Competitive Intelligence: How It Assists The Pharmaceutical Developers In Making Decisions

The pharmaceutical market is ever-changing. To thrive in such a market, it is crucial to be aware of the constant developments happening in this industry that impact one’s business. Moreover, there is fierce competition between pharmaceutical firms to strengthen their pipelines due to patent expiration, rapid innovation, and changing patient needs.

Hence, in such a dynamic environment, being vigilant of the emerging and existing competition is mandatory. This can be achieved with an effective pharma competitive intelligence that is trustworthy, extremely comprehensive, and tailored to attain the needs of specific organizations.

So what exactly is Competitive Intelligence? And how does it benefit the Pharmaceutical and Healthcare industry?

Competitive intelligence is an implementation used by businesses to address challenges, assess opportunities, and understand their competitive environment. For this, businesses develop efficient and effective business strategies through data analysis.

Competitive intelligence plays a crucial role in prioritizing research & development, ensuring optimal resource utilization, and managing pipeline assets. When examining competition, a drug maker must be well-informed of the latest trends and developments going on in the market — and this is where competitive intelligence comes in handy.

Several competitive intelligence tools such as Moat, Hootsuite, Owletter, SimilarWeb, Ahrefs, Crunchbase, Talkwalker Alerts, and others help companies in understanding the competitive landscape.

Benefits of Competitive Intelligence:

• Competitive intelligence briefs the pharmaceutical companies on the latest breakthroughs in therapies and trials, thus providing them with a proper direction to scale and re-establish their drug development plans.
• Competitive intelligence notes industry failures, therefore preventing pharma companies from repeating mistakes, thus saving precious resources in the drug development process.
• Stepping into new markets comprises many challenges for pharmaceutical companies. Competitive Intelligence tools address this issue by measuring new market environments and highlighting opportunities while entering the market.
• Proper due diligence before any kind of licensing, acquisition, or merger agreement is highly necessary for pharmaceutical companies. Competitive intelligence does this by bringing about valuable insights and further analyzing them.
• Effective portfolio management is imperative for pharmaceutical companies to maximize their output based on selected regulatory, clinical, and commercial criteria. This can be effectively achieved through Competitive Intelligence.

Resource: Role of Competitive Intelligence in Pharma and Healthcare Sector, By Delveinsight.