Covid 19 & Pharma Business.docx - COVID-19 PHARMA BUSINESS...

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COVID-19 & PHARMA BUSINESS : THE RELEVANCE OF BRANDING Medicines are an essential part of our lives & its marketing is vital since availability of the medicines at the right time can save lives. At present, the pandemic has provided a business opportunity to the industry; reputation & trust are at an all-time high as consumers look upto the pharma industry for vaccines & treatments to tackle the virus and other ailments. Pharma companies have been re-thinking the relevance of corporate brands as the pandemic is offering the industry a chance to boost their reputations. The pharma advertising to consumers has increased with messages backing science & emphasizing on the need to continue visiting doctors for treatment. At present the consumers are more inclined towards the need to stay well-informed when it comes to their choices & treatment options. In a bid to address these concerns, some companies such as 3M, an American multinational conglomerate that produces N95 masks, have switched from paid advertising to informational marketing to reach out to their B2B clients. HISTORY OF BRANDING The word ‘Brand’ is derived from ‘Brandr’ of Anglo-Saxon origin. Over 100 years ago, Thomas Beecham recognized the relevance of importance when he began promoting his safe & effective laxatives ‘Beecham Pills’. This step of Beecham began a new trend in the pharma marketing, as brands began to be viewed as attachment of personal guarantee of products’ efficiency, quality & consistency. The term ‘Brand’ has been defined by the American marketing association as a name, symbol, design or a combination of these which intends to signify the goods or services of the seller or group of sellers & to distinguish them from those of their competitors. QUALITIES THAT A BRAND SHOULD POSSESS Attributes: Your brand must contain few attributes such as swift dissolution, dual mechanism of action, etc. Benefits: In addition to attributes, your brand must also contain certain benefits such as fast relief, safety, convenience, etc. Values: A brand must say something regarding the products’ value. These benefits must specify the extent your company will go to give a product quality, consistency irrespective of the cost involved.

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