CHAPEL HILL, N.C., July 25, 2014 /PRNewswire/ -- In today's marketplace, launching multiple products for a common therapeutic area is costly and challenging - as is managing a portfolio of products in the same therapeutic area.
Is it possible - or even preferable - to pool resources to support similar products together? If so, where can you combine resources and activities, and what marketing and sales activities should remain separated?
These are just a few of the dilemmas facing pharmaceutical sales, brand and marketing teams that are tasked with helping launch and/or promote multiple products in the same therapeutic area. Research and consulting leader Best Practices, LLC conducted a primary research project that examined the pros and cons of launching and promoting multiple products as part of a "franchise."
The study found that franchises rely heavily on Centers of Excellences (CoE) to distribute expertise across products, especially in high-impact areas. Overall, more than 75% of franchises currently use Centers of Excellence for some facet of franchise support. The most effective CoE support involves injecting critical expertise into such areas as Med Education, Sales Force Effectiveness, Thought Leader Management, Training, and Customer Targeting.
"Best Practices in Launch Optimization: How Promotional Efficiency can be Leveraged to Support Multiple Products & Indications" is a new report that provides pharmaceutical sales, brand and commercial leaders with metrics and insights they can use to evaluate and improve the management of their pipelines and portfolio assets. Through a mix of qualitative and quantitative data, the study examines how and where to reduce costs, gain efficiencies, grow the top-line, and build a long-term reputation as a therapeutic area leader. The research also highlights common stumbling blocks for companies that choose to use a franchise approach.
This 85-page study provides metrics and insights around:
-- Managing Similar Products or an Integrated Product Portfolio -- Optimizing Sales Resources within Franchise Operations -- Leveraging Resources for: -- Sales Force Alignment & Training -- Sales Samples & Collateral Management -- Efficient Customer Targeting -- Better Territory Alignment -- Sales Force Effectiveness & Span of Control -- Sales Management & Analytics -- Combining Resources for Efficiently Marketing Multiple Products with Similar Indications -- Optimal Brand Team Approaches for Product Franchise -- Content most /least often included in formal Sales Training curriculum
Best Practices, LLC engaged 65 Sales, Marketing, and Commercial leaders from 52 leading healthcare companies through a benchmarking survey instrument to collect quantitative data and qualitative insights.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1302.htm.
For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.
SOURCE Best Practices, LLC