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While the practice of competitive intelligence is as old as competition and private enterprise itself, it has emerged as a systematic discipline and a profession in the developed economies only in the last 30 years or so. In India its practice is relatively new, but expected to grow very rapidly. There are several reasons that come With global pharmaceutical markets registering sluggish growth (around 4-6%), multinational companies have shifted their attention towards emerging markets like India which grew at the double digit rate of around 13-15% in 2010. Economic growth, increasing healthcare expenditure and the improved Intellectual Property framework has made India an attractive destination. It is currently the third largest market If I was asked this question only 5 years ago, I would have hesitated in responding. Competitive intelligence was “nice to have”, but few companies were ready to commit resources and budgets for it. I recently had the opportunity to interact with several senior CI practitioners from companies operating in various sectors such as IT, BFSI, If companies are commissioning research to just “cover their backs” then why should firms (like us?) bother with methodology, sample sizes, segmentation, Porter’s five forces, SWOTs and what not? |
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