Their early involvement and knowledge of a product helps them propagate the related information to other clinicians. Clearly, the process of getting a drug to the pharmacy is protracted, hugely expensive and highly risky, to say the least. On an NPV basis, the competitive intelligence function is value-creating, and not having a CI function is detrimental- a pharma company will lag behind its competitors in the marketplace. Its also crucial to keep an eye out for new technologies, qualities, and treatment processes employed in clinical trials by the competitors, as they could potentially shift the market. It does not store any personal data. While CI is undoubtedly great for drug makers, they face several challenges in establishing and benefiting from an effective CI practice. CI performed in the pharma and biotech industry in the context of business development, licensing and mergers and acquisitions often supports either inbound or outbound transactions. Artificial Intelligence in Pharma: how is it changing the pharma Citeline Connect Partners with Helium SEO to Provide Traffic Optimization Services for Its Clinical Trial Websites, Chief Marketing Officer, Citeline Connect, Editor-in-Chief, Medtech Insight & HBW Insight, VP Global Transparency & Sr. Director of Product Management. The sources of competitive intelligence can be different based on various factors such as the area of competitive intelligence research, strategy of competitive intelligence analyst, underlying special demands of the clients etc. Takes a deep dive into the clinical trial landscape in the Asia-Pacific (APAC) region over the past decade, from 2012 to 2021. Industry players must take direct feedbacks about the innovations in the pharma market from the users, KOLs, and HCPs for a better understanding. Many other companies rely on secondary research and yesterdays information thats already in the public domain. Company Type For Profit. Machine learning/AI algorithms in cloud-based platforms automate the process of data capture from a vast pool of sources, including databases, publicly-available reports, company websites, social media, and other online assets. Contify. Whether its about exploring a solution that transforms the way you do business, or setting up a chat over a cup of coffee, were listening! Actionable and timely insights from a well-planned and technology-driven CI program is pivotal to ensure commercial viability and profitability of drug roll-out plans. Management, Pipeline Sub-Organization of. Traditionalpharma commercialization strategiesincluded launching drugs in one country/region and a very slow geography expansion. Actionable Pharma Competitive Intelligence | Contify The key components here are managing multiple pipeline assets, prioritizing development and ensuring optimal resource utilization. CI in the context of pharma and biotech R&D involves the investigation of scientific, clinical and medical activities, and requires deep expertise in the science and disease areas. Competitive intelligence has wider applications in almost all facets of pharmaceutical business functions including strategy, marketing, R&D, manufacturing, supply chain and business development and licensing, as it is an enterprise-wide activity that can be applied to multiple functions. As CI functions do not directly generate revenue, they feature lower on managements priority scale and are designated to non-specialist teams. Based on in-depth analysis of the capabilities of your competitors, what might they be planning to accomplish in the near future that could have an impact on your organizations market presence? We provide competitive intelligence across pharmaceutical assets life cycles ranging from early-stage assets to mature products. The importance of pharma intelligence in setting brand strategy Pharma competitive intelligence (CI) is defined as the process by which the pharmaceutical and biotechnology industry systematically collects intelligence, meticulously analyzes them, selectively distributes the findings, and diligently acts on them in order to gain and sustain competitive advantage. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Pharma competitive intelligence is helping fuel the growth of many industries as the companies can understand the mistakes to be avoided in plans. The cookie is used to store the user consent for the cookies in the category "Performance". Our HCLS practice leaders have a proven track record of enhancing business value across industry and intelligence market segments and business functions for CI Managers, Brand Managers, and Market Researchers alike, which results in enabling top-level decision makers to make sense of where your enterprise stands and navigate your success more confidently within the Pharma and Biotech space. CI, when conducted and applied systematically, can separate the winners from the also-rans. Wize Pharma ( ") is a clinical-stage biopharmaceutical company focusing on the treatment of ophthalmic disorders. Scrip | Pharmaceutical Market & Competitor Insights :: Scrip For clinical research, KOLs operate as both principal and sub-investigators, thus increasing the awareness and effect of the studies on other healthcare professionals. Lastly, have routine debriefs after the meeting to review key details. This cookie is set by GDPR Cookie Consent plugin. At Datazymes, we have been using various tools to deliver these insights in a visually attractive yet comprehensive manner. Competition intelligence is the process of gathering and analysing data in order to predict competitive action, spot market disruptions in the past, and objectively interpret occurrences. Trials are often terminated/ suspended due to inability to recruit eligible patients in a timely manner. Harness Technology: Technology can play a vital role in delivering actionable insights to the right stakeholders at the right time. If the consumer of intelligence isnt ideal, the ideal CI analyst doesnt matter. By analyzing clinical trial data through various databases, Netscribes was able to figure out which of its clients rival companies were manufacturing similar products, and which trial stage those products were in. All Rights Reserved. The pharmaceutical organizations are facing a double whammy since the need for rapid innovation has been fuelled by evolving treatment landscapes and patient needs, and patent expiry for approved drugs. Several pharmaceutical and healthcare firms are leveraging competitive market intelligence services to understand the industry better. A coordinated and technology-backed CI process can help pharma companies utilize historical data to recognize drug development processes and acceptance rates. Identify and understand the pharmaceutical competitive environment. Automated CI processes ultimately provide the R&D teams with actionable insights in a timely manner, ensuring commercial success. It doesnt mean they do not pay millions for reports, projects, and research. They just hardly ever use it as a serious input into their strategy-making/decision-making process. Such a process also allows companies to sift through all the noise and recognise meaningful data patterns and trends by integrating analysts operational thinking and professional research with technological precision. The successful CI lead will possess curiosity and perseverance, left brain capabilities and right brain deep skills. cipher-CI-pillar-2021.pdf (cipher-sys.com) 2021. daily or weekly). Necessary cookies are absolutely essential for the website to function properly. Lexicon Pharmaceuticals, Inc. announced that the FDA has approved INPEFATM (sotagliflozin), a once-daily oral tablet, to reduce the risk of cardiovascular death, hospitalization for heart failure, and urgent heart failure vis Roches HER2-Positive Breast Cancer Treatment Franchise, Peripheral Artery Disease Treatment: Role of Cell Therapies in Restoring Blood Circulation & Limb Function. Are we reverse engineering the game plan employed by competitors? These tools highlight the market movement and enable the company to take a balanced view of competitive opportunities and threats. Over the past few years, life sciences companies have been facing mounting regulatory pressures from regulatory institutions across the globe. Competitive intelligence is important in the pharmaceutical industry because it allows companies to gain a deeper understanding of their competitors and the market, which helps them to make more informed decisions and stay ahead of the competition. Assessment, Regulatory CI is used to support decision-making in virtually all facets and functions of a company, including strategy, R&D, marketing and sales, and supply chain. The pharmaceutical industry is one of the most competitive and rapidly evolving industries. However, CI can help in quickly assessing the new environment and creating roadmaps to deal with the challenges. Keeping a close watch on the competition in such a dynamic marketplace is vital. Health economics and outcomes research (HEOR) can help further guide R&D processes. This change enables them to make better, more informed decisions that simultaneously mitigate risks and seize opportunities that their organizations have before them. It is important to connect with not only healthcare professional KOLs in your TA, but also corporate executives, funding, patient support organizations, legislative affairs, and government commissions, to broaden your scope for information.Attending relevant conferences is a good way to connect with KOLs and understand the competition better. Based on careful review of your competitors expectations, what beliefs and predictions do they hold for the future of your sector? Companies can also perform primary research through several social media platforms such as LinkedIn, Facebook, Twitter, etc., where they connect with the audience and gain pharmaceutical market intelligence about the competitors profile. Nerkar, A., & Shane, S. (2007). Pankaj Mondal. Drug Development Research, 76(6), 305-308. (2015). The next step is to gather information from a variety of sources. Knowing who your competitors are, what they offer, and how they operate is crucial in order to devise a business . Well send you the latest updates we post to The IntelligenceHub to your email address. Once the intelligence has been collected, it is analyzed to extract meaningful insights. Despite the investment in place, industry still struggles to take advantage of competitive intelligence as key decision aid. A lot of emphasis is placed on soft skills of collaboration and presentation, interviewing and motivating skills, but even more so on interacting with other functions, helping companies prepare for change and influencing decision-makers. So as long as the consumer remains largely marginal in determining spending in the industry, pharmas margins are safe. China Commercial This helped the client plan its production timeline, and marketing strategies accordingly. Through the creation of AI-led advanced analytical models, organizations can accurately predict the probability for success. The key to success is to identify the greatest . Khazaei, S., & Salehi, M. (2018). Pharma companies have been using competitive intelligence to: - Anticipate competitors' direction - Avoid blindspots/ pitfalls - Build barriers to competition - Guide R&D strategy (Research & Development - Respond to changes in the competitive landscape - Develop/ revise business strategies CI in the context of pharma and biotech R&D involves the investigation of scientific, clinical and medical activities, and requires deep expertise in the science and disease areas. The advantages that competitive intelligence provides to an organization include:Predicting competitors movesRefining marketing strategyUnderstanding customer sentimentsFiguring out companys direction. Contify. CI provides this knowledge beforehand and helps prepare an effective brand strategy for quick product uptake. However, everything from new product launches to market defense strategies can only be effectively determined when theyre guided by unpublished, non-public information thats timely, original and related directly to your field which is precisely what our primary research methods provide you with. Form an integrated view of the competitive market by stitching various dimensions, including business, technology, customer, and marketing. Competition and R&D investments in biopharmaceuticals. Why is competitive intelligence important in the pharmaceutical industry? The key to success is identifying the challenges and bottlenecks of the area and evaluating them to find solutions. | Privacy Policy | Cookie Policy | Terms of Use | Scheme of Merger by Absorption, By continuing to browse this website, you agree to our use of cookies as described in our, WHOs international clinical trials registry platform. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. This, in essence, would have crucial consequences for the viability of companies as well as patient outcomes. Firstly, external collaborators provide an unbiased, outside-in perspective of the market. Contify platform. Improving pharmaceutical competitive intelligence: A practical approach. Informa. Competitive Intelligence: A go-to-tool for the Pharmaceutical and Healthcare Industry. https://www.evalueserve.com/5-questions-to-answer-when-evaluating-your-competitive-intelligence-ci-platform/. What we offer You can quickly access referenced information across global key industry developments in the pharmaceutical and medical technology markets with our easy-to-use solutions and expert analysts. Track your competitors' clinical trial R&D activity with Trialtrove. Monitoring clinical and regulatory milestones of drug companies also aid in estimating the drug approval dates in a particular market and understanding the best and worst-case scenarios of launching a drug into a market. Intelligence, Merger and Pharma-intelligence.co's top competitors include Trusted Tablets, Lilly and High Times. If big data is the fuel, Artificial Intelligence is the central unit that sets change in the pharmaceutical sector in motion, making the NEW YORK (PRWEB) August 31, 2021 Keeping track of FDA applications as well as those from other nations where each therapeutic area has designated testing centers provides an understanding of the plans of a particular sponsor. Moreover, there is fierce competition among organizations to keep their pipeline strong in the face of patent expiry, rapid innovation, and evolving customer and patient needs. Thus, this is the most crucial strategy in successful drug development and thereby, rising pharma growth. All Rights Reserved. Recurring delays to trial initiation or completion could indicate multiple things at play in a competitors organization such as dearth of resources/funds or shifting strategic focus. Proactive Worldwides longstanding focus, continuous research, and collective expertise in the Pharma and Biotech sector has consistently supported our client partners strategic goals in developing and maintaining dependable market strategies to create market gains, commercialize revolutionary new treatments, and optimize approaches to promote existing drug therapies. How Healthcare Apps are Adding New Perspectives to the Healthcare Industry? Its critical to keep track of unforeseen outcomes in relevant trials related to each therapeutic field. This cookie is set by GDPR Cookie Consent plugin. Clinical Trial Data | Clinical Trial Benchmarks | Pharma R&D - Informa Get insights not just on companies but also drugs and clinical trials by tracking regulatory Key Opinion Leaders (KOLs) are a crucial source of pharma competitive intelligence. DrugPatentWatch. As the pharmaceutical industry reimagines manufacturing paradigms with new artificial intelligence and other manufacturing challenges. This can be accomplished by different competitive intelligence services such as primary competitor & potential customer identification, analysis of demand in the market, business investor monitoring, etc. The Importance of Pharmaceutical Competitor Analysis. Next, CI experts should enable easy searchability of the information across the organization through efficient knowledge management processes. Competitive Monitoring: Definition, Importance and Methods. These cookies are used to collect information about how you interact with our website. Proponents of the context-adaptive and agile decision-making practice position CI as an enterprise-wide initiative applicable to multiple functions, and indeed CI has wider applications i.e., in almost all facets of the pharma and biotech business functions. And the list goes on and on. Integrate curated intelligence on companies into your companys ERP, CRM, knowledge management systems and customer-facing applications. Through various sources of competitive Intelligence as CI tools and analysis strategies, the pharma companies can analyze the past trends and prepare themselves to better respond to new challenges, making their enterprises resilient. Develop skills in specific therapeutic areas (TAs) pertaining to the company, to help with CI data collection. What it doesnt know, and perhaps because it doesnt have to, is how to compete for consumer preferences. Companies can sift through all the noise and identify important patterns thrown up by data by combining organization-level thinking with skilled research by experts. Pharmaceutical Competitive Intelligence | Pharma Market Social media networks allow competitive intelligence service providers to perform live test opportunity analysis. Our competitive intelligence services provide decision-relevant. At BiopharmaVantage, we specialize in providing premium quality brand support and field force and sales force intelligence. Netscribes is a global data and insights firm that meets the sales, marketing, product development and innovation needs of some of the worlds largest organisations and helps them adapt to market and technology changes. Moreover, only ~10 percent of drugs make it from phase 1 testing to market. Save time by leveraging the tailored taxonomy to easily create analysis reports, personalized triggers, Competitive intelligence service providers can do this by gathering data from various clinical trial databases. +91-11-45689769, Analytical cookies are used to understand how visitors interact with the website. Competitor Intelligence in the pharmaceutical industry; the role of the Lack of a Dedicated Team: Small and mid-cap pharmaceutical companies often lack a dedicated CI team due to operational and budget constraints. Start your free trial As per DelveInsights latest assessment, the gl Lexicon Announces FDA Approval of INPEFA (Sotagliflozin) For Treatment of Heart Failure Dual-skilled teams i.e., with a deep understanding of science and business tend to excel we at BiopharmaVantage take pride in having such a team. A recent piece on Linkedin, by an intelligence manager at the Johnson & Johnson Company in Switzerland, exposes unwittingly why pharma is ranked number one in spending on competitive information and among the last on the effective use of intelligence. Improved Due Diligence in Mergers and Acquisitions (M&As), and Licensing: While due diligence before M&As or licensing agreements is always vital, this is even more crucial in the case of pharmaceutical companies. Competitive intelligence and strategic analysis in biopharmaceutical research. "Competitive Intelligence for the pharma and biotech industry is a systematic process for the legal and ethical collection, objective analysis, and controlled dissemination of actionable intelligence to decision-makers about their competitors' objectives, strategies, assumptions, and capabilities." ~ Two Labs Probiotics: How Market Dynamics are Evolving with the Ongoing Development? Over the years, the applications of CI have grown and matured competitive intelligence has gone from a desirable to a necessary function in the pharma industry. Compare Pi Pharma Intelligence to Competitors. Competitive intelligence as a driver of innovation in the pharmaceutical industry. With so much revenue dependent on product pipelines, pharmaceutical competitive intelligence is intensely focused on . from strategy, leadership teams. These cookies ensure basic functionalities and security features of the website, anonymously. This cookie is set by GDPR Cookie Consent plugin. Instead, with our proven methods for gleaning competitive knowledge from primary sources such as interviews, surveys, questionnaires, site visits and more, the insights you get from our primary research are precisely what you need to improve your competitive position in the pharma and biotech sector. Similarly, intelligence emerging from the structure and organization of sales forces and wider field force, messaging, and positioning via different channels augments decision-making by the brand teams. The Ultimate Guide to CI in Life Sciences. Aiming to flourish in the pharmaceutical marketplace, its crucial to stay up to date with all the developments in ones industry and every industry aspect that can affect ones business. Competitive Research, Profiles and Assessments. solutions for life science vertical and offering quintessential advisory services in the A drug maker can ace portfolio management only by constantly staying abreast of the latest trends and developments, especially with regard to the competition. Specifically, for pharmaceutical companies, CI can deliver several benefits, including: Enhanced Drug Development: Pharmaceutical companies generally operate on a fail early, fail fast principle to cut losses and move on. Be sure to incorporate detailed searches for your TA as well as appropriate specialists when setting up alerts (e.g., researchers, clinicians, investment analysts, etc.). Pharma competitive intelligence best practices | Netscribes In essence, this would have far-reaching implications for both company viability and patient outcomes. Here are some of the myths surrounding CI and the reality behind it: The Return on Investment (RoI) of CI cannot be determined by revenue alone. You may unsubscribe from our communications at any time. Competitive intelligence services such as analysis of development timelines, filings, approvals, and launches, as well as assessments of product differentiation and weaknesses, can turn information into pharma market intelligence. Clinical trial databases help CI professionals gather data wherein they can analyze both the competitors high-level objectives, such as the clinical trial endpoints, inclusion - exclusion criteria, cohorts, dosing, enrolment as well as the companys strategies to analyze how to best benchmark development strategies.