CHAPEL HILL, N.C., March 25 /PRNewswire/ -- There is no guarantee that a re-launch will revitalize a drug that fizzled after its initial launch. A necessary first step for a successful re-launch is to win the organizational backing that ensures needed resources -- both financial and staffing -- will go into the effort, according to a study by benchmarking leader Best Practices, LLC.
The study, Product Relaunch Excellence: Transforming Lackluster Pharmaceutical Products into Market Success Stories, found that leading companies spend more than 100 percent of the initial launch investment to successfully establish a brand identity for the re-launched product. But that investment can pay off quickly: Leading pharmaceutical companies expect at least a 20 percent increase in annual sales with a re-launch, according to the study.
The report is available online with a complimentary excerpt at http://www3.best-in-class.com/rr919.htm .
The study gathers insights from 14 pharmaceutical and biotech companies, including Abbott Labs, AstraZeneca, GlaxoSmithKline, Merck, Novartis, Pfizer and Sanofi-Aventis. The study contains almost 500 metrics and 50 best practices that will help executives gain insights into re-launch strategy and practices.
Field research revealed that companies employ a systematic investment
management process to build the business case for investing in a re-launch.
The process can be summarized as a four-step cycle:
-- Rally for Resources - It is critical to gain organizational support and
buy-in to prevent the lack of resources from becoming a roadblock to
-- Determine the Level of Investment - Depending on the level of re-
positioning and re-vamping required, companies must determine the level
of investment needed.
-- Create the Investment Allocation - Companies essentially share the same
approach in that the majority of investment, almost two-thirds, is
shared by sales, various promotional channels, KOL and advocacy
-- Refine the Marketing Mix - After re-launch, monitor and adjust the
plan. During the two or three quarters it takes to access the
penetration success of key customer segments, brand teams carefully
observe the impact of marketing.
For a deeper exploration of the captured metrics and best practices in the study, visit http://www3.best-in-class.com/rr919.htm or for related research visit our Best Practices, LLC Web site at: http://www3.best-in-class.com/.
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. Our clients include 43 of the 50 leading pharmaceutical companies. For more information, call (919) 403-0251 or visit http://www3.best-in-class.com/ .
|SOURCE Best Practices, LLC|
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