The pharma industry can be complicated, but the more intel you have – market or competitive, the better you’ll be able to make decisions that lead you to success. Understanding what’s worked for your competitors, what hasn’t, where they’re going, and what opportunities exist gives you a clear advantage — whether you’re breaking into the market or fighting to defend your market share.
While these insights can be beneficial no matter what stage you’re in, below are six examples of when competitive intelligence should move to the top of your priority list.
1. When the market is crowded.
In a crowded market, successfully differentiating your product prior to launch is necessary to drive business. Is your product safer? More affordable? Does it have better efficacy? Easier administration?
Through competitive intelligence, you can identify exactly what gaps in the market exist and how you can better position your product to stand out from the crowd. Gaining insights about competitors, trends, challenges, and opportunities — and then working with a partner who can analyze them — is key in gaining market share or differentiating your product from the competition.
2. When there are just a few major competitors in the market.
Let’s say a competitor just beat you to market, but you’re confident your product is superior. Competitive intelligence research can reveal details about the drug currently on the market, its characteristics, its appeal to physicians and patients, and the areas where your drug can shine. In short, it gives you the information you need to be a fast follower and develop a plan to take market share when it’s time to launch.
Competitive intelligence isn’t just useful for understanding the other players on the market, however; it can also reveal what your competitors know about you. If they’ve been doing their due diligence, your competitors have likely been watching your company’s movements for years. They’ll be tracking the meetings you’re having with key clinical opinion leaders, your disease education tactics, and more. They’ll use this data to develop strategies to prevent you from gaining market share after launch. When you understand what intel your competitors have on you, you can better predict, and react to, their efforts.
3. When you’re trailblazing into a new market.
Even those who are launching a new drug into a market with no competitors can benefit from competitive intelligence. Looking at similar, though not identical, launches can help you find potential challenges and best practices that still apply when entering into a market. Competitive intelligence prevents you from reinventing the wheel.
4. When you’re allocating dollars or seeking additional budget.
It can be difficult for small or emerging companies to determine how to divide budget to get the most impact.
Uncovering how competitors are allocating their budget and which areas they’re investing in can guide your own strategies. Apart from designating budget, it can also help when you’re seeking additional budget. Proving that competitors are prioritizing certain tactics (perhaps they’re investing in 1,000 reps compared to your current 10) can be the motivator required to receive additional dollars for commercialization.
5. When you’re developing marketing messaging.
The market is always evolving, and so are the messages that resonate within it. Competitive intelligence can paint a picture of how messages have shifted over time, which messages your competitors are currently using successfully, and which are losing their appeal. This insight is vital as your craft your own talking points for launch.
At the same time, competitive intelligence data can show what competitors are saying to physicians about your product in order to discourage its use. Rather than sending your reps in unprepared, this insight enables you to better develop counter messaging as they enter the field.
6. When a new competitor is entering the market.
If you’re already established within the market, a new product entering the space can be a threat to your market share. In response, you must adapt your marketing tactics in defense. Whether this means a subtle shift in messaging, a much heavier marketing push, or even a shift in pricing strategy is revealed by robust competitive intelligence research.
At Two Labs, our Competitive Intelligence team digs deep into primary and secondary market research to give you the competitive advantage that only superior knowledge and actionable insight can provide. Curious about what data we can uncover for your company? Click the button below to talk to our experts!