Key To Success In Medical Devices And Diagnostics Competitive Intelligence

Despite often clubbed with pharmaceutical sector, the competitive intelligence gathering process in the medical devices and diagnostics has its own idiosyncrasies. The difference is most pronounced in the context of R&D and new products development. This is often more challenging than those in pharmaceutical sector, due to the fact that the asset developmental window is small in the diagnostic and devices sector. In pharmaceutical sector, for example, when an asset progresses through clinical trials, it provides multiple opportunities to collecting intelligence. Furthermore, the window of the opportunity is sufficiently long, usually several years as the asset progresses through the stage-gated phases. In medical devices and diagnostics sector, this window is relatively smaller. However, smart diagnostic and medical devices companies offset this by frequently attending congresses and trade shows which provide an opportunity to collect intelligence rather efficiently in a short period of time. Regular patent tracking, a strategy most prevalent in the telecom sector, is also a good practice to gain competitive insights on early stage assets and emerging pipeline. Desk based primary intelligence gathering requires a team of consultants who have extensive experience of the sector and have astute respondent finding and eliciting capabilities.

BiopharmaVantage is a consulting firm that specializes in providing competitive intelligence services to diagnostics and medical devices companies. If you would like to explore how we can assist you, please contact us.