Benefits of CI for the Pharmaceutical Industry
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.