Can lifecycle management safeguard innovation in the pharmaceutical industry?

Abstract

The pharmaceutical industry invests enormous amounts of resources (>€1 billion and >10years) in the development of new products. External factors such as intensifying foreign competition and greater regulatory demands can negatively affect the profit margin, whereas the R&D productivity diminishes. To stay competitive and to maintain high R&D capabilities for developing new medicinal products, companies must make smart investment decisions to maximize their return on investment. Consequently, the entire lifecycle of a medicinal product must be effectively managed to ensure a sustained development through commercialization. This review critically assesses the current situation and the associated management strategies throughout the lifecycle of a medicinal product.