Product Life Cycle

Product Life Cycle

Definition

• Describes the course followed by pharmaceutical products as consumer products.

• Characterized by a rise, plateau, and eventual fall (RPF) of sales.

• Impacts the company's marketing success, growth, market share, leadership, profitability, and survival.

Reasons for Changes in Product Life Cycle (ICICDD)

1. Diffusion of innovation

2. Evolving competitive structure of the industry

3. Evolving internal product portfolio priorities

4. Evolving cost structure of the product

5. Evolving dosage strength and formulation of the product

6. Evolving design and manufacturing of the product

Stages of Product Life Cycle (IGMD)

1. Introduction Stage

2. Growth Stage

3. Maturity Stage

4. Decline Stage