Role of Product Management Team in a Pharmaceutical Companyby Sanjay Nair and Jiya Antony on 03/14/11
The Marketing department is responsible for developing and implementing marketing plans to promote the companys products to the appropriate audiences. Every Company in the industry has, over time, developed its own Marketing Organization. In some firms, the department is organized by the Category, such as Prescription- Products Marketing and OTC Products Marketing. In other firms, marketing is divided into therapy area, such as Cardiovascular or Respiratory Product. In still others, brand teams are formed to drive the activities for the product. (1)
The Product Management Team is one of the core teams of the Marketing Department in a Pharmaceutical Company. Product Management, which oversees the overall marketing plan for a specific product, is responsible for profits or losses generated by that product. (1)
Usually the hierarchal structure of the Product Management Team in a Pharmaceutical Company begins at the lower end with Product Executives and then expands to senior team members comprising of Asst. Product Managers, Product Managers, Group Product Managers, Marketing Managers, Assistant General Manager-Marketing, General Manager-Marketing, V.P Marketing & Sales, President Marketing & Sales or Director Marketing & Sales. Based on the Product Portfolio and Current size of the Organization in terms of Revenue generation, the actual number of professionals working in various capacities differs.
The Major role of the Marketing Department and the Product Management Team is to enhance the top line and the bottom line by managing the Product line of the company. A robust Product pipeline comprising of established Brands in growing therapeutic segments and new Product launches are essential for steady business generation and growth of the Organization.
Thus an appropriate amount of documentation for the planning, development and management of a product or product line is critical to the product teams success. Notice the word appropriate. It is important because it helps to capture the product goals; helps establish or clarify roles and responsibilities and serves as an archive for the product across the life cycle.(2)
In a nut shell, the Product Management Team is expected to successfully launch New Products in the Market as well as play a crucial role in Marketing Strategy formulation and Strategy execution (through the field staff) leading to Brand Building and Brand consolidation.
Keeping all the above in perspective, the role of the Product Management Team becomes crucial for successful commercialization operations of the Organization.
Lippincott Williams .et al., Remington: the science and practice of pharmacy (21st ed.) USA. Lippincott Williams & Wilkins Publications.2005: 36.37
Haines Steven. The product manager's desk reference: McGraw-Hill Publications.2008: 33