Developing High-Value Competitive Intelligence Functions in the Pharmaceutical Industry

CHAPEL HILL, N.C., Nov. 8, 2013 /PRNewswire/ -- The competitive intelligence (CI) function within pharmaceutical and related industries plays an incremental role in transforming competitive data into actionable insights that have a financial impact for the company. Despite this, the CI function is still not seen as a traditional corporate function, such as Finance or Sales. Because of this, the value of the function remains poorly understood by senior leadership.

Recent research by benchmarking firm Best Practices, LLC offers critical insights for healthcare leaders on how to increase the value of their CI function. Value of the CI function is often judged by a leader's ability to 'move the needle' by producing some kind of measurable financial outcome for their company. In order to justify the function to leaders, savvy groups must measure their CI impact in financial terms that executives can understand and believe.  

The report, "How Successful Companies Create and Develop a High-Value CI Function to Drive Better Business Decisions," identifies best practices and innovative methods for improving the strategic role and impact of the CI function within the pharmaceutical and related industries. The study also identifies current trends in structuring and activities completed by the function that will allow leaders to evaluate their organization's CI function relative to other leading companies.

Key study topics covered include:

• Sources & Activities
• Budget & FTE Levels
• Uses of Third Party Vendors
• Top 5 CI Employee Skills
• CI Evolution & Trends
• Structure & Leadership
• Best Practices & Lessons Learned

This benchmarking research drew participation from 35 Competitive Intelligence leaders from 32 companies in the healthcare industry. Participants represented small, midcap and large biopharmaceutical and medical device companies. In addition, deep-dive interviews were conducted with six selected respondents to gather additional insights.

To learn more about this report, download a complimentary excerpt at http://www.best-in-class.com/rr1247.htm.

For more information on other recent primary research studies, contact us at 919.403.0251 or visit our website at http://www.best-in-class.com/.

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. Best Practices, LLC believes in the 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.

SOURCE Best Practices, LLC

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