing a new drug is continuously rising. Many other factors, such as stricter regulations and stronger global competition, are also creating major challenges. If a pharmaceutical company intends to increase its market share and return on investment, it must consider how to maintain a drug‘s profitability even after its patents have expired. Product Lifecycle Management (PLM) is a viable option for extending profitability, and there are several methods for approaching PLM effectively. What is crucial, however, is to plan for it early on, even, if possible, before the drug actually enters the market.
The key to successful Product Lifecycle Management is to create and evolve a proactive strategy for the product throughout its entire useful life, from its launch through to its long-term growth and acceptance in the market.