The Significance of Branding in the Pharmaceutical Industry

Branding is a way for pharmeceutical companies to develop loyalty with consumers.

Pharmaceutical branding is a significant force in the way the public either accepts and trusts, or fails to embrace, new drugs being developed by the industry. It also is a crucial tool in keeping consumers loyal to products that are more expensive than generic substitutes.

Function

Branding exists as an attempt to create long-standing relationships with consumers. A pharmaceutical brand name has to inspire both the doctor, or prescriber, and the patient. Branding is also a way for consumers to recognize and relate to one medication over other, sometimes similar, medications.

Features

Branding helps the industry develop a name that will stand out from other names, convey the positive effects of the drug, and draw people to one drug over others. Brand names are created by breaking down the components of a drug to derive what the industry sees as a user-friendly name, or by creating a name that sounds reminiscent of a positive, or curative, feeling.

Considerations

Pharmaceutical companies rely on branding to stretch the value of their drug investments. Many drugs can be used to treat different illnesses at different doses, so the industry uses branding to draw potential consumers to their drugs with names that have the ability to invoke different feelings and results for different uses.

References

• Brand Channel: Brand Matters: The Lingua Franca of Pharmaceutical Brand Names

Resources

• KLM, Inc. : The Strategic Significance of Brands