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Essay / The Benefits of Pharmaceutical Product Life Cycle...
Product life cycle management can provide a good line of communication between all sections of product development. This results in seamless data capture and delivery, analysts and those working in the development sector can coordinate with marketing people to ensure that ideas such as marketing strategies that can drive sales are used and not are not neglected [2]. This approach could include improving the product and relaunching the “new and improved version”, even if this involves a cost to the company [2]. Another benefit of product life cycle management is the reduction of lost sales through establishing a very strong brand identity, and consumers will stick to the product they are familiar with because they do not consider not others as effective substitutes [2]. Other benefits of product lifecycle management include, but are not limited to: • Increasing revenue by creating new products and services, improving innovation, reducing time to market for new products and the provision of support and new services for existing products [1]. • Reduce product costs by improving process design, planning, testing and production using the knowledge gained from implementing implementing product lifecycle management [1]. • Reduce recall, warranty and recycling costs.