Marketing Strategy: Are Consumers Really Influenced by Brands When Purchasing Pharmaceutical Products?

Abstract

Much research has been done on whether or not branding plays a role in consumer purchases. Consumer goods companies have followed a particular structure in how they brand their products. It is still debatable, however, if this model can be transferred and adapted to the pharmaceutical industry. This paper discusses branding in general together with its advantages and disadvantages. Next, the pros and cons of branding specific to the pharmaceutical company are discussed. Primary research is conducted by the author in order to supplement information learned through secondary research, in order to answer specific questions to gain a perspective on consumers' perceptions of branded versus generic drugs. Results are discussed, followed by recommendations about how to effectively brand pharmaceutical products.