Definition: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.
Companies in the life science industry should undertake a yearly review (as a minimum) of their competitors and their products. A competitor review is important to identify:
- New products & formats
- New marketing activities
- New opportunities & threats
- Existing and new market developments
Tim and the PSL team have worked with AbCore since our inception in 2011. We have used the full suite of PSL services including Business and Financial Planning and their individual Sales & Marketing services. The clarity they have brought to our business, together with our rapid growth in sales and employees means we are truly grateful for their personal support. We have introduced PSL to other biotech firms in San Diego and will continue to do so.
We asked Pivotal Scientific to carry out market research in a narrow, highly technical area of the pharmaceutical industry. They delivered on very short notice an insightful, highly detailed report containing exactly the kind of information we were after. I am very much looking forward to working with Pivotal Scientific again in the future.