CHAPEL HILL, N.C., Dec. 4 /PRNewswire/ -- Behind every blockbuster is a team that helped guide it through development and set the stage for marketplace success. The cross-functional team that shapes a compound into a successful product is just as important as the biological attributes of the compound, according to research by benchmarking leader Best Practices, LLC.
To create a successful team, managers need to involve key launch stakeholders early in the development process and create clear roles and responsibilities to facilitate the cross-functional integration process, according to the study. For instance, many companies that participated in the research noted that moving various marketing activities up in the development schedule had produced substantial benefits.
"Understanding market needs early pays off in the development process," said Chris Bogan, chief executive officer of Best Practices, LLC. "Getting marketing people into the development team early can help shape product design, development and clinical trials. It can smooth the way between critical transitions in the development process, such as from Phase II to Phase III."
The report, "Managing Cross-Functional Teams for Pharmaceutical Product Commercialization Excellence," delivers practices that best-in-class firms use to establish effective cross-functional teams, such as empowering launch teams to make key decisions and team members following well-established, standardized processes.
To download a complimentary study summary go to http://www3.best-in-class.com/rr885.htm .
Study participants included Amgen, AstraZeneca, Bayer, Eli Lilly
GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, and Wyeth.
Executives in pharma and biotech companies can use this research to build
and manage strong launch teams that can excel across functions, units and
Among the study's findings are recommendations to:
-- Allow cross-functional teams to make key decisions to improve product
development efficiency and eliminate costs.
-- Empower an early-stage group to help integrate commercialization
insights into R&D development as soon as a compound is discovered to
increase market focus and improve launch success.
-- Align commercialization employees by therapeutic area to help build
expertise and focus.
For additional sample practices and metrics, download the free study summary at http://www3.best-in-class.com/rr885.htm .
This benchmarking report highlights the following areas of cross-
functional team management:
-- Cross-Functional Team Structures
-- Collaboration and Productivity Processes
-- People Management
-- Decision-Making Processes
-- Communication and Collaboration
-- Resource Allocation
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a research and consulting firm that conducts work based on the 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 information, call 919-403-0251 or visit http://www3.best-in-class.com/.
|SOURCE Best Practices, LLC|
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