Understanding the competition
Even with a fully completed TPP in hand, many brand teams struggle to agree on how competitors will commercialise and inform people about their products. The key to success for any brand team is to have a shared understanding of the competitors’ likely actions and efforts to inform and influence for increased market share.
One of the most powerful tools to come to an agreed understanding of the competition is to conduct a competitive simulation (CS), which is sometimes called a war game. A decision to engage in a CS is usually triggered by a pending market event, which could include a launch or competitor launch, release of new clinical data, or anything with potential to influence the balance of market share of a brand team’s own product.
The essence of a CS is to bring together a broader group of internal subject matter experts (SMEs) from various functions across marketing, market research, market access and pricing, clinical, regulatory and manufacturing. Teams are provided in advance with a briefing package that includes the completive landscape, competitor asset profiles and TPP.
The workshop, which can include up to four teams comprised of six to eight SMEs, begins with a level-setting on the competitive situation and the purpose and intent of the workshop. This is followed by break-out sessions, where each team places themselves in the mindset of the competitor. Each team answers a set of agreed-upon questions that help to define their commercial strategy (relates to launch, reaction to another’s launch, life cycle management, etc).
Answers relate to how competitor brands can appeal to patients, physicians and payers. They identify opportunities to gain market share, as well as addressable gaps that may help to reveal future efforts and events designed to ensure market success. After one or more rounds of ideating as the competitor, as well as sharing of the insights that have been derived from the exercise, teams reconvene and use the competitor learnings to help define a best course of action (strategy and tactics) that are better guaranteed to bring success.
To succeed in the competitor phase, it is key to set aside one’s own company and brand and immerse in the thinking of the competitor – a competitor intent on winning in the marketplace. To succeed in the final phase, it is key to accept the predicted realities of competitors’ future actions and plan a best strategy with an intent to win.
Where commercial strategy is critical to product success, it is vital to have a current understanding of the competition with likely scenarios that point to the future. Companies that remember this and execute well in the four categories (primary CI, secondary CI, TPP and CS) assure the greatest odds of success. Those that don’t should reconsider their intelligence strategies.
The author thanks Rachel Reichmann and Caroline Schaufelberger (Lifescience Dynamics) for assistance in drafting this article.
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October 05, 2020 at 06:18PM
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The importance of pharma intelligence in setting brand strategy - PMLiVE
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