PharmaBusiness OTC products casualties: Strategic Imbalance
PharmaBusiness
OTC products casualties
Strategic Imbalance … The Media-Centric Predicament and Under-utilisation of Pharmacist Recommendation
Although in the last couple of years, several new OTC products were launched, recollection may often lead one to recall predominantly old established OTC products.
This occurrence is aligned with the industry’s observation of a considerable fatality rate among newly introduced OTC products, leading to the closure of OTC divisions within pharmaceutical companies.
In this prevailing landscape characterized by the dominance of social media, there exists a common misconception that leveraging online platforms and celebrity endorsements guarantees success for new OTC products.
Regrettably, numerous organizations subscribing to this belief have encountered substantial financial losses and resounding failures.
In contrast to FMCG products, the purchase decisions of consumers regarding new OTC products are not solely influenced by advertisements on social media channels.
The success of new OTC product hinges to a large extent on the endorsement by the pharmacists at the point of purchase. He is capable of instilling the confidence in customers mind that they can make a purchase of the new OTC brand without consulting a doctor.
This pivotal role is played by pharmacists, addressing customer queries and exerting influence in favor of the new OTC product.
While social and lay media platforms create awareness, it is the recommendation by the pharmacist that induces trial.
Ultimately, the enduring success of a new OTC product depends on the perceptible efficacy and absence of side effects perceived by the customer upon usage, which leads to repeat purchase.
It is also important to acknowledge that new OTC products do not experience immediate adoption akin to new prescription products. Patience and a balanced allocation of promotional spending above and below the line are essential for a new OTC product to flourish.
Additionally, packaging should not lean towards ostentatious or overly solemn design. Instead, it should impart a sense of confidence to consumers to purchase the brand.
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PharmaBusiness OTC products casualties: Strategic Imbalance