Brand awareness methodology is the new motto of the pharmaceutical industry to expand their sale cycle. Pharmaceutical companies are spending a huge amount for branding on television and print campaigns. Advertising the brand is the primary pharmaceutical sales strategy nowadays.
History and importance of Branding
Thomas Beecham was the first to start branding of his safe and effective laxatives. After his “Beecham Pills”, the trend of branding came into action. In the pharmaceutical industry now the company’s focus is to promote their brand instead of specific medicines. Beecham strategy succeeded as he attached a sense of personal guarantee to the product’s while selling them up, which later turned in to branding.
Branding helps in forming a relationship with customers on an individual basis. A brand medicine automatically speaks about the quality of the brand. Due to the complete trust on a brand, the brand name drugs achieve more pharmaceutical sales than the non-branded drugs. Branding in itself gives an assurance of quality and safety, hence attracts more consumers.
Branding is important as it provides significant competitive differentiation. The price of a branded medicine is on a little higher side due to their high standards of manufacturing. Branding advertisements are so aggressive that it even crosses the borders and succeed in grabbing the attention from the global customers.
Additionally, it influences the behavior and attitude of the consumer. The advertisements and campaigns are so strong that they form a brand trap in customer’s mind. The focus in an ad is more on the risks and benefits rather than the drug information. This strategy of emotional attachment is what develops trust in the consumer’s mind. A powerful brand providing top notch brand name drugs attracts customer’s loyalty and becomes one of the greatest sources of revenue for the business.
Challenges faced in branding a pharmaceutical product
The pharmaceutical brand managers face a lot of challenges for branding their company’s product. Some of the challenges are regulatory constraints, long product development cycles, competition from other branded products, competition from generics, and other political pressures. Marketing to increase the popularity of brands and to support the pharmaceutical product sales is a crucial challenge.
The traditional branding strategies using television, radio, pamphlets need a revamp. They need to come up with a well-justified approach that appeals the differentiation their brand portfolio is offering. New advertising strategies like twitter, facebook and other social media platforms need to be embraced by branding managers. Branding portfolios should be more real, demanding, transparent and customer responsive.
The strategies for branding should be more realistic for customer satisfaction to attract more customers. The product portfolio must be focused on solving the customer’s problems rather than providing irrelevant information. Branding in the pharmaceutical industry should be as per the regulatory terms.