In order to remain competitive, it is essential for pharmaceutical manufacturers and brand managers to stay informed on potential market threats and opportunities. Pharma should keep an eye on their competitors at all times. Specific competitive strategies include monitoring the overall landscape in a given disease area, tracking competitive companies, analyzing specific brands, and monitoring the drug pipeline for new approvals. Each of these methods requires a slightly different strategic approach.
Competitive intelligence tools provide continuous data analysis to help pharma companies foresee potential threats and address them early. According to INOVIS, “Being able to anticipate- rather than to react to competitors’ next moves is mission-critical in any industry, but particularly so in the biotech industry, where the costs for drug development is estimated to exceed $1 billion.”
Track the Overall Coverage Landscape
It’s imperative for pharma companies to stay on top of the average drug pricing and patient support program trends within their class. The first step is tracking a disease area from an overall coverage standpoint.
For an in-depth example on the coverage landscape, view MMIT’s recent Reality Check on Diabetes. This report assesses multiple factors impacting market access:
Evaluate Main Competitive Companies
In addition, it is beneficial for pharma companies to evaluate their main competitors. While evaluating the strengths and weaknesses of competitors, brand marketers should ask the following questions:
- Are they currently in a position to acquire or get acquired?
- Are they developing other products that are similar to yours?
- What stage of development are their products in?
- Where are these companies focusing their energy and resources?
Analyze Specific Competitive Brands
Next, a thorough competitive analysis should drill down into specific products in a given class. The specific tactics should include:
- Tracking the advantaged and disadvantaged access by payers, geographies and prescribers
- Comparing pricing models across brands
Scan the Drug Pipeline
The final component for tracking competition is looking to the drug pipeline to prepare for new threats that may emerge. Monitoring the pipeline often reveals the strength of a specific class in the long-run.
Competitive Data Helps Pharma Make Decisions
MMIT focuses on tracking competition from a market access standpoint by highlighting the landscape, products and analogues. Many pharma executives use this data in combination with pricing information and other sources to make make well-informed, strategic decisions.
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