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Recently Cipher partnered with undergraduate students in the College of Integrated Science and Technology at James Madison University (JMU) to benchmark how companies in three segments (Pharma, Biotech, Medical Device) of the Life Sciences industry view, resource, and execute competitive intelligence.
Here are the top five insights for Life Sciences and why they matter:
The finding that Pharma companies comprise the bulk of hiring in Life Sciences is no surprise. The size and scope of global Pharma clinical development programs requires the continuous monitoring of competitors.
The gap in staffing between the Top 3 organizations and others is significant. In the survey, the top tier organizations allocated more resources to their CI functions than the others. In a time of disruption, these additional resources placed strategically around the organization could mean the difference between success or obsolescence.
Where CI should sit in a corporate setting has been a matter of debate for years. A positive development in the survey results is that approximately 10% of Life Sciences companies are including CI on Innovation teams. Since these teams are formed to map the strategy of their companies well into the future, it is critical for CI to have a seat at the table.
For additional insights from this benchmarking study, stay tuned later this year for the full report and download your copy of the Executive Summary today to be among the first to receive the full report.
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Dawn helps companies in the Life Sciences space map their competitive environment, develop intelligence strategies which identify risks, and position them for future growth. Prior to joining Cipher, Dawn worked for many years in the Healthcare space in leadership roles at Cigna, Schering-Plough, Pharmacia (now Pfizer) and Johnson & Johnson companies Ortho Biotech and Ortho-McNeil, and in the Management Consulting space for Right Management.