Prestige Brands earlier this year completed its acquisition of 17 GlaxoSmithKline brands. Drug Store News sat with Prestige SVP sales and marketing Tim Connors to discuss what’s next.
DSN: What is the next step?
Tim Connors: Our strategic value creation plan consists of three components:
- Grow our brands organically;
- Acquire [additional] OTC brands; and
- Strategically manage our portfolio.
That’s our roadmap to becoming a $1 billion OTC company.
DSN: What are some of the synergies that you see coming out of Prestige’s broader portfolio.
Connors: The real benefit from having an expanded brand portfolio, simply put, [is] the shared knowledge across our brand portfolios in analgesics, gastrointestinal, cough-cold, ear-eye, oral care, sleep aids, dermatology and household. Developing and sharing consumer insights, new product development technologies, class of trade expertise and a deeper knowledge of the consumer are the most important building blocks for our brands long term.
DSN: Can you provide an example?
Connors: Dramamine. ... We [uncovered] a consumer insight that moms use the [adult] product for their kids. ... So we came out with a new Dramamine for Kids with a lower dose that would be applicable for children under 13 [years of age].