Competitive Intelligence Tools Pharma

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Competitive Intelligence Tools Pharma – This think tank explores the concept of operational agility for the pharma world, exploring the opportunities and challenges that arise for CI teams and managers as the work environment adapts to succeed in a dynamic, uncertain and fast-paced environment.

At the heart of pharma stands the monolith which is the clinical trial protocol: three phases; strict rules governing every aspect of each; A large amount of clinical study report data should be captured and interpreted in a coherent manner This is the template that pharmaceutical companies incorporate into every aspect of their decision-making process All pharma workflow decisions are made at these three cascading stage levels This structure is immutable, and pharma companies monkey with it at their peril

Competitive Intelligence Tools Pharma

Besides… the FDA’s current guidance urges them to monkey Consider the September 2018 Guidelines for Industry, Adaptive Design for Clinical Trials of Drugs and Biologics:

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“Adaptive design can offer several advantages over non-adaptive design These advantages stem from a fundamental property of clinical trials with an adaptive design: they allow testing of information that was not available when the trial began. 1

To anyone familiar with the multiplicity of modern workflows and production systems, that last sentence—allowing experimentation with information not initially available—can only mean one thing:

From all of us, we wish all our customers, colleagues and friends a peaceful festive season

On 4 July 2023, the National Healthcare Safety Administration (NHSA) released the draft ‘Protocol for Renewal of NRDL Listed Drugs’ and ‘Negotiation Rules for Non-Exclusive Drugs’. The two protocols aim to streamline the process for considering NRDL-listed drugs and generic versions eligible for NRDL listing.

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Since the establishment of the China National Medical Insurance Bureau in 2018, the goals have been to strengthen public health and medical service levels, achieve maximum utilization of the National Medical Insurance Fund, and enhance the strategic purchasing power of the Medical Insurance Fund. Important tools in achieving this are the National Reimbursement Drug List (NRDL) and Drug Volume Based Purchasing (VBP), which have opened a new chapter in China’s medical reform. Meanwhile, the new drug registration process has been improved, simplified and accelerated

George Gu, President and Head of China, attended the 2023 DIA China Annual Conference where he participated in an expert panel discussion on “Postmarketing Medical Activities Based on Specialty Drug Pharmacy Management Platform”.

We use cookies to ensure we provide you with the best experience on our website If you continue to use this site we will assume that you are happy with it Manufacturing and manufacturing drugs and medical devices is an expensive business to be a part of The global pharmaceutical industry itself is highly competitive, driven by the constant need to innovate and discover new drugs. With the average drug life cycle spanning two decades from drug development to approval and commercialization, more multinational drug companies have unique challenges in competitive intelligence (CI). Globalization became prominent in the 1990s, as it reduced dependence on local markets where competition increased. Global markets also offered drug companies a good return on investment, largely due to an aging population and an overall increase in disposable income. But with pharma multinationals rapidly globalizing over the past decade, the gap between competitors is shrinking fast. Therefore, pharmaceutical companies and the like have started implementing competitive intelligence platforms to gain an advantage over their competition. Practices such as wargaming, Porter’s five powers and ratio analysis became mainstream within the pharmaceutical industry and established themselves as a common method that is still used today. But even so, CI in the pharmaceutical setting is very different from other industries Bonus: Download our industry guide on how to enhance competitive benchmarking strategies for pharmaceutical companies using CI and social media listening. 1. How is competitive intelligence for pharmaceutical companies different from other industries? This is due to four main factors: Competitive nature Regulated market environment Customer complexity Mechanical nature of drugs and other health products 1.1 Competitive nature The pharmaceutical industry is a competitive landscape. Competition is intense and complex as drug companies compete for market share for every disease, disorder and treatment area. Unlike other consumer industries, which are not limited by epidemiological profiles and are able to compete across product lines. Partnerships and collaborations Another common theme, drug companies often share the cost of drug development, manufacturing, research and marketing, which adds another layer of complexity to the situation. 1.2 Regulated Market Environment Since the pharmaceutical industry is a highly regulated environment, information about competitors is often published and available to all. Therefore, companies must consider how much information to publish or keep private while respecting regulatory limits On the one hand, companies have a responsibility to disseminate information to inform stakeholders and attract investors. On the other hand, early disclosure of information can help competitors gather information about a company’s business strategy, which they can use to respond with new products and possibly take early steps to protect their market share. 1.3 Customer Complexity Within the pharma industry, there are typically four distinct groups that make up the customer base. Patients, insurance companies, health care providers (HCPs) and governments Like many other industries, there are certain rules and regulations that pharmaceutical companies need to adhere to, which can affect how they communicate their products and develop their strategies. 1.4 Technical Nature of Drugs Pharmaceutical drugs are a specific product that delivers a specific indication, with the potential to be considered a blockbuster product with a patent expiration shelf life. Because of this, companies are constantly investing in R&D to discover new biologics or to implement mergers, acquisitions, and partnerships. It is therefore important for pharmaceutical companies to be hyper-aware of their competitive landscape Companies should have competitive intelligence processes that transform information into meaningful insights But with the rise of social media over the last decade, traditional methods of gathering competitive intelligence are evolving In general, when dealing with CI for the pharmaceutical industry, there are three main sources that provide the most useful information: Primary sources of information A competitive tool Value-added personnel Recruit and hire within a company and monitor internal/external movements. Healthcare Professionals (HCP) and Key Opinion Leaders (KOLs) Identify key opinion leaders and analyze their impact through various measures such as interaction, audience reach, influencer scores and popularity rankings conferences, congresses, and trade shows. Announcements at upcoming conferences and trade shows through customizable resource packs, along with the ability to send real-time alerts to notify key team members. Although these methods are reliable and information-rich, historically, they can strain time and resources. Companies need to be aware of the methods they use when extracting information and the ethical boundaries of the countries they are in With the added presence of social media and other online networking platforms, a competitive intelligence software like DigiMind Intelligence can be critical in helping companies make an efficient and reliable assessment of these criteria. 2. Importance of Competitive Intelligence for Pharmaceutical Companies Although CI has been around for some time, we still see companies failing to use it properly. In July 2015, Novartis launched its new heart failure drug, Entrstorm. Earlier in 2014, Forbes predicted that Entrastorm would become a blockbuster drug, with sales expected to exceed $10 billion annually, given the potential market of 5 million heart failure patients in the United States. Ultimately, the drug failed due to resistance from insurance companies and cardiologists to its cost. Drug companies often spend tens of thousands of dollars preparing for a drug launch. Thus this investment must be matched with a commitment to update their approach to market strategies to match the current realities of the drug market. To succeed in the modern marketplace, it is important for pharmaceutical companies to start thinking differently about how business, management and strategic intelligence work. Instead of simply gathering information about the market and their competitors to develop strategies and plans, companies should use this data to generate insights to support their transformational vision. Strategizing different perspectives and outcomes with the insights gained is better suited to the needs of pharmaceutical companies than simply developing a linear plan. Preparation and interdepartmental collaboration to prepare for various outcomes to achieve this Responsibility for competitive and business intelligence strategies should not rest solely with the business intelligence unit Rather, it should be a joint effort by all departments that can potentially be affected, such as sales, product management, legal, research and development, and human resources. 3. Three Important Steps to Incorporating Modern Competitive Intelligence Tactics So, companies can gain an advantage over their competitors by incorporating modern CI tactics, and

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