From Patents to Franchises
Executive Summary
While the pharmaceutical industry has succeeded in creating value through innovation, it has failed to capture the value inherent in innovation by relying solely on the traditional models of product life-cycle extension. Instead, given the growing brand-name presence many drug companies have developed with consumers through DTC advertising, drug companies should exploit the consumer brand-equity they've built in their products with line-extension strategies that go beyond pharmaceuticals. While such brand extension can sometimes be dangerous if used inappropriately, it can be, as part of a new product strategy, far less expensive than new R&D programs.You may also be interested in...
When the Consumer Drives Demand
Empowered consumers are playing a more proactive role in almost all treatment decisions. For consumer-driven and lifestyle drugs, a fast-growing portion of pharma's portfolio, marketers still focus on physician detailing but must resist the temptation to rely only on physicians to interpret consumers' needs. Consumers have their own approach to evaluating the risks and rewards of a lifestyle-oriented drug. The fact that it outperforms placebo in clinical trials matters little: they expect it to be significantly better, and without unpleasant side effects. Companies must weigh these expectations early in the development process. Adjusting the paradigm where the physician is king is a major challenge. The perception that traditional detailing efforts generate the dollars, while consumer marketing only spends them, remains hard to change.
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Two CBD marketers warned by FDA in a recent crackdown are targeted in class action complaints alleging they made unsubstantiated health claims and mislabeled ‘illegal drug’ products as supplements. Complaints are a wake-up call to CBD wellness industry to ensure claims are substantiated, as the class action bar is on the prowl following the agency’s 15 warning letter blast in November.
HBW Market News: GNC US Chief, Clasado Commercial Head, Barentz Funding
GNC hires Josh Burris as chief US officer; Clasado BioSciences adds Bellchambers as commercial director; and Barentz plans expansion with Cinven investment.
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