CHAPEL HILL, N.C., Jan. 30 /PRNewswire/ -- New research has illustrated the dramatic impact effective structuring of brand teams can have on the success of pharmaceutical product sales before and after launch. In an effort to better understand the best practices in developing effective brand team management, a recent study was conducted by Best Practices, LLC, with insights available in the newly published report, "Winning Brand Team Management: Best Practices in Leadership, Work Practices, Structure and Performance Management." The development of high-performing brand teams in the pharmaceutical industry is a key component in the success of products from phase three into launch and through maturity to maximize opportunities. Benchmark class companies have implemented strategic operational systems to adequately coordinate, communicate and execute the critical activities that support brand growth.
The research explored a number of critical questions, including:
- Staffing and functional representation for brand team
- Brand team operations and responsibilities
- Meeting frequencies
- Reporting relationships
- Performance-based compensation and reviews
- Brand performance measures
Data and executive insights from this study were collected from industry leaders across 26 pharmaceutical and biotech companies including industry pacesetters such as Abbott, Bayer, Genentech, GlaxoSmithKline, Novartis, Roche, Shire, Takeda and Wyeth.
Some of the key findings from the study included:
- Brand team structure follows a consistent pattern across most pharmaceutical companies, therapeutic areas and drugs.
- Variations in size and composition of cross-functional teams are usually in response to company-specific conditions.
- Greater meeting frequency is related to work requirements and the need for agility.
- Brand growth shows no correlation to performance-based compensation.
- Despite variations in particular activities and decision rights across brands, most brand teams recognize a similar set of responsibilities, accountabilities and performance measures.
- For many respondents, the success of brand teams is tied more closely to team issues than to brand issues.
For more information on this report, contact Robert Naylor at firstname.lastname@example.org or (919) 767-9244. To access the full report or download a complimentary copy of the report summary, go to http://www3.best-in-class.com/rr979.htm.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more than 15 years, our highly credentialed research staff has conducted primary research exclusively for our Fortune 500 client base.
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