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| Mary Szela Image Credit: abbot.com |
As pharmaceutical companies appear to have become even more challenging during the last decade, industry experts, such as Abbott’s Mary Szela, are likely pushing for the empowerment of lifecycle management as a significant part of overall business strategy.
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| Mary Szela Image Credit: proactiveinvestors.com |
Lifecycle management (LCM) is defined as a set of optimization strategies aimed at maximizing the performance of brand assets. The discipline of LCM oversees a product’s market journey, including the speeding time to market, quality standards, and operating and production costs to enable a more sustainable value chain management. The LCM is also designed to fend off competitive market threats and to meet the industry’s revenue growth expectations. The whole spectrum of available LCM options is employed to address key challenges such as lower R&D efficiency, increasing development costs, safety concerns, and tougher business climate.
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| Mary Szela Image Credit: foxnews.com |
Abbott executive Mary Szela would believe that companies applying the LCM discipline need to construct a comprehensive performance management system to determine how their LCM strategies fare in the pharmaceutical industry. Companies need to review their sustainability approaches such as innovation, choice influencing or the use of awareness campaigns, and choice editing or the removal of non-performing goods and services from the marketplace to ensure continuous improvement and above-average business performance.
Mary Szela is the Senior Vice President of the Global Strategic Marketing and Services department at Abbott Laboratories. Read more about her at MarySzela.Livejournal.com.
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