Advantages And Disadvantages Of Generic And Brand Name Drugs – Essay Example

Generic and Brand Drugs Generic and Brand Drugs A drug that is brand d is one whose medication is marketedby a certain pharmaceutical industry. A brand is an asset, which links certain products to relevant customers. (Agress, 1996).The drug contains two names at the starting point. The generic name is the scientific names of the drug while the brand name is what the companies assign for the purposes of marketing. Generics are after the patent, which may last for a period of twenty years.
Brand building is a costly process and requires a long-term supporting system. It would also create real value in the eyes of industry partners, and perceived value in the eyes of product users. In addition, it also creates intellectual property (trademarks) that can increase the value of the product to partners performing together in a commerce business and the PDP is controlled of how the different kind of product is cost and are utilized. Increasingly, generic OTC and consumer healthcare products given carry with them the reputation of the vendor. PDP-developed products have social values.
There are several costs involved in branding, which are usually incurred by the consumer or transferred to the donor. It would require long-term support, and donors will not be willing to sustain support. Market share is difficult to be increased since a strong meaning is not established for our brands. (Aker, 1991)
There is need to “support both the generic and the commercial forms of products on the marketplace since our goal is greater health not greater market share” (Aaker, 1997). Budgets that are less forgiving usually call for tactics of high standards. There is need to develop a simple relationship with your private-sector partners that is beyond production only. Extensive experience is required in product marketing and expertise.
References
Austin, J. R., Siguaw, J. A., & Mattila, A. S. (2003). A re-examination of the generalizability of the Aaker brand personality measurement framework. Journal of Strategic Marketing, 11(2), 77-92.
Agres, S. J., & Dubitsky, T. M. (1996). Changing needs for brands. Journal of Advertising Research, 36(01), 21-30.
Aker, D. A. (1991). Managing brand equity: Capitalizing on the value of a brand name. New York: Simon & Schulter.