for the healthcare and pharmaceutical industry
Brands stay relevant by differentiating themselves in a world that changes continuously. This is achieved by remaining true to their essence, which is why well chosen brand names are invaluable. Since 1984 Globrands articulates the brand’s identity in a way that is effective, appealing, future ready, and unique.
Naming for health and pharmaceuticals
Pharma and medical devices
Because naming for pharmaceuticals and medical devices is a complex matter, it requires an integrated approach in which the relevant disciplines combine their strengths in order to get the best results possible. In the dynamics of the healthcare and pharmaceutical industry, the importance of professional guidance in the brand development process and the relevant regulatory approval is significant.
That is why Globrands formed a dedicated worldwide operating expert unit for health, medical and pharma naming projects, Globrands pharmanaming.com with experienced professionals in every relevant discipline.
From molecule to brand
While proprietary medicinal products used to have a high degree of in-crowd names and language, cultivated by the pharma industry and medical specialists as their domain of expertise, today pharma has become a brand dependant industry in which brands are owned by the public, debated by the media, commented on by patients and caregivers on internet and requested by name in general practitioners’ surgeries. These developments have created a necessary paradigm shift in how healthcare companies should approach the concept of brand development.
Engage with the end-user
The need to engage with the end-user has caused companies to rise to the challenge of speaking the patient’s language as much as the prescriber’s language, ultimately resulting in a new way of pharma and health branding to create a relationship with both prescribers and patients.
A well-balanced brand name has, therefore, become a strategic tool in the communication of the product and has come to be recognized as a powerful wealth creator by the pharmaceutical industry.
As pipelines produce more diminishing returns and as generics prove an ever greater force to be reckoned with, one of the fundamental challenges for the pharma industry is making that all-important transition from the current model of profit maximization before product obsolescence, to one of brand maximization to prevent obsolescence.
Rethink brand development
This calls for a radical reassessment of the value of brands within the industry and a rethink of how brands are developed, managed and maximized.
The patient is less concerned with how a drug works and more concerned with what that drug can do for them, so brand names should be more benefit oriented and communicative across and relevant to a wider set of target audiences. Globrands' expert unit pharmanaming.com delivers evocative and memorable names, executed in a manner that differentiates your product from the competitive landscape. Globrands works on the creative name development of brand names every year with clients ranging from the world’s largest multi-national companies to start-ups.
Brand as key differentiator
The end of drug patents also introduces complexity for brands with the rapid emergence of competition delivering the same performance but much cheaper. What is left if the product formulation is out of patent? The brand name and brand resonance can keep valuable connections and reasons-to-believe with the consumer. The competition of the future no longer takes place between different products and services but between the values built into names.
Many names are worth much more than the product itself. The product should be very good, and it pays to develop a strong name that can make the product successful and can last longer than the patent does.