Product Efficacy is Key Differentiator for Your Brands in the Same Indication

CHAPEL HILL, N.C., July 1, 2011 /PRNewswire/ -- At the risk of creating confusion for internal and external stakeholders, many biopharmaceutical companies still introduce a new brand in the same indication as a legacy product. Beyond clearing up stakeholder confusion, marketing executives must manage internal resources and avoid product cannibalization in the marketplace.

Promoting product efficacy to internal and external stakeholders is effective for differentiating multiple brands for the same indication or area of use. Nearly two-thirds of participants rated efficacy among their top three differentiators in "Expanding a Product Portfolio without Cannibalizing an Established Brand," primary research conducted by Best Practices, LLC.

Download a complimentary white paper at http://www3.best-in-class.com/rr1087.htm that includes selected best practices drawn from extensive primary research with brand leaders from 22 different pharmaceutical, biotechnology and medical device companies.

Key insights include:

• On average, 67% of the combined spend for the legacy and new products is allocated to the new brand during its first year on the market.
• After the new product is launched, spending priorities for the legacy product shift to sampling, coupon-discount programs and direct mail.

"Expanding a Product Portfolio without Cannibalizing an Established Brand" is a 61-page report with more than 130 benchmark metrics and 37 executive narratives, providing marketing and brand executives with valuable insights and exhaustive data to plan and implement marketing strategies for multiple, high-performing brands in the same indication.

For more information on this study and other recent primary research studies, contact us at 919.403.0251 or at [email protected].  

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. Best Practices, LLC has been a leader in pharmaceutical research and consulting for more than 17 years; our clients include 48 out of the top 50 pharmaceutical companies.

SOURCE Best Practices, LLC

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