Companies that practice life cycle management (LCM) enjoy significantly higher returns versus those lacking formal LCM planning. All requisite LCM information is organized in the the product life cycle management plan (LCM Plan). The LCM Plan is a document that lists product line extensions, new indications, and incremental sales for the first five years after product launch. It also lists new indications and product line extensions beyond the first five years, in order of priority.
The purpose of the LCM Plan is to present new product formulations, new packaging, new indications, and any other types of product line extensions, in order of priority, to all relevant company management.
The plan is generally organized to contain the following:
+ Introduction and Background + Recommendations (Prepared by the LCM Team) + Criteria and Rationale (For Recommendations) + Project Goals + Commercial Rationale + Medical Rationale + Financial and Strategic Impact + LCM Strategy Implementation Plan.
TIMING AND INVESTMENT
Aggregation of the requisite information to be incorporated into the plan should be coordinated throughout the product development cycle to minimize work effort (minimize duplication of effort) and enhance returns. When LCM begins (e.g., before or after proof of concept), who is responsible (e.g., project team or LCM team), and the composition of the respective product development and LCM Teams are company dependent.