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In the United States approximately $20 billion could be saved if generics were used instead of equivalent brand name products. [ 2 ] Although pharmaceutical companies have made large investments in marketing their products, overall promotional spending has been decreasing over the last few years, and declined by 10 percent from 2009 to 2010.
For example, under a 3-tier formulary, the first tier typically includes generic drugs with the lowest cost sharing (e.g., 10% coinsurance), the second includes preferred brand-name drugs with higher cost sharing (e.g., 25%), and the third includes non-preferred brand-name drugs with the highest cost-sharing (e.g., 40%).
Drug nomenclature is the systematic naming of drugs, especially pharmaceutical drugs.In the majority of circumstances, drugs have 3 types of names: chemical names, the most important of which is the IUPAC name; generic or nonproprietary names, the most important of which are international nonproprietary names (INNs); and trade names, which are brand names. [1]
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The process involved in product naming can take months or years to complete. Some key steps include specifying the objectives of the branding, developing the product name itself, evaluating names through target market testing and focus groups, choosing a final product name, and finally identifying it as a trademark for protection. [1]
“Brand-name products are most popular in the beverage aisle, with around 68% choosing brand names over store brand alternatives — even at a higher price point,” note Balagtas and Bryant.
Pharmaceutical policy is a branch of health policy that deals with the development, provision and use of medications within a health care system.It embraces drugs (both brand name and generic), biologics (products derived from living sources, as opposed to chemical compositions), vaccines and natural health products.
A brand name may include words, phrases, signs, symbols, designs, or any combination of these elements. For consumers, a brand name is a "memory heuristic": a convenient way to remember preferred product choices. A brand name is not to be confused with a trademark which refers to the brand name or part of a brand that is legally protected. [68]