Building And Sustaining Impactful Competitive Intelligence Organizations For Pharma
In today's volatile business environment, unforeseen market shifts can blindside an unwary pharmaceutical company and nullify product forecasts, sales strategies and development plans. By delivering high-impact analyses on competitors' products and operations, a high-functioning Competitive Intelligence group can alert organizations to emerging market opportunities as well as warn them about potential external risks.
Competitive Intelligence groups in the pharma sector track an average of 23 competitors, according to new research by Best Practices, LLC. On the product side, the study found CI groups in pharma track an average of 49 products sold by competitors.
"An effective Competitive Intelligence group delivers guidance that gives a company a long-term competitive edge," said Cameron Tew, manager of research and publishing at Best Practices, LLC. "Both in terms of presenting opportunities and preparing for risks, the CI function provides key decision makers with actionable insights."
The cross-industry report, which presents data for the full benchmark class and pharmaceutical segment, is based on insights gathered from 54 organizations, with almost half of the companies from the pharmaceutical sector. Participants included Amgen, Eli Lilly, Roche, Sanofi-Aventis, Merck, Abbott and Wyeth.
A complimentary summary of "Building & Sustaining Impactful Competitive Intelligence Organizations" is available at www3.best-in-class.com/rr905.htm .
The comprehensive study covers everything from creating and structuring a CI group to developing high-impact CI activities and effective stakeholder relationships. The benchmarking study includes more than 500 metrics, including staffing and salary metrics. In addition to helping executives understand how to build an effective CI program, the study presents proven methods for increasing the quality and value of an existing CI group.
Some of the sample findings of the report include:
- Winning CI organizations tie their goals to corporate business objectives to assure that their deliverables will inform executives on key issues and, ultimately, drive profitability.
- Strategic planning and business development are the departmental homes where interviewed executives think CI should reside.
- The average CI operating budget is $821,613, although budgets varied widely across study participants. The average salary for a CI head is $148,709.
About Best Practices, LLC
Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. Best Practices, LLC has been a leader in pharmaceutical research and consulting for nearly 15 years; our clients include 43 out of the top 50 pharmaceutical companies.
SOURCE: Best Practices, LLC