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Branding and Marketing in the Pharmaceutical Industry
Abstract
The pharmaceutical industry is at a phase where the need to embrace marketing and branding strategies on a larger scale has increased as compared to the past. In this chapter, the authors address the trends in which pharmaceutical branding has evolved over the years into something very different in today's world. The pharmaceutical products can be broken down into four types, which include the patented products, generics, branded generics, and the OTC market. This chapter looks at the branding activities that are carried out by each of these. The chapter highlights the learnings from the consumer marketing industry, the complexities involved in building a brand strategy, global challenges faced in branding in the pharma domain, some of the successful strategies that have been implemented in the pharmaceutical industry (success stories), and the future trends in this area.
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