Reducing Risk and Ensuring Effectiveness in Competitive Intelligence Groups
CHAPEL HILL, N.C., Feb. 23, 2011 /PRNewswire/ -- Competitive Intelligence (CI) groups play a vital role in helping biopharmaceutical organizations navigate today's volatile business environment. It is CI groups' marketplace insights from primary and secondary research that set an organization's strategic and tactical direction for commercial success. But in the closely regulated pharmaceutical industry, organizations need to have policies and guidelines in place for conducting CI that reduce corporate risk -- but don't inhibit gathering of critical information.
To help companies maintain effective CI groups and safely operate in the current regulatory environment, Best Practices, LLC has published a new report: "Best Practices in Competitive Intelligence: Policies & Guidelines that Reduce Corporate Risks ."
This report will help organizations understand:
- How organizations can optimize their CI operations while working within defined guidelines.
- How CI organizations work with Legal to develop policies and guidelines.
- Practices for collection, use and sources of primary data -- including employment of third party vendors for primary data collection.
- CI resources, staffing and structure.
The study found that marketing, business analytics and medical affairs functions are the leading internal contributors of CI. However, those sources for primary CI are neither as frequently used nor as highly valued as the top external sources, which are medical congresses, vendors and KOLs.
Twenty-seven leaders of Competitive Intelligence and related functions at 22 leading pharmaceutical companies participated in the research project. Field interviews and study analysis produced many observations and benchmarks for organization growth and profitability from effective CI operations. CI leaders can use this research to