Promoting Healthcare Brands In Categories Dominated By Generics
ARTICLE BY
Vijay Wadhawan
Generic or brand name; it’s a choice we’re all faced with on a daily basis and it’s a choice that’s causing more and more concern for branded pharmaceutical companies. Since 2005 generics accounted for 43.5% of the total prescriptions filled in Canada, but by 2011 that number had skyrocketed up to 60%.
It’s clear that there has been a shift toward generics and, for branded pharmaceutical companies, fighting that switch will be no easy feat. Brands have already lost huge portions of their revenue streams, which means their budgets for commercial activities have reduced significantly. In order for pharmaceutical companies to adapt to this new environment, they’ll need a highly targeted marketing strategy.
After extensive research into the topic, the Environics’ Health and Wellness team has concluded that the most effective strategy that brands can use focuses on two major stakeholders, physicians and patients.
Although it is true that a slight majority of doctors in Canada prefer to specify a brand name on their prescriptions, 45% of doctors still prefer to prescribe generic
Find out how Environics can help your organization
Related insights
Toronto
366 Adelaide Street West
Suite 101, Toronto, ON
Canada M5V 1R9
416 920 9010
Ottawa
116 Albert St
Suite 300, Ottawa, ON
Canada K1P 5G3
613 230 5089
Calgary
421 7th Ave SW
Suite 3000, Calgary, AB
Canada T2P 4K9
403 613 5735