Report examines brand committees
Life sciences organizations typically implement cross-functional brand commercialization committees to drive product development and maximize commercial success, according to a new study by pharmaceutical intelligence firm Cutting Edge Information. Those groups often are tasked with making key brand strategy decisions and with coordinating a broad range of brand activities throughout the product lifecycle.
The study “Pharmaceutical Commercialization Profiles: Driving Brand Success with Better Budgeting and Timing” found that commercialization committees include representatives from new product planning teams at 80% of surveyed companies. Sixty percent of surveyed companies have members from clinical development, legal and market research groups on those early-stage committees. Less than half of surveyed firms look to other internal functions during early brand development.
“As products mature, brand commercialization committees change as additional experts are called upon to drive brand decisions,” said Victoria Cavicchi, research analyst at Cutting Edge Information. “As these committees grow in size, so too does the number of teams represented.” By phase III, more than 50% of surveyed companies have representation from each function—from new product planning to medical affairs to market access to sales—on committees. All surveyed companies call on regulatory, pricing and reimbursement and marketing and commercial stakeholders.