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.