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 help create or maintain policies and guidelines regarding CI operations as well as to compare their data collection practices and resource/structural benchmarks with those of leading organizations.

To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1043.htm. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC serves 48 of the world's 50 top pharmaceutical companies.  For more than 17 years, we have conducted work based on the simple yet 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. For more information about the company, go to www.best-in-class.com.

SOURCE Best Practices, LLC

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