5 Ways Pharmaceutical Companies Can Compete with Generic Prescriptions in the Marketplace

Given the high-cost of prescription drugs in the marketplace, it is easy to see why many people choose generic prescriptions over the more expensive name-brand. But how can pharmaceutical companies compete with this growing trend in the marketplace?

Lower Pricing

Thanks to readily available research and several news outlets airing detailed investigative reports, it is common knowledge that the mark-up on prescription drugs is astronomical, and well out of the average middle-class individual’s budget. If pharmaceutical companies could work towards lowering the price of their product, even by a fraction, this would give them a sharper edge with which to compete in the marketplace.

Accessibility

Many people do not view pharmaceutical companies as accessible. To be successful in the marketplace, one must know who it is they are producing for. Confusing language and unclear mission statements tend to alienate customers that could be valuable for the success of these pharmaceutical companies.

If the language and studies were more direct, and readily available in multiple formats for the average consumer, this would create a more informed public who could easily grasp why pharmaceutical companies that provide hgh injections for sale and their products are the favorable choice.A surprising number of consumers do not even know the difference between what is in their generic medication as opposed to its name-brand counterpart. Being accessible to the consumer would mean being able to easily explain the differences, which may lead the consumer to choose the name-brand most of the time.

Coverage by Insurance

One of the biggest factors people choose the generic version of a prescription is because their insurance company only covers the generic version. If name-brand versions of prescriptions were more widely covered, pharmaceutical companies would see an undeniable spike in their numbers.

Public Outlook

The way pharmaceutical companies are viewed by the general public can aggressively affect their position in the marketplace. Good public relations are important for the consumer to see that there is an important reason for pharmaceutical companies to exist. This means that these companies need to hold their research teams, doctors, and scientists to almost impossibly high standards. The main goal for these companies after all, is public health.

Name Recognition

Pharmaceutical companies need to maintain a ubiquitous presence to be able to compete with generic prescriptions.  Large companies, such as Aleve and Advil, have done a good job at this.  Ask a random person on the street what a Naproxen 500mg tablet is, and they likely won’t know, but “Aleve”, sure, they see those commercials during Jeopardy every night.

Advertising on social media platforms, and creating a social media presence in general will help to keep pharmaceutical companies in the eyeline of the consumer. It is also important for the social media presence to be an engaging one.

Hiring a social media manager to answer consumer questions, regularly post, and send e-mails to consumers is one way to stay on top of social media. Many private companies offer this as a full-time position, recognizing the importance of staying engaged with the consumer. Being able to impart knowledge and information on a moment’s notice is a major benefit that the consumer will notice.

This particular market is largely governed by the ability of the consumer to afford the product. The only true way to compete with generic prescriptions is for the pharmaceutical companies to try to match the price point of the generic medication. Spreading knowledge about the product and maintaining good consumer relations are also invaluable elements to successfully staying ahead of the curve.