However, there are many more reasons that it’s essential for companies at all stages to keep on top of competitors’ strategies and activities. Doing so allows them not only to anticipate threats to their developing or in-line products, but also to consider potential opportunities for growth. Intelligence activities will uncover your competitors’:
- Over-arching strategies/goals
- Development pipelines
- Regulatory snafus to be avoided
- New class or product safety issues coming to light
- Best-in-class/first-in-class up-and-comers
- New formulations or new uses for existing drugs
- Potential early generic incursion
So who (and what) really is your competition? Obviously, it’s about who else is in your product’s disease area(s), but it’s likely to be much more complex than that. For instance:
- What’s the new science (mechanisms of action) being studied for the disease, and how far is it from regulatory approval?
- Are there different, potentially more efficacious and/or safer formulations of your drug being developed?
- What improved delivery devices are in development?
- What technologies are being utilized to improve safety and efficacy of drug therapies?
- How dynamic is the regulatory environment and what changes are ahead that will affect your (and others’) product(s)?
- What is the geographic footprint of your competitors, and how quickly is it growing?
Ask yourself, “How much do we know about any (or all) of these kinds of issues?” And, “How quickly would we be able to respond?” A broad, creative, visionary approach to CI such as this will position you best for success.
First Published in the Life Sciences Executive Network "Biotech Bulletin" Spring 2015.