Shh… Don't Tell Anyone But Here Is Some Competitive Intelligence | Diaceutics

Shh… Don’t Tell Anyone But Here Is Some Competitive Intelligence

September 14th, 2016

CI Blog Image

 

The term competitive intelligence conjures up images of spies, undercover work and self-destructing messages. In some companies the concept may be so under the radar, or more likely underfunded, as to be almost a genuine secret, but for many pharma companies it plays a crucial role in their market research methods.

 

What is this intelligence and why is it needed?

Hiding in a mountain of big data and ever-increasing information are the golden nuggets that have the potential to transform a pharma company’s direction in regards to personalized medicine. The tricky part is to pinpoint and collect those valuable nuggets to build a wealth of usable material or intelligence that supports a targeted therapy or diagnostic and provides a competitive edge.

 

There is no set way or standard approach to access such material but it goes without saying that any means used should be legal, ethical and above board. So if you have seen one of your competitors openly recruiting for an expert in, let’s say, diagnostic commercialization, that’s a bit of competitive intelligence. If you read a press release from a rival company or their annual report, you’re also gathering competitive intelligence. And there is the information accessible regarding clinical trials and drug pipelines to help guide your own stealthy moves and strategies.

 

For some pharma companies this collection of information involves dedicated teams who can sift through the rocks to find little diamonds that can be shared directly with the departments that need to know these things, while others collect the same information and then invite their colleagues to roll up their sleeves and find for themselves anything that might be useful.

 

The alternative to keeping this hush hush and behind closed doors it to hire an external vendor to collect competitive intelligence. This is a popular model in personalized medicine that can work well, but what if that link is broken for whatever reason? Here’s an outsider that holds vital information on your company in relation to the competition, and if the key data and knowledgeable insights it has gathered have not been captured internally, all this competitive intelligence could be lost.

 

In the world of personalized medicine with its shifting market dynamics competitive intelligence can be particularly useful. The models in use are constantly changing and they all have some risks, but pharma and diagnostic companies need to ask themselves whether they should take that risk or learn to live with the feeling that they are being watched.

 

Further Reading

Expert Insight – Pharma’s Increasing Need for Competitive Intelligence  

Competitive intelligence can offer huge benefits to pharma companies, especially in personalized medicine where market trends are continually shifting. In a world where available data grows by the second, Steve Vitale of Diaceutics AIS examines how it can be used to optimise expertise and understanding in order to gain an edge.

CI Blog CTA 7

Webinars & Podcasts

August 9th, 2018
Podcast: Oncology Patient Research
Why do we need to talk biomarkers with patients? Senior Director of Market Research at Diaceutics, Marianne Fillion, recently spearheaded an effort to gather insights directly from oncology patients to get an understanding of what they know about ...
April 20th, 2018
Podcast: PM Readiness Report 2018
Peter Keeling discusses the landscape and challenges for precision medicine, companion diagnostics, CDx or biomarker and conduit diagnostics are discussed including global laboratory test data analysis and forecasts for budget impact and value.
View all

Expert Insights

April 19th, 2018
The CMS National Coverage Decision on NGS
I. Introduction On March 16, 2018, the Centers for Medicare and Medicaid Services (CMS) finalized a National Coverage Determination (NCD) that cove...
January 19th, 2018
What does the EU IVD Regulation mean for companion diagnostics and LDTs?
Dave Smart, PhD, Director at Diaceutics, discusses the introduction of the EU IVD Regulation. While it is considered a necessary step, the Regulati...
View all expert insights

Competitive Benchmarking Reports

March 16th, 2018
PM Readiness Report 2018 Summary
March 14th, 2017
Pharma Readiness for Diagnostic Integration 2017
View all reports

Publications

May 23rd, 2019
Diaceutics reviews the ongoing debate on diagnostics reform legislation
Thought leaders at Diaceutics recently authored a peer-reviewed article that covers the ongoing national debate over diagnostics reform legislation in the United States. The article is now available online ahead of print in the Journal of Molecula...
September 11th, 2018
BRAF mutation testing in melanoma – Poster presented at European Congress of Pathology 2018
BRAF mutation testing in melanoma: a study including Austria, Germany and UK, highlighting concordance for current technologies, and potential requirement of more sensitive technologies in future applications.
View all publications
Facebook
Twitter
YouTube
LinkedIn