Brand names are the most important attribute of a product after its quality and packing. It is being perceived that branding plays a significant role in the sale of pharmaceutical products. It helps consumers to easily identify any product with its brand name. It also helps pharmaceutical companies in communicating why their brand is superior then the competing brands. Such brand names never escape from the memory of customers. Few reputed pharma brands are : Viagra, Mucorex, Luvent LC, Aciraz etc.For running any organisation their products or services should be of utmost quality. These products or services are known by their brand names. These brand names are assigned by the company’s management or it’s Research & Development Department. At the time of incorporation of any products, it’s valued by just a brand name but later it becomes the identity of the company. Selection of a brand name is not only a science; it’s also an art. As it is believed that the pharmaceutical drugs deals with the processes of life, which must be understood before these are guided to customers or patients. And to understand that need, selection of a brand name is important. Remember when the last time you got a prescription from the doctor’s office? Could you read it right? Probably no, but pharmacist does. It simply shows the importance of brand names, the brand names should be unique to avoid the confusion at the level of pharmacist or the physician. The names for same drug such as montelukast and levocetirizine are different and unique from each other such as Luvent-LC, Monvent-LC and Telamon-LC. Additionally, these brand names do not claim any health and wellness claim as it is restricted by trademark authorities. Once the brand passes with the trademark registration and surpassed other regulatory hurdles, it still has some hurdles left. Healthcare market is fuelled with a number of products with similar compositions. So, it gets very difficult to make you brand unique between the pharmacist, physician and consumers. Brand communication takes place differently in the mind of customer as compared to physician who is prescribing the products to the consumers. It is been rightly said that:
“When your brand is not connected with your customers, you may not experience long term success.”CHALLENGES WHILE SELECTING A BRAND NAME IN PHARMA INDUSTRY Though every business has to face some challenges at the time of incorporation. The major challenge one has to face while incorporating his own pharma third party manufacturing unit is trademark registration. Trademark Registration needs special care and a tailored approach. It sometimes becomes very challenging to decide a unique brand name that is distinctive but easy to remember for its users. Some of the major challenges faced by a pharma third party manufacturing associate are :
- Trademark Development: Developing a trademark is a major issue in pharmaceutical industry. As being a consumer and healthcare brand it needs legal viability. When one begins to start the branding process, selecting a brand name that communicates the right information to the customer is very important.
- Obtaining a Website Domain: In today’s digital era obtaining a website domain is very much important. Acquiring a .com for new brand may be easy but spreading it might be incredibly challenging for the associate. As digital market is expanding on a regular basis, so to reach a global audience is crucial.
- Testing Linguistics: In every industry it is essential to test the linguistics of a brand against different languages internationally to ensure that your brand name in any language is not misleading and doesn’t communicate any negative information.
- Selection of a Brand Name: Healthcare names should be such that it connects with the emotions of the customer to maintain long term relationship with end users. Selecting a brand name is challenging but an exciting opportunity for its end users.
- Regulatory Hurdles: In pharmaceutical industry a name speaks to a variety of audiences, so in every context there is a different meaning for different person that is pharmacist, doctor or consumer. So, a brand name should be such that it is unique and passes all the legal regulations.
- Relevancy:While selecting a unique brand name you must be assure that it is relevant and it meet people’s expectations. A brand name performs a job to persuade customers that your product is branded and is effective to use.
- Consistency:In pharmaceutical industry a consistent brand signifies what the brand stands for and builds customers trust in the brand. When the company communicates the message in a way that it does not deviate from the core brand proposition it deprives the consistency in the brand name.
- Proper positioning :Brand name should be selected in such a way that it is positioned to make a strong place in target audience mind and they don’t prefer it over other brands.
- Sustainable:A strong brand makes its business competitive. In pharma industry it is very important to maintain sustainability because of huge competition. Brand name should be such that it drives an organization towards innovation and success.
- Credibility :In healthcare industry brand name should be such that it should do what it promises. It should not fail to deliver what it actually promises. In pharma it is very important to select such a brand name.
- Uniqueness :In pharma third party manufacturing company a brand name should be different and unique that it sets you aside from the other prevailing brands in pharma industry. It should set you apart from other competitors in market.