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Questions About Licensing a Pharmaceutical Brand
Pharmaceutical companies spend a lot of time and money building brand power and value in the marketplace. When consumers respond positively to a brand, they begin to develop trust in the company. This trust builds a relationship between the consumer and the pharmaceutical company that offers even greater value. When this occurs, the brand is invaluable and becomes a great candidate for licensing. Questions About Licensing a Pharmaceutical Brand
As you can imagine, licensing a pharmaceutical brand is tricky and not easy. Yet, it can be done effectively if implemented well. Here are some of the most frequently asked questions about licensing a pharmaceutical brand.
Why Should a Pharmaceutical Brand Consider Licensing?
Pharmaceutical companies create medications that are designed to help people feel better. When a medication has proven over time that it can positively impact the public’s health, pharmaceutical companies are then able to capitalize on this trust.
Today, consumers are taking more responsibility for their health and well-being. Trusted brands can capitalize on this by helping consumers with more than simply selling them medications. By licensing products that help consumers improve their health, they can enhance their brand image and consumer loyalty. Questions About Licensing a Pharmaceutical Brand
Does the FDA Have Concerns About Licensing Pharmaceutical Brands?
The FDA has some concerns about licensing pharmaceutical brands. Their main concern is that the general consumer might be misled to believe that the medication a company is known for is an ingredient in all of its future products.
For example, a company that produces a drug designed to reduce cholesterol could not license a line of heart-healthy bread. The correlation between the two could lead many consumers to believe that cholesterol medication is used as an ingredient in the bread. That is misleading and is something the FDA likes to avoid whenever possible. Questions About Licensing a Pharmaceutical Brand
Can Licensing a Pharmaceutical Brand Really Reach Consumers?
Yes! Consider a common allergy medication, Claritin. In 2010, the allergy drug recognized a licensing opportunity and teamed up with a luxury bedding manufacturer. They licensed the use of their brand name to a full line of allergen barrier fabric products. This collection reached new customers, and the line grew. Claritin’s brand image also improved with an increased amount of positive customer feedback.
Contact CMPD Licensing, LLC Today for More Information
At CMPD Licensing, LLC, we provide guidance to pharmacies and pharmaceutical companies. If you are interested in becoming a CMPD licensee, then we would love to speak with you. We can answer all of your questions and help you make the decision that is best for you. Fill out our confidential contact form to find out more about this incredible opportunity. Questions About Licensing a Pharmaceutical Brand
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