
Understanding the Forces That Shape Medical Products Life Cycle
In my opinion, the product life cycle is a valuable model that helps marketers navigate the intricate device and pharma market. I’ve previously outlined the stages a product undergoes in its journey from launch to discontinuation. Like any tool, the product life cycle has its limitations and benefits, which I’ve discussed in this earlier post. Although marketers can make strategic decisions to guide how their product progresses through its life cycle, numerous external factors remain uncontrollable and can still significantly shape its overall trajectory. These elements can shape the life cycle of a medical product, making some products popular for just a few years, while others maintain relevance for much longer. In this blog post, we’ll explore the key elements influencing a product’s lifecycle. Factors Affecting the Product Life Cycle…