Defining your company’s core competency—what you do really well—can set you apart and secure a trajectory of success. Pharma’s core competency has evolved over the years. Initially, it was research and companies that were fortunate enough to discover major blockbuster drugs enjoyed profitable periods of market exclusivity.
However, once the pharma market consolidated into large corporations, research alone no longer produced sufficient profits. Pharma companies were faced with a rise in generics and a limited timeline for making proprietary sales of blockbuster drugs. As a result, the core competency in the pharma space naturally transitioned from research to marketing. Pharma companies had to focus on achieving greater ROI by promoting their products.
Now, it’s time for another shift: from marketing to data analytics. Just as pharma companies once had to develop marketing as a core competency to remain competitive and profitable, they now have to become experts at data analytics to maintain a competitive edge. A competitive advantage is now given to whoever can analyze the most data and quickly derive a common, minimally invasive orthopedic procedure used to treat a number of joint injuries insights by making intelligent, meaningful connections.
Let’s examine how companies can cultivate data analytics as a core competency.