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- The first step in defining your competitive landscape is to identify and define the technology’s current competition and how they fit into or define current standard of care (SoC).
- An important step in the process is to forecast how is the SoC landscape may shift during your technology/product development.
- Identify other technologies/products in development that may emerge as strong competitors in the future, and may alter SoC and the way your technology/product would fit in.
- The key to competitive analysis is differentiation: how is your proposed technology/product better than current and other future options, and for what segment(s) of the patient population?