Fake medicines in the market are a big menace and a big apocalypse on the planet today. Something as precious as medicines that can save a human life is adulterated to the extent that it can actually kill a human being.
Not only do Fake Medicines have serious ramifications on health, they also affect the Brand in the most negative way.
Fake Drugs’ business is one of the most damaging businesses in developing countries and also in some of the developed countries across the globe. It has direct repercussions on the reputation of the Pharmaceutical Brand and it decreases the competitive advantage of the brands in the market.
Reputation at Stake
Brand building is not an overnight process and it takes years to build a brand and establish it in the market. It takes enormous efforts and huge investments and a great amount of research, perseverance goes into the brand building.
Pharmaceuticals are not like any other products on the market, but they can make or take a life. They have a direct emotional connection with the consumers and that gives the necessary brand value to the brands of medicines and drugs.
The reputation of a particular Pharma brand is a decision making factor and has a direct relation to the sales and profits of the company. Also, very popular drug brands have a higher risk as there is more possibility for fraudulent people to come up with counterfeit medicines that may be at par in appearance with the original drugs.
After consuming these drugs, due to the inefficacy in terms of its results, leads the consumers to be felt cheated. This kills the reputation of the original Pharma brand in the market.
Dilution of Brands
The strength of a Pharma Brand depends upon its effectiveness and direct results. Counterfeit drugs will naturally not give the right effects or at times may even give negative effects on the health of patients.
Even if a patient is consuming various drugs of one brand and if even one medicine or drug proves to be adverse in its effects it naturally affects the entire brand and it largely dilutes the brand’s strength and trust factor in the market.
Risk of association with poor quality Fake Medicines
Fake Medicines may not only affect the reputation of the brand in the market but it can have serious ramifications on the health of individuals in some cases even leading to death.
It is the trust factor of the original brand that makes people buy the medicines. Counterfeit medicines are brought under the pretext of being original and after seeing lesser results, they make them lose their faith in the brand and kill the reputation further.
Decrease in competitive advantage
The growth of brand is directly proportional to their value in the buyer’s mind. Once this value and the image of the brand gets affected, it naturally affects the sales, profits and eventually the entire growth of the organization and the brands associated with it.
The brand that takes years to develop collapses in reputation in the market overnight. This means sever loses, at times in millions to the company. Moreover, it is almost impossible to rebuild the reputation in the market convincing the buyers that it was a counterfeit medicine that caused the damage in the first place.
Profitability of the activity, demand for particular drug etc. causes the counterfeit drug industry to thrive in the medicine market. The huge fake drug nexus further makes this business easy to grow and it is also very difficult for the fake drug lords to get caught. Visit www.lasersec.in/pharmaceutical.html for more information.