1 Minute Read

In partnership with Forrester Research, Cipher conducted a study in March 2021 exploring how life science companies and third-party market and competitive intelligence (M/CI) vendors can best work together.

The research was conducted with over 200 M/CI decision-makers working at global life science organizations across North America and Europe. Participants came from all areas of the life sciences industry, including the pharmaceutical, biotechnology, and medical device spaces, in addition to contract research organizations.

In the infographic below, we’ll explore where the participant's M/CI practices are falling short, where they plan to invest to solve these challenges, and how a platform can help yield stronger ROI.

 

Screen Shot 2021-07-19 at 12.09.34 PM

Top Challenges Facing M/CI

According to our study, here is a breakdown of the top challenges facing M/CI:

  • 73% of life sciences decision-makers say their companies duplicate intelligence/research activities
  • 70% find managing third-party services challenging
  • 69% find it difficult to centralize resources across the organization
  • 55% of participants say making decisions informed by competitive intelligence is hard

-- Article Continues Below --

New call-to-action

What are Their Plans to Invest and Solve These Challenges?

Our study showed the following breakdown when asked about their plans to invest in a solution to solves their M/CI challenges: 

  • 72% plan to invest in external research more than once
  • 67% plan to invest in collecting and organizing data
  • 64% plan to invest on a 3rd party vendor best suited for their project
  • 45% plan to invest in a solution to eliminating duplicate intelligence across parts of the organization

Dive deeper into the data

Want to learn more about managing 3rd party M/CI vendors, or some of the other trends and disruptions we uncovered from our study? You can now download the full report to get all the details!

New call-to-action