Building a Strong Brand Equity in Pharmaceutical Industry

Abstract

The pharmaceutical industry has begun to exploit the potential of brand management very late compared to other industry. From 2013 to 2017, pharmaceutical companies have worked on the brand rather than on patents, following the example of companies operating in the consumer goods industry. This drives companies to adopt branding strategies that tend to explore the potential of the brand, which until then had remained unexpressed in the pharmaceutical sector. The analysis is focused on over-the-counter (OTC) drugs, a category of pharmaceutical products in which companies have managed to better express the brand's potential, also because they are not subject to prescription or strict regulations. The objective of this article is to analyze: a) at first, the levers of creating brand equity for OTC drugs and b) to evaluate subsequently, the impact of the non-conventional communication of this type of drugs on the consumer in the Italian market. The research methodology used was qualitative and quantitative, based on a dual approach. In the first phase through a comparative case studies of companies operating in the pharmaceutical industry. In the second phase with a field research through a consumer questionnaire and analyzing the data with a statistical-descriptive method. The research results show that the traditional drug selection criteria still prevail, such as the experience and the advice of the doctor and pharmacist, but a non-negligible percentage of consumers considers the brand and the way in which it is communicated also important. in the pharmaceutical sector for their choices. Therefore, managers should exploit this important brand awareness on the part of consumers, implementing appropriate strategies of line or brand extention. Lastly, managers should develop unconventional marketing tools for OTC products, which build consumer experiences that go beyond the mere therapeutic functionality of the product.