By 2005, many multi-billion dollar drugs will come off patent, including blockbuster drugs such as Claritin, Viagra, Glucophage, and Prilosec (see chart on page 51). The financial incentives for prolonging the life of these brands are enormous. Last year, Claritin earned almost $2 billion in sales. Viagra earned almost the same amount. In the face of patent expiration and generic competition, healthcare companies must determine the best strategy to ensure that their brands avoid extinction and continue to generate revenue.
According to Burt Alper, strategy director of Catchword Branding, a U.S. brand and name development firm with offices in New York, Los Angeles, and Oakland, Calif., pharmaceutical companies first need to determine the best brand-building program for their particular product, whether it is a traditional, or more modern and creative approach, or even a less obvious, and perhaps underutilized tactic. He adds that companies need to evaluate the strategies being employed, which are the most effective and…
Key Pharmaceutical Drugs Coming Off Patent
Taking Value from Non-Traditional Branding Methods
Experts on this topic
Burt Alper, Strategy Director of Catchword Branding
Mark Skoultchi, Managing Director of Catchword’s New York office