- Nielsen survey: Price most persuasive when incentivizing brand switch; improved features least influential
- ROUNDTABLE: Improving patient outcomes, controlling costs with OTCs
- EXPERT BLOG: Provider status for pharmacists — one way or another
- Promo Watch: Creating a balanced approach to store brands
- CPR introduces National Brands and Store Brand advanced analytics tool
LIVONIA, Mich. — While today's cost-conscious consumers are increasingly choosing private-label over-the-counter medications over national name brands, new qualitative research from Market Strategies International has identified a high level of loyalty to name brands for consumers who believe they need "more" from their medications, Market Strategies noted in a report released last week.
"While consumers are very comfortable with private-label OTC medications overall and generally believe they're just as good as the national brands, there's 'something more' to the national brands that consumers want when they're faced with urgent conditions like severe cold or flu symptoms or diarrhea," stated Barbara Deradorian, SVP healthcare division, Market Strategies International. "While they can't pinpoint what makes a name brand better in these situations, they're still willing to spend more to ensure that they get the best possible results."
The other area where Market Strategies researchers found a higher-than-usual preference for name-brand OTC products is in the pediatric products aisle, where parents who are comfortable choosing private-label products for their own use instead turn to trusted name brands when purchasing for their children's needs.
"This consumer mindset where 'good enough isn't good enough'… has significant implications for OTC name brand manufacturers and how they position their products against private-label competitors, and for retailers in how they merchandise their OTC aisles," Deradorian noted.
Are you a nurse practitioner or physician's assistant? Join our Facebook group to get all the latest news dedicated to delivering healthcare services to patients in retail pharmacy clinics.