Study Provides Building Blocks for an Effective Competitive Intelligence Group in the Pharmaceutical Industry

CHAPEL HILL, N.C., Feb. 1, 2019 /PRNewswire/ -- Competitive Intelligence remains a key tool that senior leaders in the pharmaceutical industry use to set the strategic direction of their organization.

In fact, one of the most critical attributes of a Competitive Intelligence (CI) group, regardless of company size, is its ability to distill complex information and put the pieces back together as a compelling story that informs leaders' decision-making, according to Best Practices, LLC research. Yet, only 15 percent of large companies in the study and 10 percent of the small/mid-sized companies said their CI team was "excellent" at doing this.

This is one of many insights that surfaced in the benchmarking study, "Pharma and Biotech CI Excellence: Optimizing the Structure and Efficiency of Your Competitive Intelligence Function." The research study was conducted to identify how leading pharmaceutical and biotechnology companies are maximizing the impact of their competitive intelligence function.

Specifically, the study delivers benchmarks and insights around key activities, budget, vendor management, training, capabilities, and use of Centers of Excellence. It also presents data on the appropriate structure, roles and reporting relationships of the CI function.

The 51-page report analyzes the following areas:

• Structures of CI functions, strengths and weaknesses of different structures, best practices
• Roles and reporting relationships: CI stakeholders, reporting roles, reporting functions, geographic span of responsibility
• Critical CI activities, ranking and budget
• Enhancing CI capabilities: vendor management, soft and hard skills, skills gaps and skills ranking
• Use of Centers of Excellence for CI functions

For this study, Best Practices, LLC engaged 23 CI leaders from 20 biopharmaceutical companies through a benchmarking survey instrument and focus group interviews.

Download a complimentary report summary at: http://www.best-in-class.com/rr1528.htm.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. 

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SOURCE Best Practices, LLC