What is Competitive Intelligence?
Competitive Intelligence is tasked with monitoring the competitive landscape for a given area and to stay abreast of external updates in the space that may impact the business. Professionals in this area will often send out internal communications as updates surface on competitor activities including clinical trial readouts, announcements on new development plans, new commercial deals of interest, etc. The information gathered and collated by Competitive Intelligence can be crucial in informing the strategy for internal assets throughout the lifecycle and for forecasting the market potential for specific drugs. Competitive intelligence on products which are internally early in development may guide investment decisions on whether and how to continue development on the agent. Intelligence on products already on the market may prompt shifts in marketing strategy including how to differentiate against the potential new entrant, where to play in the market, etc. Since the external environment is always shifting, competitive intelligence is an ongoing activity and one which constantly feeds back into internal decision-making processes.