Get ahead with in-depth Pharma Competitive Intelligence

Manufacturing and producing medical devices and drugs is an expensive business to be a part of. The global pharmaceutical industry is highly competitive, driven by the constant need to discover and innovate new drugs. The average drug cycle spans two decades, from drug development to approval and commercialization. All the more, the drug companies also have the unique challenge of competitive intelligence. Therefore, multinational pharmaceutical companies started to get help from pharma competitive intelligence platforms in order to gain an advantage over competitors.

How does it help companies?

You can prioritize pharmaceutical R&D spending by unmet needs and gaps through the analysis of competitor's R&D priorities and targets. It helps to understand disease sub-population and epidemiology targeted in clinical development. You can get access to the market changes through patent expiration tracking. Identify your company's competitors in the pharmaceutical industry to help develop the project strategy. Earmark companies exiting and entering the market via acquisition or licensing and also who is providing and securing funding. It will help you analyze project revenue for your marketed and pipeline drugs.

Why do you need it?

Despite the fact that Competitive Intelligence has been available for quite some time, businesses continue to miss it. Pharmaceutical firms must begin thinking differently about how business management functions in order to compete in the contemporary market. Companies should make use of this data to produce insights about shifting perspectives rather than simply using it to gather information. The key to accomplishing this is preparation, which includes departmental coordination. Competitive and business intelligence should not be exclusively the domain of the business intelligence section. Instead, all departments should work together to accomplish the business to function profitably.

The benefits of Competitive Intelligence

Revenue cannot be the sole factor in calculating the Return on Investment (RoI) of Competitive Intelligence. It needs to be evaluated in terms of its influence on strategic choices. From product planning to acquisition due diligence, pharma competitive intelligence can help in making better business decisions. Specifically, Competitive Intelligence can provide various advantages for pharmaceutical companies, including brand positioning, efficient portfolio management, and insights into the market.

Bottom Line

Drug-producing companies can receive fast, actionable information from a structured, technologically supported Competitive Intelligence function. It helps to increase the likelihood of a successful product launch. This will have a huge impact on both patient outcomes and the profitability of the business.

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