Monday, 23rd February 2015
Yulia Aspinall considers the role of competitive intelligence in developing and marketing new drugs, and how information from FreePint can help information professionals harvest intelligence from sources such as specialist drug development databases, news platforms and knowledge software.
It can take over 10 years and around $1 billion to develop a single new drug from its discovery in the lab to it being available for the treatment of patients. A key challenge for any biopharmaceutical company is therefore how to develop and market a drug which produces revenue that exceeds the research and development (R&D) cost.
To market a new drug two important decisions have to be reached:
Market authorisation can be obtained by convincing regulatory agencies like the European Medicine Agency (EMA) in Europe and the Food and Drug Administration (FDA) in the US about the efficacy and safety of the drug. However, in order to ensure market uptake, a "value for money" assessment is increasingly being demanded by cash-strapped healthcare systems.
The market access strategy provided is generally specific for each market assessment. This process requires comparative market analysis, and a large number of market characteristics have to be taken into consideration, including current therapy standards, expected number of target patients, price and more.
CI to Support Market Access Strategies
Competitive intelligence (CI), as a process of gathering, analysing and interpreting internal and external information and intelligence on competitors and the competitive environment, can undoubtedly support the requirement of those who develop market access strategies.
Relevant to market access, comparative information and intelligence which is routinely collected and analysed by CI professionals, could be divided into four pillars:
Figure 1: Information requirements for market access
Updates and Reviews from FreePint
FreePint often provides updates and reviews of information resources for competitive intelligence professionals, which can be also be used for harvesting and analysis of relevant market access information.
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