According to a report from the Associated Press, offering coupons for brand name drugs could be the new go-to strategy for pharma companies looking to extend the shelf life of their products.
It is no secret that many people and companies are wetting their lips over looming patent expiries – the proverbial flood gates of the pharma industry just waiting to be opened. Over the coming months, many blockbuster drug patents are set to expire, and that means the reign of certain big name brands is likely set to come to an end while those companies look for new ways to combat the inevitable onslaught of generic competitors. If a new strategy proves successful, however, some companies may be able to maintain their majority market share for a little while longer.
In the hopes of staving off competition from generics, major companies like Pfizer, Novartis and Bristol Myers Squibb are turning to a coupon-based strategy in the hopes of retaining their customers. The hope is that by offering coupons for their brand name drugs, customers will feel more incentive to purchase the name brand over a competing unknown generic drug which costs less.
Do you think this turn to a coupon strategy will enable pharma companies to continue reaping a profit from their well-known drugs, or is it only delaying the inevitable?
Share your thoughts. Read more details about this coupon strategy at Drug Discovery and Development.