Seems like just yesterday when the pharmaceutical market was dominated by blockbuster drugs, often from companies with robust pipelines just waiting to introduce the next market leader. Life cycle management wasn’t a necessary focus, and pharma companies were able to rely on their next launch to maintain profitability and growth.
As we know, times have changed. The industry is more competitive, more regulated, and more specialized as therapies become more sophisticated in their ability to treat disease. At the same time, the cost to bring a drug to market has skyrocketed, pipelines are filled with fewer compounds, and safety requirements have never been more stringent. Life cycle management is now a critical area of focus for any pharmaceutical marketer. It’s no longer enough to simply get a drug to market – maintaining success and profitability throughout its life is just as important.
Redesign: a key life cycle strategy
Several strategies for life cycle management can be employed, depending on the market situation. Developing new markets or seeking additional indications are 2 such options. One alternative, however, is particularly appealing to marketers because it answers a growing need in the market and provides differentiation for the product. That strategy is product redesign, which is changing the delivery system or primary packaging material to make a product more attractive to users and more competitive in the market.
For example, the increasing need for convenience and patient safety is driving the trend toward prefilled delivery systems. For marketers, this is an opportunity to either convert to a prefilled system or upgrade their current delivery system according to these market needs. For example:
Redesign of delivery system
Upgrade of delivery system
Vetter expertise smooths the transition
Product redesign can pose sterility and stability challenges for many of today’s complex compounds, particularly biologics. Vetter’s years of experience in delivery systems and packaging can help facilitate a smooth path to regulatory approval and market. In addition to a range of packaging options, Vetter offers highly automated, complete assembly of syringes in safety devices, pens, and autoinjectors.
Vetter can also help you start life cycle management planning for your product before its first launch. That way you’ll be ready to get the most out of your valuable compound.