Life Cycle Management Pharma

In the pharmaceutical industry, improving life cycle management has always been a priority. Life cycle management pharma is a well-established tool – and ever since the pandemic stirred up the healthcare industry, it’s become more of a focal point.

Every product experiences a lifecycle. That lifecycle consists of the discovery, research, design, manufacture, service and finally the disposal of a product. Currently, this is an expensive, lengthy process.

Proper life cycle management in pharma is what can help healthcare gain wider profitability, maximize sales and retain market share even as a product’s market exclusivity rights or patent nears its expiration.

How does a company implement life cycle management pharma strategies? They need to first understand the market, their competition and the product itself.

Why New Life Cycle Management Pharma Strategies Matter

In the past, product life cycle management strategies would observe the time new drug products are launched all the way to that product’s patent protection expiration. This didn’t account for the product’s post-exclusivity period. Added revenue during this time was thought to be minimal or negligible.

However, the generics sector of the pharmaceutical industry is becoming rapidly more aggressive every day. Conventional LCM strategies of the past are insufficient with such forward competition. Likewise, small-molecule drugs’ post-patent exclusivity periods can account for 30% of their overall lifetime sales – not so minimal, after all.

Modern life cycle management pharma strategies are necessary to stay ahead of aggressive generic competition. A new life cycle management plan will cover the true entirety of a product’s life cycle. That means from discovery, to development, to commercialization – and even includes the post-market exclusivity afterwards.

How is the Value Through Life Cycle Management Demonstrated?

LCM can improve a product in some way through every stage of its life. Heightening patient compliance awareness, reducing side effects, simplifying dosages and improving efficacy overall is just some of the abundance in value that life cycle management pharma can provide. Let’s look at different aspects that may affect a product or its life cycle.

Better Maintained Equipment

Using the applicable asset management software, a healthcare organization can improve a product’s lifespan by starting on the equipment it’s made with. The equipment lifecycle for pharmaceutical manufacturers should be maximized to allow a company to enjoy their asset benefits for as long as possible.

Focusing Big Data

Using pharma analytics, a company can drastically decrease the time it takes to get a drug from early-stage development to mass production. Through machine learning and other artificial intelligence in pharma, clinical trials may be able to be completed more rapidly over time.

Following other patterns of data could pave the way for a better preventive and predictive healthcare market. It’s these type of combination products that will truly optimize life cycle management in pharma. After all, the goal of LCM is to create, maintain and extend a product’s value in the marketplace.

The Evolution of Advancing Technology

Finally, the digital transformation in pharma allows for healthcare companies to make use of technological advancements faster than ever. Making use of advancing technology that focuses on lessening how long a drug takes to get to market is vital to the success of future pharmaceutical brands.

This can come in the form of predictive maintenance for pharma, which helps to identify an issue before it becomes a problem and eliminates revenue loss. It can come in the form of artificial intelligence, which can minimize costs for drug discovery and development, improve quality control opportunities and more.

Overall, life cycle management pharma strategies always aim to show off the value present in a product. Using strategic asset lifecycle management and the appropriate asset management software can help you even more.

Life Cycle Management Pharma Software for a Brighter Future

Another industrial revolution is surging forth, building up in the background for at least two decades. Life cycle management pharma aims to increase both branded and generic pharmaceutical competition, address the decline in research and development productivity and lock in on stricter demands for investment reimbursement.

As it stands, a significant amount of money and resources goes into preserving a health product’s patent. It can take several years just to produce that product, and competition chomps at the bit to reproduce a product’s success.

It’s more pressing now than ever for a healthcare organization to ensure they’re maximizing their product’s lifetime value. Otherwise, pharma companies may potentially experience rapid revenue losses in the years to come. Fortunately, life cycle management pharma tools help to sway these revenue losses.

What can be the cause of billions in lost revenue can boil down simply to poor life cycle management. On the opposite end, breathing new life cycle management strategies into your company can uncover the hidden value you’ve been searching for.

FAQs

What is PLM in the pharmaceutical industry?

PLM is a pharmaceutical industry acronym for "product lifecycle management.” It’s an approach that requires business transformation but allows for easier management of relevant information and products across the industry.

How do you manage a product’s life cycle?

The product life cycle is managed by understanding the market, the competition and the product. From there, life cycle management must implement sound strategies that engages with the market, stomps the competition and increases overall value for the product. The right strategies can increase the lifecycle of a product and even get it to the market faster than conventional methods may currently allow. Poor life cycle management in pharma is what can cost a healthcare company billions.