A year ago, the rating of the top-ten pharma brands; Roche, a Swiss-based pharma firm, with a projected brand value of 6.9 billion dollars, was named as the number one. Roche is considered as a more popular and valued brand than Victoria Secret, Rolex, and Hilton, according to brandirectory.com. The main component which makes a brand like Roche so hit are the trademarks. They are one of the reasons why firms pay nearly 500,000 dollars for branding services when they release a new drug.
The mainstream media, which is now incorporating television, print and online, offers the route for pharma promotions for advertising branded drugs. Even after the patent protection is lost by the drug, still, there is often huge value in continuing a brand name for the drug. For instance, consider a drug such as the renowned allergy medication Claritin. It has lost its patent protection more than a decade ago, yet it is able to generate millions of dollars and is commonly advertised throughout the United States in 2017.
It can be difficult to brand a new pharmaceutical, as there are so many raised hurdles in the process which should be overcome. Furthermore, traditional marks, such as the proprietary name of any drug, aren’t the mere type of trademark protection available for pharmaceutical firms. Non-traditional marks such as the share marks, the color of the drug also provide protection where the appearance of the drug has acquired distinctiveness.
There are multiple names for all pharmaceutical drugs. This is inclusive of a scientific name. Since these names are often complicated and long, a generic name is also selected. There is a requirement for all these names to be approved via a process to ensure that they aren’t in any way similar to another drug name.