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 t
|SOURCE Best Practices, LLC|
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