Promoting Healthcare Brands In Categories Dominated By Generics
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
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