CHAPEL HILL, N.C., Sept. 27 /PRNewswire/ -- An effective cross-functional team lays the groundwork for a new pharmaceutical product's success in the marketplace, both initially and long-term. Leading pharma companies calculate that the various activities of a cross-functional team are responsible for half of a drug's success with the other half embedded in the biological attributes of the compound, according to a study by Best Practices, LLC.
The report, "Managing Cross-Functional Teams for Pharmaceutical Product Commercialization Excellence," provides insight into best-in-class practices that leading firms use to establish effective cross-functional teams, such as empowering teams to make key decisions and teams following well-established, standardized processes.
To download a summary of the study, go to http://www3.best-in-class.com/rr858.htm. This research will give valuable information to help executives build and manage productive cross-functional teams.
For instance, companies in the study noted that they had found benefit in moving various marketing activities up in the development schedule to help understand market needs early on. A sample of study participants found that teams averaged .5 marketing FTEs at pre-clinical, 1.8 marketing FTEs at Phase II and 5.6 marketing FTEs at launch, according to the study.
Study participants included Amgen, Novartis, GlaxoSmithKline, Merck and Johnson and Johnson. Findings were based on a two-pronged research approach: benchmark surveys that gathered quantitative insights from more than 49 companies and in-depth interviews with directors and managers involved with managing teams across units, functions or countries.
This benchmarking report highlights the following areas of cross- functional team management:
-- Cross-Functional Team Structures
-- Collaboration and Productivity Processes
-- People Manag
|SOURCE Best Practices, LLC|
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