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Demand for Brand Protection in the Pharma Industry

The global pharmaceutical market is worth approximately $934.8 billion and is estimated to reach over $1,170 billion in 2021, with locations spanning all continents. But with any global growth, so comes the growth of threats impacting the health of the industry.

According to a study conducted by Pharma IQ, only 53% of respondents in the pharmaceutical industry state that their organization has a brand protection strategy in place. The more shocking piece of this was that 26% don’t have a brand protection strategy and/or plans to put one in place at all.

Measures of Defense: Why Brand Protection Matters

Every year hundreds of thousands of people die due to counterfeit drugs. Some counterfeits even include things like printer ink, paint and arsenic. No doubt these have devastating consequences to the person ingesting them and end up being costly to the brand that has been replicated.

For pharmaceutical companies, any of the above issues can severely damage its brand reputation. In order to protect their brand, companies have to:

  • Protect their customers: Whether a drug has been replaced with an incorrect dose, or replaced with a placebo, people depend on these life-saving drugs. If someone is taking an incorrect dose, their life is at risk.
  • Protect the bottom line: In an innovative industry where R&D leads the priority list, lost revenue to counterfeits and other life-threatening incidents, can reduce returns on investment.
  • Protect their reputation: When a consumer purchases a drug from your brand, they are very literally putting their life and health in your hands. If a consumer can’t trust you, your organization will suffer.

Register the Conference Now (at) 7th Seventh Brand Protection Excellence Forum (BPEF)

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