Competitive intelligence is an extremely valuable step of any new drug or indication launch. From providing insight into a crowded market to guiding allocation of budget, this research is beneficial no matter what stage of the launch process you’re in.
However, “competitive intelligence” is simply the broad, overarching term. In reality, it encompasses a variety of research tactics ranging from high-level, free information gathering to granular, high-investment research and analysis.
From least to most resource intensive, the three main levels of Competitive Intelligence research include:
1. Surface-Level Research
Even with a small budget and limited resources, there are still ways to gather useful competitive intelligence. The simplest is, of course, Google or any other popular search engine.
Search to find the major competitors in your specific market, then read their press releases, news coverage, and marketing materials. This will give you a baseline understanding of who is on the market, who is entering soon, and their general messaging. However, remember to get specific with your search – the query “most successful diabetes treatment launches in the United States” will give you more relevant search results than simply “diabetes treatments.”
Apart from generic search engines, you may also be able to find basic information on ClinicalTrials.gov, a free database provided by the U.S. National Library of Medicine, which collates clinical trial data. Keep in mind this is for U.S. trials only, and you’ll need to find similar EU-specific sites if researching trials outside of the U.S.
2. Analyst & Database Research
With additional budget, competitive intelligence can move beyond basic information gathering and enter into the analytical realm. Analyst websites such as JP Morgan take a deep dive into various pharma markets or trends and create in-depth insights and analytics reports. Though they can be expensive, they are available for purchase and can provide valuable data.
Additionally, beyond the free information on the ClinicalTrials.gov database, there are more specialized databases that can be accessed through a paid subscription; however, they will require significant investment.
3. Specialized Primary and Secondary Information Gathering
While the above research tactics are useful, they are somewhat limited. For example, say a simple search reveals a competitor is starting trials in October 2020. Average trial and FDA approval timelines, combined with basic information extrapolated from the internet, might suggest an October 2025 launch.
However, this high-level search may not reveal that enrollment was completed early, bumping up the launch timeline to 2024. If you were preparing for a market contender entry in 2025, yet the competitor actually shows up in 2024, you may be unable to effectively counter to protect market share.
It’s this type of hidden data that working with an expert competitive intelligence team can uncover. At Two Labs, we have decades of experience conducting primary intelligence gathering and actively talking to industry, regulatory, and clinical sources to get valuable behind-the-scenes info. We customize our research for each client, asking the right questions to the right people to gain insights that can impact launch success. This gives our clients access to information others simply don’t have – a clear advantage come launch time.
Curious about what data we can uncover for your company? Click the button below to talk to our experts!