How Different Are Branding Strategies in the Pharmaceutical Industry Versus Fast Moving Consumer Goods?

7338 Words30 Pages
HOW DIFFERENT ARE BRANDING STRATEGIES IN THE PHARMACEUTICAL INDUSTRY VERSUS FAST MOVING CONSUMER GOODS?

Abstract

The objective of this paper is to analyse the branding strategies used currently in the pharmaceutical industry and compare it to the best practices in Fast Moving Consumer goods. First the authors review the differences in the way branding is defined and organised in

pharmaceuticals versus FMCG and identify why branding could be leveraged in the pharmaceutical industry to help it return to strong growth in the future. Second, the authors analyse in detail what branding The

strategies are currently used within pharmaceuticals and FMCG.

choice of brand names strategies, the level of brand globalisation, the use of
…show more content…
Branding, however, represents a new competitive advantage that could be leveraged by the industry, in line with the success seen in the FMCG (fast moving consumer goods) area over the last two decades. Branding strategies could then help to maximise return on investment for new products whilst helping to alleviate the inevitable growth of generics in the future.

4

The objective of this paper is to first investigate what is the current branding situation in the pharmaceutical industry and how it compares versus the FMCG experience; second develop a rationale for branding; third to analyse how pharma’s existing branding strategies differ versus current best practise in the FMCG area e.g. in the choice of brand name strategies, global branding, brand extension, co-branding and brand portfolio management and then finally to recommend actions that could make a difference resulting from the lessons learned from successful FMCG branding.

The current branding situation in the pharmaceutical industry

Brand definition

Traditionally when a pharmaceutical product is launched the product positioning is based on the product licence i.e. its indications and the established efficacy, safety and tolerability seen in registration clinical studies. Post launch studies then tend to lead to a broadening of the

indications, the development of new dosage forms and the strengthening of claims versus the competition (Moss 2001).

In the

More about How Different Are Branding Strategies in the Pharmaceutical Industry Versus Fast Moving Consumer Goods?

Get Access