Authors : Ashok Panigrahi, Ashok Panigrahi, Vijay Joshi, Vijay Joshi
DOI : 10.18231/j.jmra.2020.038
Volume : 7
Issue : 4
Year : 2020
Page No : 159-166
Brand equity development has been a recent trend in the pharmaceutical industry and is seeing a rapid growth in this segment of the market. Brand equity is the most influential factor among various competitors and thus affects the industry in all sense. In the early days, the pharmaceutical industry did not take much note to the branding and to increase the market share. It has become essential to increase the brand equity among the consumers. The brand equity not only helps in attracting the consumers but also the people who are unaware about the brands that are existing. These methods are not only useful in the means to earn the brand equity but also help in the company to retain in the market with a good position among the competitors. These are also the key factors that affect the growth of the industries, not only the sales force is attributed to build the brand , but also the appropriate knowledge has to be provided to increase the standards of the brand. There are also chances that arises that the generic drugs are acquiring and affecting the branding of the drugs. Due to the rise in the generic market, the company must also make advances in their strategies. This includes the lowering of the prices of the drugs as well as the competition from these products.
The impact of the brands in these days can be widely seen with the use of the various consumer-oriented strategies deployed by the Pharma companies in the development of their brands and in promoting their products. Apart from using, various advertisements to increase awareness about the products needs of the consumers are driving the ‘brand equity’. This will not only enhance the product marketing standards but also may establish a distinct mark as and when compared with other competitors.
Keywords: Brand equity, Pharmaceutical organizations, Brand loyalty, Brand strategy, Brand awareness, Generics.