Study Examines Pharmaceutical Industry's Use of Franchise Approach to Support Multiple Products in the Same Therapeutic Area
CHAPEL HILL, N.C., Oct. 2, 2015 /PRNewswire/ -- Managing similar products or an integrated product portfolio is a complex balancing act for pharmaceutical companies — especially those that want to reduce the costliness of launching and promoting multiple products simultaneously.
Using a franchise approach to manage multiple products is an effective way to control costs by leveraging and pooling resources. But maximizing the potential of each product requires well-crafted sales alignment and improved access and reputation.
To examine the pros and cons of launching and promoting multiple products as part of a franchise, research and consulting leader Best Practices, LLC conducted a primary research project involving more than 50 biopharmaceutical organizations.
Though franchises help sales and marketing teams leverage scarce resources, they can also make all of the products in the franchise vulnerable if execution is poor. The biggest risk most companies face is in the inability of the sales force to sufficiently differentiate between products – which can undermine the effectiveness of the message for the whole franchise.
The study found that franchises rely heavily on Centers of Excellences (CoE) to distribute expertise across products, especially in high-impact areas. Overall, more than 75% of franchises currently use Centers of Excellence for some facet of franchise support, according to the study.
"Best Practices in Launch Optimization: How Promotional Efficiency can be Leveraged to Support Multiple Products & Indications" provides pharmaceutical sales, brand and commercial leaders with metrics and insights they can use to evaluate and improve the management of their pipelines and portfolio assets.
Through a mix of qualitative and quantitative data, the study examines how and where to reduce costs, gain efficiencies, grow the top-line, and build a long-term reputation as a therapeutic area leader. The research also highlights common stumbling blocks for companies that choose to use a franchise approach.
This 85-page study provides metrics and insights around:
- Managing Similar Products or an Integrated Product Portfolio
- Optimizing Sales Resources within Franchise Operations
- Leveraging Resources
- Combining Resources for Efficiently Marketing Multiple Products with Similar Indications
- Optimal Brand Team Approaches for Product Franchise
- Content most /least often included in formal Sales Training curriculum
Best Practices, LLC engaged 65 Sales, Marketing, and Commercial leaders from 52 leading healthcare companies through a benchmarking survey instrument to collect quantitative data and qualitative insights.
To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1384.htm.
For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.
SOURCE Best Practices, LLC
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article