This is your short guide to pharmaceutical AI competitive intelligence.
AI continues to have a growing role in the pharmaceutical industry. The global market for AI in drug discovery is forecast to grow from $1.5 billion to $13 billion by 2032.
But its uses extend beyond drug discovery. The technology is enabling strategic teams to improve their efficiency and effectiveness. Particularly those focused on gaining or maintaining a competitive advantage, such as brand, sales and marketing teams.
In this article, we’ll explore the growing role of pharmaceutical AI competitive intelligence.
What is Pharmaceutical AI Competitive Intelligence?
It’s the process undertaken by pharmaceutical companies to track, analyse and use data about their competitors and market using AI-powered technology
The AI tools gather, process and analyse huge volumes of data as the activity happens. This leads to real-time insights that inform strategic and tactical decisions. For example, it can inform choices about pricing, product launches, positioning and messaging and campaign choices.
Accurate and timely intelligence helps pharma companies to navigate the market, innovate and stay competitive.
What Can Pharmaceutical Companies Track with AI Competitive Intelligence?
AI competitive intelligence allows pharmaceutical companies to track several critical areas:
1. Competitor Product Pipelines
Pharma companies can monitor the development of new drugs or treatments by competitors. Tracking clinical trials, regulatory filings and product launches helps firms assess the future landscape. This allows for better strategic planning and potential collaboration or competition with specific products.
2. Market Entry and Expansion
Pharma firms can track when competitors enter new markets or expand within existing ones. This helps identify opportunities and threats early. Monitoring market entry also reveals competitor pricing strategies. This allows companies to adjust their own positioning for success.
3. Pricing Strategies
AI CI tools allow companies to track how competitors are pricing their products across various regions and currencies. With real-time data, firms can adjust their pricing to remain competitive.
4. Mergers and Acquisitions
AI can track merger and acquisition activities in the industry. Understanding competitor M&A moves helps companies gauge how market dynamics may shift. This can be vital for preparing strategies that respond to increased competition or emerging partnerships.
5. Patents and Intellectual Property
Monitoring competitor patents is critical in pharma. AI allows companies to track new patents or patent expirations. This is important for understanding future product pipelines. It can also help with assessing risks or opportunities in the market.
6. Research and Development (R&D)
AI CI helps track competitors’ R&D efforts. By identifying new research directions or breakthroughs, companies can refine their own development strategies. Staying aware of R&D trends also informs decisions on innovation and investment.
Benefits of Pharmaceutical AI Competitive Intelligence
The advantages of using AI for competitive intelligence in pharma are clear:
- Speed and Efficiency. AI processes vast amounts of data much faster than humans. This means real-time updates on competitor activities.
- Comprehensive Insights. AI can pull data from multiple sources, offering a broad view of the competitive landscape.
- Better Decision-Making. With precise data, companies can make smarter, more informed decisions. This can include pricing, product development and market strategy.
- Early Detection of Market Shifts. AI CI helps detect trends and movements early. This gives companies time to react before competitors gain a significant advantage.
- Resource Optimisation. AI reduces the time and effort required to track the competition. Human teams can then focus on strategic planning.
Pharmaceutical AI Competitive Intelligence: A Case Study
Background
A leading global pharmaceutical company needed to improve its pricing strategy. They were facing stiff competition from 30 major global competitors. The company operates in multiple sectors, including pharma, clinical, genomics and testing. The main challenge was tracking pricing trends and adapting quickly to market changes.
Problem
The company struggled with outdated and infrequent data. Without real-time competitor pricing data, they found it hard to adjust their prices. This caused delays in responding to market changes. It also led to missed opportunities in pricing and innovation.
Solution Offered by WMC.Ai
WMC.Ai tracked competitor pricing across multiple regions and currencies in real-time. It helped the company track daily price changes and product repurposing. Plus, observe new packaging sizes. With this information, the client adjusted their pricing with precision and confidence.
Implementation
The company started gathering daily data through WMC.Ai’s platform. The insights revealed that some competitors were adjusting prices daily, which raised concerns. WMC.Ai’s continuous data monitoring helped the company make timely changes to its prices, improving its market positioning.
Impact
The solution significantly improved the company’s pricing strategy. Their ability to respond to market changes increased, which strengthened their competitive edge. The pricing team received an internal award for their effective use of data. The client renewed their partnership with WMC.Ai and expanded tracking to regional competitors.
How Pharma Companies Can Implement AI Competitive Intelligence
Here’s a quick guide for how pharmaceutical companies can get started with AI competitive intelligence.
- Set Clear Goals. Determine what you want to achieve with AI competitive intelligence. For example, improving pricing strategy or gaining insight into competitor R&D.
- Choose the Right Platform. Invest in a competitive intelligence platform that suits your specific needs. Look for one that offers real-time data, comprehensive insights and easy integration.
- Focus on Key Metrics. Decide what to track. Whether it’s competitor pricing, product launches or R&D breakthroughs. Focus on areas that impact your strategy the most.
- Develop a Data Analysis Plan. Have a system in place for analysing and interpreting the data gathered. Decide who will be responsible for acting on the insights.
- Share and Report Insights. Ensure intelligence gathered is shared with key decision-makers in a clear, actionable format.
Conclusion
Pharmaceutical AI competitive intelligence is not just a tool for staying informed. It’s a necessity for navigating today’s fast-paced, competitive market. By using AI to track and analyse competitor activities, pharma companies can make smarter decisions and maintain their edge. Whether it’s monitoring product pipelines, pricing strategies, or R&D activities, AI CI provides the insights needed to stay ahead of the competition.
Pharmaceutical AI CI FAQs
1. How can AI CI help identify potential partnerships in pharmaceuticals?
AI can analyse competitors’ R&D activities, patents, and product pipelines. This helps identify companies that are working on complementary projects or technologies, making them ideal candidates for partnerships.
2. Can AI CI predict market trends in pharmaceuticals?
Yes, AI CI can track industry trends and competitor behaviour to forecast market shifts. This helps companies stay ahead by anticipating changes in product demand or pricing trends.
3. How often should pharmaceutical companies review AI competitive intelligence data?
Ideally, pharma companies should review AI CI data continuously or at least weekly. This ensures they stay up-to-date with competitors’ activities and can respond quickly to market changes.
4. Does AI CI help with clinical trial monitoring?
Yes, AI CI can track competitor clinical trials, including new developments and regulatory filings. This gives companies a clearer picture of potential new treatments entering the market.
5. How does AI CI improve decision-making in pharmaceuticals?
AI CI offers accurate, real-time insights that allow for better decision-making. Companies can make data-driven choices on pricing, product development and market entry based on competitor activity.
6. What should pharmaceutical companies prioritise when setting up AI CI?
Pharma companies should prioritise tracking activity that poses the biggest threats or offers the biggest opportunities. For example, competitor pricing, product pipelines and R&D activities. These areas have a big impact on market positioning and strategy.
