Balasubramanian, J., Radhika, N., Nandhini, G.A., Saisugathri, K.
One meaningful and holistic approach to today’s current challenges within the pharmaceutical industry is to focus on Product Lifecycle Management (PLM), which is a business transformation approach to manage products and related information across the enterprise. PLM, as the term might imply, is the implementation of optimization strategies as the product goes through the traditional development and marketing pathway, in order to harness the total value of the product during its market journey. The life cycle refers to the period from the product’s first launch into the market until its final withdrawal and it is split up in phases. It is a highly evolved approach, especially in competitive industries such as Fast Moving Consumer Goods and electronics, and has been instrumental in sustaining many big brands. The evolving nature of the pharmaceutical industry, not to mention a more competitive business climate, has fuelled interest in the discipline of PLM as a way of sustaining growth and profitability in the pharmaceutical industry. But while the industry has realized its importance as an area of investment in the last couple of years, adoption has been lackluster, with poor senior management commitment and a lack of clarity on the basic rationale for implementation. The pharmaceutical industry is going through a period of transformation where defining the value of a product is becoming more and more important. If you look at all major areas of contention between stakeholders, there’s one dominant theme: the perception of value has taken the centre stage in current business environment and the products which can clearly define and communicate that value will eventually thrive. The only way pharmaceutical companies can create and communicate value is by taking an early and a proactive approach towards deciphering the journey of the product from its initial stages in the laboratory to the end of patent life and beyond. The rapid pace of change in the industry is something that pharmaceutical companies have often been slow to adapt to. Payers and regulators hold a very different perspective to pharmaceutical companies about the value of a product in a particular therapeutic area. The only way to bridge this value perception gap would be to start early and engage effectively at every level of the life cycle of the product whilst identifying core strength and weaknesses to fully capitalize on the market opportunity. This review rectifies the information about the needs and importance of PLM.
Product Lifecycle Management, Pharmaceutical Industry, Profitability, Therapeutic Area
Cite This Article
Balasubramanian, J., Radhika, N., Nandhini, G.A., Saisugathri, K. (2015). Product Lifecycle Management (PLM): A Challenge in Pharmaceutical Industry, International Journal for Pharmaceutical Research Scholars (IJPRS), 4(2), 346-354.