Pharmaceutical Product Lifecycle Management can be defined as the business activity of managing, related to optimizing lifetime performance of pharmaceutical products, in the most effective way across the entire lifecycle of the product, from the first idea until the end of the products exclusivity [3]. A medicines lifecycle begins with research activity, followed by production and sales under a patent and the final stage of competition with aggressive interchangeable multi-source medicine competition [2].
Pharmaceutical manufactures are facing many difficulties in the current millennium [3]. Empty product research and development pipelines, and an ever increasing aggressive interchangeable multi-source medicine competition, sales and profit
…show more content…
Product lifecycle management can supply a good line of communication between all sections of product development. This results in seamless data capturing and supply, analysts’ and those working in the development sector can co-ordinate with people in marketing to ensure that ideas such as marketing strategies which might boost sales are utilized and not overlooked [2]. This approach could include improving the product and re-launching the “new improved” version, although this involves a cost to the company [2].
Another benefit of product lifecycle management is the reduction in the loss of sales by having established a very strong brand identity, and consumers will stick with the product they know as they don’t regard others as effective substitutes [2].
Other benefits of product lifecycle management include, but are not limited to:
• Increasing revenues by creating of new products and services, improving innovation, reducing time to market for new products, and providing support and new services for existing products [1].
• Reduce product related costs by improving process design, planning, testing and production through knowledge gained by implementing product lifecycle management [1].
• Cut recall, warranty and recycling costs
The drug manufacturing industry is concerned with the development, production and marketing of drugs which are to be used as medication. This is one of the oldest industries in the world. The first drug stores date back to the middle Ages. Some of today’s pharmaceutical companies have been founded in the beginning of the previous century. Important discoveries have been made in the early 20th century such as insulin and penicillin who became mass produced. More drugs were developed during the 1950s-1960s such as contraceptives and heart drugs. During that time numerous organizations and declarations were established in order to regulate the industry. Until the 1970s the drug manufacturing industry remained relatively small, and then it began expanding quickly. With the development of technologies and the internet research, manufacturing, marketing and sales of drugs became a lot easier.
The pharmaceutical industry develops, produces, and markets drugs or pharmaceuticals compounds for medical purpose. Pharmaceutical companies produce generic, brand medications and medical devices. The industry is subject to a complex regulatory environment regarding the patenting, testing and ensuring safety and efficacy and marketing of drugs.
We also focus on product life-cycle of the business goods. The stages the product undergoes from manufacturing packaging until the final stage where it focuses on time, cost and revenue generated. In the initial stage of the product, promotion is done to create awareness of the product. In this juncture profits are not a big concern of the company.
More new products need to be introduced and research needs to be done to find out which products will be most popular and profitable.
Chapter 6 covers the “product life cycle”. Product life cycle is series of stages a product goes through from the time it is launched into the market until the time it is removed from the market. Cactus Rose is currently in the stage of growth. Since, Cactus Rose has been around the town of Wilton for just a couple of years, it is considered as one of the best fine dining area around town. The restaurant can still can be enhanced and promoted and gaining the people around town’s full support. Eventually, it will reach its full marketing potential in the near
Throughout many generations the success of medicine has been dog-eared throughout history, from penicillin being created through colonized bacteria on an agar plate to chemotherapy being used to combat the ailments of cancer, we as a society rely a great deal on the effectiveness of medicine. Due to this realization one can agree that it is imperative that the medications that are being distributed and placed on the pharmaceutical market are tested and analyzed at all angles and perspectives to ensure they work effectively and successfully resulting in moderate to no side effects. The progressive industry of medicine has greatly increased since the early nineties thanks to the advancement in medical technology making
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
Pharmacy is a booming field when it comes to medicine, but it certainly has controversial issues such as compounding drugs. While the practice of making drugs customized to a patient seems ethical, there are problems that come along with it. Drug compounding was the norm in the past, but over time consumers began to see issues with it. Drug compounding still occurs to this day because some patients do need medicine specifically tailored to their needs. Compounding has also been the focus of recent disasters, some of which occurred less than two years ago. Whatever side one may take on this issue, it is clear that compounding medicine will be a polarizing issue for years to come.
For a drug to get to market it must go through several stages of research and development (Abbott and Vernon). Starting with discovery research, preclinical testing on animals, three phases of clinical trials on humans, and finally FDA (Food and Drug Administration) approval (Abbott and Vernon). Out of several thousands of drugs only a few will make it to the FDA approval stage (Abbott and Vernon). Testing is a highly regulated, time consuming, and expensive process. From beginning to end the process can take fifteen years and less than one of five compounds will make it to market where it is still not guaranteed to succeed (Abbott and
The primary target for the last couple of years for Syntel is to cross the $1 billion revenue mark. Syntel did not gain an exponential revenue growth that it had hoped for because of different factors like the volatility of the market, slow growth of the economy, etc. Therefore, a shift is required from our current business strategy of being only an IT consulting company. Syntel will be greatly helped by my recommendation of creating a new Product Development Vertical. The new vertical can generate the boost required for the exponential growth of the revenue.
In a marketplace there are more types of planned obsolescence that are used in order to devalue the old product. All types of obsolescence have major task of enhancing sales and increase the company’s profit. The main idea of all obsolescence is the same, to make the old product ineffectual, unfashionable or useless. Technical or functional obsolescence is a common method when a producer on purpose uses low-class materials that are prone to become damaged. The cost of repair work is usually comparable to the replacement cost and that force consumers to buy a new product or spare part. An applicable example is LCD screen where are heat-sensitive components...
New products need to be constantly introduced to keep up with the ever -changing demands of the consumer. New product introduction is vital to the overall welfare of any organization according to (Ledwith and O 'Dwyer
Product management also factors in marketing need, positioning and pricing. And finally life cycle management to ensure fitness for purpose over time and target market opportunity.
Product management is a strategic and business-oriented role, which is focused on satisfied and transfer solutions to market needs. The role may consist of product development and product marketing, which are different (yet complementary) efforts,...
Marketers ought to take into account the way to position the merchandise, the way to exploit the whole, the way to exploit the company's resources, and the way to tack together the merchandise combine in order that every product enhances the opposite. Failure to try to therefore may end up in whole dilution that could be a state of affairs during which a product loses its branded identity, leading to ablated sales and perceived quality. The vendor should conjointly take into account development ways.