RESEARCH TRIANGLE PARK, NC--(Marketwire - November 18, 2010) - Funding and staffing for competitive intelligence teams are still the top challenges for executives who participated in the new research, but on average, their teams saw a 13% increase in budgets between 2009 and 2010.
Strategic Pharmaceutical Competitive Intelligence, published by consulting firm Cutting Edge Information, finds that American, European and Emerging Markets teams saw their competitive intelligence budgets increase over the past year. Hiring has been slower, with a general trend upward but with actual FTE counts increasing at only 38% of the drug companies surveyed.
The findings serve as a potentially positive leading indicator of the changing landscape for drug-makers in the post-recession period. The fact that many competitive intelligence teams are seeing resource allocations increase in 2010 suggests that many pharmaceutical and biotechnology companies are now positioning themselves for growth in 2011 and beyond.
"Competitive intelligence teams have dealt with deep resource cuts during the belt-tightening," said Jason Richardson, president at Cutting Edge Information. "But if companies want world-class competitive intelligence and to compete on a global scale, these CI groups have to have strong resources -- both budgets and headcount."
The study finds that global competition is high on the minds of strategic leaders. Many companies have established or are in the process of building competitive intelligence teams on the ground in emerging markets, with the BRIC countries (Brazil, Russia, India and China) having center stage. Overall, more resources are still flowing into established markets, such as the United States and Europe, where funding and competitive intelligence staff levels had been scaled back in recent years due to economic uncertainty.
Strategic Pharmaceutical Competitive Intelligence (http://www.cuttingedgeinfo.com/pharmaceutical-competitive-intelligence/) contains benchmark metrics and best practices collected directly from competitive intelligence executives across the Life Sciences industry. Along with budget and staffing benchmarks, the study provides strategies to:
- Restructure competitive intelligence teams for success
- Win higher competitive intelligence budgets
- Create a competitive intelligence culture
- Elevate the CI team to a more strategic position
- Gain better visibility for the CI team's successes
Cutting Edge Information (http://www.cuttingedgeinfo.com/) serves the Life Science industry. For more information about market intelligence, contact Elio Evangelista at +1 919-403-6583.
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