Benefits of CI for the Pharmaceutical Industry

CI for pharma companies

The average time associated with bringing a new drug to market hovers around 10 years — with six or seven of those years spent in clinical trials. As such, the risks for pharmaceutical companies looking for a good ROI on their R&D efforts have never been greater. Besides the millions — and in many cases billions — of dollars spent on new drug development, pharmaceutical companies must contend with a myriad of other tactical, strategic and talent issues to ultimately successfully meet their business objectives.

Of course, at the same time, the call for more personalized and/or specialized drugs is increasing — along with the scientific breakthroughs that are making them a reality. And with the global pharmaceutical industry expected to grow by 5.8 percent so its net worth will be in excess of $1,150 billion by 2021, pharmaceutical companies that get their product development right stand to do exceedingly well now and in the foreseeable future.

Much like a targeted treatment developed to improve a particular patient’s condition, competitive intelligence — or CI — can be the game-changer in helping a specific pharma manufacturer better pressure test its strategic plans and tactical moves before implementing them — thereby preventing errors and unforeseen surprises.

The Competitive Advantage of Pharma-Specific CI

With the rise of CI, several companies in the sector offer their services without taking a unique approach to the organizations and industries they aim to help. Fortunately, at Proactive Worldwide, our approach couldn’t be more different. We have a dedicated team of doctorate-level analysts specialized in pharmaceutical and healthcare engagements, and our CI services are hand-tailored to the pharmaceutical industry as well as to the unique needs of each company we serve.

Here are just a few of the many outstanding benefits pharma companies can expect to take advantage of by trusting our Proactive Worldwide team to supply them with customized CI services:

  • Prioritize R&D spending: Through deep analysis of competitors’ objectives, both unmet needs and gaps in R&D spending can be identified and better prioritized.
  • Track market actions: By tracking who’s entering or leaving a market due to issues such as licensing and M&A activities, an organization can proactively defend and/or increase its market presence.
  • Monitor medical conferences: From the planning stages through post-conference reporting, knowing which scientific developments are most likely to impact an organization’s business strategy makes medical conference monitoring a proven way of enhancing the likelihood of that strategy meeting with success.
  • Assess potential investment activities: With clear reporting of potential investment activity in its market sector, a pharma company is capable of deciphering its competitors’ plans with sufficient time to take any necessary strategic actions.
  • Evaluate sales and conversion rates: Equipped with multidimensional market research, a pharmaceutical manufacturer can responsibly evaluate and strengthen its sales force structure as well as its approach to converting potential leads into definite sales.

Proactive Worldwide — Providing Custom CI for the Pharma Sector

Combining Ph.D.-level medical experts with MBA-level business analysts is what makes our team at Proactive Worldwide so successful in the pharmaceutical sector. To discover how our pharma-specific CI services can give your company the competitive advantage it deserves, contact us today.

Why Invest in War Gaming?

Benefits of wargaming

If you’re new to business war gaming, the exciting news is that you’re not alone. War gaming is a human-based experiential tool that, through targeted role play, allows you to better understand your competitor’s mindset and pressure test your own strategies.

As Proactive Worldwide’s president and co-founder, David Kalinowski likes to say, “War gaming is an important strategic tool that a lot of companies aren’t using as they ought to.” And this is a crucial point to consider when executive decision-makers need every competitive advantage they can get to ensure their business strategies meet with success.

To put this scenario into perspective, imagine what would happen if a finish carpenter chose not to use a tape measure. Without the aid of a tape measure, pieces of raw materials like molding and baseboards would wind up being cut too short or too long. The result would be extra costs for more materials and labor — plus, an end product that’s far less likely to be as appealing as if the carpenter used the tape measure in the first place.

Simply put, by overlooking a useful tool, a finish carpenter could very well jeopardize present and future business opportunities. And by comparison, war gaming is a proven tool that, when used properly under the guidance of an experienced competitive intelligence — or CI — firm like Proactive Worldwide, creates simulated attacks and defenses that leave your people far more knowledgeable about their own capabilities and preparedness to successfully thwart competitors’ activities.

War Gaming: An Investment in Successful Business Strategy

With more than two decades of experience in CI and facilitating engaging war gaming workshops, Kalinowski has repeatedly seen how this strategic tool can have a huge ROI for organizations that want to thoroughly pressure test their business strategies before implementing them. If you’re interested, you’re encouraged to listen to his thoughts on war gaming firsthand in Proactive Worldwide’s new Business Intelligence podcast.

In meeting the challenges of both strategic situations — like dealing with market disruptions and regulatory changes — and tactical situations — like product launches and new market entries — the investment in war gaming can be one of the most prudent business decisions you make. Here are just a few of its most important benefits:

  • Align leadership: War gaming helps business unit and functional leaders develop aligned strategies and prioritized actions to address the competitive landscape they’re facing.
  • Increase probability of success: By playing out competitors’ actions, strategies become more robust and more likely to meet with success.
  • Evaluate alternative strategies: To help neutralize threats and mitigate risks, alternative strategies can be identified and thoroughly evaluated.
  • Recognize opportunities: Otherwise hidden or unnoticed opportunities can be more readily discovered and exploited.
  • Bring cross-functional people together: When professionals from strategy, sales, operations and distribution — to name just a few — come together during war gaming, siloed knowledge and communication barriers are transcended.
  • Help successful strategy implementation: When it’s time to execute strategy, involving war game participants helps ensure better implementation, as those people feel more invested in the decision-making process.

To learn more about business war gaming broken down by industry for unparalleled strategic planning results, contact us today.

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