| The pharmaceutical industry is a highly competitive | | | | the mechanism by which a problem or medical |
| space, and staying on top means knowing what your | | | | condition is addressed, cost estimates, distribution |
| competitors are doing. However, a comprehensive | | | | and sales channels, and any strengths or weaknesses |
| competitive analysis is often back-burnered, as there | | | | of the competitive solution. It will also include |
| is always enough to do to fill a 30 hour day for most | | | | solutions that are used by consumers in lieu of any |
| of us in this industry! | | | | pharmaceutical solution. |
| This is one item that should NOT be ignored, as | | | | It is also important to keep your competitive analysis |
| keeping and maintaining an ongoing, complete | | | | updated on a regular basis, as market conditions are |
| competitive analysis will alert you to key industry | | | | highly dynamic - and larger competitors can change |
| trends, customer trends, and areas of need that | | | | strategy very quickly. Doing a quick review of |
| have not yet been met by any other company. | | | | conditions once a month and making needed changes |
| These create areas of opportunity for you and your | | | | should be sufficient for keeping up to date. |
| company. | | | | Price points and the price elasticity of similar products |
| A good competitive analysis can save many | | | | may need to be watched more closely than once a |
| man-hours of research work - and there is no | | | | month, as many companies drop pricing in an effort |
| recouping costs for work that has been done to | | | | to gain market share when results are not what they |
| create the wrong solution. | | | | would have wanted to see. Missing a competitive |
| A pharmaceutical consulting firm can help supplement | | | | price reduction can lead to losing market share |
| your staff by creating these analyses for you. As | | | | unexpectedly. |
| they are not part of your organization, they will | | | | If you enjoyed this article about a pharmaceutical |
| prepare an analysis that is unbiased and | | | | consulting firm, please feel free to post it to your |
| representative of the true state of the market | | | | site or blog and forward this link to your friends. |
| based on their experience and inside knowledge. | | | | Have a great day! |
| A good competitive analysis will include price points, | | | | |