What is Competitive Intelligence (CI)

Biopharmaceutical industry is a highly competitive landscape. Competition is intense and all the companies develop and compete for market share for each indication, condition, and therapeutic area. Since majority of the pharmaceuticals are developed for specific indications with limited patent expiry shelf life, companies are continuously investing into research and development (R&D) to discover new biologics/drugs or entering into partnerships/collaborations, acquisitions, and mergers.

Competitive Intelligence (CI) helps drug developers/companies to understand its competitive environment, challenges, and opportunities. CI is a process of defining, gathering, and analyzing information regarding competition, customers and events in the industry and distributing the valuable insights internally to help make informed business decisions. CI allows drug developers to continuously learn from theirs as well as others’ failures and successes.

Key uses of CI

·         Portfolio Analysis

·         KOLs tracking

·         New Opportunities

·         Competitor Strengths/Weaknesses

An Introduction to Market Research & Market Forecasting

Market Research (MR) is intelligent prerequisite for any product-based companies in the pharmaceutical industry. It includes various forms of research namely primary (PMR) and secondary research.

Primary Market Research would include reaching out to people/groups via calls, emails, or online surveys as well as group discussions or interviews. Market Research studies are conducted with specific objectives to estimate potential market size for a new product, consumer perception of an existing product in the market or understand reasons for failure of a product in the market. MR studies also helps in understanding competitors’ strengths, weaknesses, and market share/sales/probable sales volume for a specific product or therapeutic areas. PMR data that is collected first-hand for a specific research purpose.

It is defined as a procedure used by researchers to gather data directly, rather than depending on data composed from previously done research. Primary research is solely carried out to address a certain problem, which requires in-depth analysis. There are two types of research: Primary Research & Secondary Research.

Market Forecasting

Forecasting is an important component of decision making process, market sizing, and all the marketing activities. A market forecasting is vital part of market analysis and projects the future numbers, trends, and characteristics in the target market. Forecasting serves as a primary tool for sales teams and sales managers to help with data and insights about projected sales volumes, costs, market shares and other areas of sales or marketing planning  and programmes. Total market forecasting helps companies predict or project its own product sales, competitor’s sales as well as market evolution.

What are KOL Insights or KOL Opinions

Key Opinion Leaders are members of a community whose advice is respected by peers and others in their respective fields. Generally, KOLs are physicians and academicians. However, majority of drug developers choose to include a range of strategic partners and prefers the term, “experts”. Experts are mostly experienced physicians, but may include the following like patient advocacy groups, academics, researchers, and upcoming stars (rising stars: gained expertise in specific disease area) within therapy area.

Experts/KOLs helps companies understand and identify target research areas as they are on the front lines of patient care. Also, experts provide KOL insights and guidance in each step of drug development process – clinical trials (influence trial designs); Approvals (advise on regulatory pathways); Post Approval (builds product awareness in the specialities and medical community); distribution (experts networks can be leveraged to increase and spread awareness of new therapy; discuss new findings through scientific conferences and articles publication).

In short, KOLs help in the following:

• Identifying target customers
• Generate sales
• Enhance companies and products reach
• Increases brand awareness
• Early life-cycle planning
• Conduct RWE studies