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What Is Pharmaceutical Competitive Intelligence?

Competitive intelligence in the pharmaceutical industry is critical to understanding the landscape and one’s place within it. Without accurate and timely market intelligence, pharma companies risk the success of their drug development and marketing plans and may overlook important market gap opportunities.

What is competitive intelligence?

Pharmaceutical competitive intelligence is a view into the activities of other pharma and medtech companies in the same space. This vital market intelligence includes information on shifts in the market landscape, updates on competitor activity, and news on the commercialization of new products. Such competitive intelligence is then used to formulate a strong strategy with a full understanding of forces at work within the pharma market.


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Developing a competitive intelligence strategy

Success in pharma depends on a robust pharmaceutical competitive intelligence strategy that keeps companies apprised of new developments and accounts for the impact these developments may have on that sponsor’s products, both those in development and those already on the market. Competitive intelligence examples include updates from conferences and meetings, tracking and analysis of drug approvals and launches, benchmarking to uncover new opportunities within a sponsor’s existing portfolio, analysis to identify unmet needs in the marketplace, and more. A strategy that takes into account the shifting dynamics of the market and the activities of competitors within the same space yields greater chances for product and program success. 

Competitive intelligence planning: best practices and expected results

Building a winning market intelligence strategy requires a solid plan with attention paid to the competitive intelligence that is important and relevant to a product or organization. Generally, a pharmaceutical competitive intelligence plan will begin with identifying the top competitors in the space and pinpointing their products and activities within an area of interest. Next, gathering data on these activities and products is performed. A thorough analysis of this data can reveal key insights into what competitors have in the pipeline and what is on the horizon for the future. Competitive intelligence findings can then be distributed to relevant stakeholders, such as executives, marketing teams, product teams, and sales groups to create a cohesive company vision and strategy informed by reliable market intelligence.    

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