With the pressure to reduce budgets mounting within both the pharmaceutical and medical device industries, it is critical that leaders learn how to share resources for two products in the same therapeutic area, according to a Best Practices LLC report.
While having a rich pipeline can be considered a "good problem," launching and promoting several products in the same therapeutic area within a short time frame presents an array of challenges.
Executives have increasingly utilized a franchise approach as a successful cost-cutting tactic. Research shows that franchises are highly effective in driving not only sales force effectiveness, but also in enhancing customer targeting and reducing average sales force size and training, according to the recent Best Practices, LLC report, "Best Practices in Launch Optimization: How Promotional Efficiency can be Leveraged to Support Multiple Products & Indications."
Other key issues addressed in the benchmarking report include managing similar products or an integrated product portfolio and optimizing sales resources within franchise operations.
Also addressed was how pharma companies can best leverage resources for sales force alignment and training, sales samples and collateral management, efficient customer targeting, better territory alignment, sales force effectiveness and span of control, and finally, sales management and analytics.
The report also examined how companies can combine resources for efficiently marketing multiple products with similar indications and optimal brand team approaches for product franchise. The content most and least often included in formal sales training curriculum also was addressed.
This benchmarking research drew participation from 65 sales, marketing, and commercial leaders at more than 50 top bio-pharma and medical device companies.