Simply put, brand protection is a set of activities and capabilities performed by a pharmaceutical company and its stakeholders in order to prevent unauthorized trade related to its brands and trademarks and to minimize the risk of damage or loss of business due to unauthorized use of the brands. It is important to understand and appreciate that it is a complex and dynamic process, and it can take years before it is completed, which is why the significance and value of brand protection should not be underestimated in any pharmaceutical organization.
According to the OECD, in 2020 trade in fake products comprised 3.3% of global trade. In the European Union (EU), this equates to 5% of all imported goods being fake, which results in 800,000 job losses and a revenue loss of approx. 14.3 billion euros.
As the online sales continue to increase and consumers become more comfortable with making more purchases online than ever before, some predictions state that around 5 million people in the US purchase medication online. This puts more consumers at high risk of purchasing counterfeit medications online now more than ever. It is crucial for pharmaceutical companies to keep brand protection a priority and create procedures that combat this internally and externally.
There are many areas of pharmaceutical company which are primarily concerned with brand protection and the management of this process. These include research and development, legal activities such as trademark, copyright, domain name registration, and other similar activities. In addition to these core functions, there are also many subsidiary functions which need to be kept in mind.
One of the most important aspects of brand protection involves the creation of the brand image recognition. In short, the success of a brand depends on the recognition of the company and the products and services it manufactures.
The legal aspect of branding also plays an important role, and the law has several definitions that companies must follow to comply with legal requirements related to the protection of their brands. This includes the right to control the name and use of trademark, copyright, domain name registration, and other intellectual property rights.
The role of a company in the production and marketing of its products or services also have a significant impact on the company's brand recognition and reputation. Proper marketing strategy should be used to create awareness, and to increase the market share for a particular brand. Also, marketing should be aimed at educating the client on the existence of counterfeit drugs. In short, all these aspects and factors work in tandem and play an important role in the long-term development of the company's brand image.
In conclusion, it is very important for pharmaceutical organizations to understand the importance of brand protection, especially in the context of developing new products, services, or research. The protection of the brand is one of the key objectives of all pharmaceutical companies. It is important to understand the role of brand protection, because without it all the other aspects of the Pharmaceutical Industry can be jeopardized.