Branded generic drug products are generic drugs that are marketed under a brand name. Examples of branded generics include Claravis (isotretinoin), Errin (norethindrone) and Trimox (amoxicillin).
There are several reasons why companies should consider creating a brand name for their generic drug product.
- To set your product apart from other generics in the market. A strong and memorable brand name can make all the difference in a crowded marketplace. Brand names help to create an identity for the product and differentiate it from other generics.
- Consumers may be more likely to choose a branded generic product over an unbranded one because of its perceived higher quality, reliability, and trustworthiness. Branding a generic drug product can help to increase brand recognition and awareness among consumers. This can help to build brand loyalty, which can result in increased sales and profits over time. Additionally, branding can make it easier for consumers to remember and identify the product.
- To position your product as a premium or high-quality alternative to other generics on the market. The branding can create a perception of added value and perceived quality, which can justify a higher price point compared to unbranded versions of the product. Consumers may be willing to pay more for a product they perceive as higher quality or more reliable.
However, in creating brand names for generics, it is essential to comply with FDA regulations regarding brand names for drug products. The FDA guidance documents titled ‘Best Practices in Developing Proprietary Names for Human Prescription Drug Products’ and ‘Best Practices in Developing Proprietary Names for Human Nonprescription Drug Products’ provide recommendations to reduce the likelihood a drug’s brand name will contribute to medication errors.
Brand Institute’s wholly owned regulatory subsidiary, Drug Safety Institute (DSI), can help companies develop a successful brand name for their generic drug product that complies with FDA regulations. Drug Safety Institute is composed of former naming regulatory officials from global government health agencies, including the Food and Drug Administration (FDA), European Medicines Agency (EMA), and Health Canada (HC), as well as the American Medical Association (AMA) and the World Health Organization (WHO).
By working with Brand Institute, companies can ensure that their brand name is distinctive, easy to remember, and legally available for use. Additionally, Brand Institute can provide guidance on developing a naming strategy that aligns with the company’s overall branding and marketing goals.
In summary, companies should consider creating a brand name for their generic drug product to increase market share, build consumer loyalty and trust, and justify a higher price for the product. However, it is essential to comply with FDA regulations regarding brand names for drug products. Partnering with Brand Institute can help companies develop a successful brand name that complies with FDA guidelines.
By Todd Bridges