Understanding of consumer’s awareness about brands in pharmaceutical industry: An empirical study

Abstract

The pharmaceutical companies are adopting product differentiation as a marketing tool. The purpose of this study is to examine the awareness of patients about brand in pharmaceutical industry. Data are collected from 442 people regarding their interest in knowing details about prescription. Extracted component method and goodness of fit are the statistical tools adopted for analysis.The findings indicated that the lower income group is more likely to repeat buying same medications for the similar symptoms. With education and income, various factors have emerged like ‘comfort’ and ‘company name’. These patients have started inquiring prescriber about the details of medicine.The changing scenario with respect to pharmaceutical industry is rarely studied with implications to its end consumer, that is patients. The above results will help marketers to design the marketing activity in such a pattern that suits the requirement of the today’s patients. The findings of the paper will help the industry for promoting the medicine for condition in which it needs to be taken. The results also help pharmaceutical industry to contribute to better health and improve the positioning. Originality/Value: Consumers' view on a brand is not studied to the great extent. The three components that are perception, involvement, and buying behavior are analyzed through a scale.

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