In the pharmaceutical space, an industry with one of the most complex and time-intensive development processes, we often see our clients face two common challenges that may be avoided with preemptive strategy and planning. The first is a lack of awareness and capitalization of potential brand equity, meaning that your brand must work even harder to catch up during the latter commercialization stages. The second is highly condensed timing requirements for the brand name and design process to meet regulatory submission goals and launch dates due to procrastination of earlier development stages.
Let’s examine some key insights that can deconstruct these two issues further and will make brand development and launch smooth and painless, setting yourself up for commercial success if implemented in phases I and II.
Consider whether you have a novel class
If your product is first-in-class, meaning it initiates a new indication, you don’t want to miss this opportunity to establish the class and position your product as a go-to therapy. As the pioneer in your vertical, you get to drive key market awareness around this new class. Don’t miss out and hand the chance to your competitors to be the Viagra® of your indication.
Have your nonproprietary name ready
Apart from a class name, your first naming hurdle is the nonproprietary name development. You want to start this development during phase I. Yes, you can save some time and money and get a name assigned to you by USAN or INN; however, this limits your ability to pick a nonproprietary name that is easy to say, spell, and remember. There also may be an opportunity to embed something in the name that is not relevant for your audience, even within the critical regulatory restrictions inherent within this type of name.
Trial by Fire
Another key question to ask yourself is, “Do you want a name and design for your clinical trial(s)?” This type of branding project is another opportunity to build brand equity during the early stages of your drug development. Whether or not you decide to brand your clinical trial, you want a relevant, memorable, and informative name that differentiates your product, communicates important elements to your target audiences, and sets your trial up for clinical success. Furthermore, consistency within design elements from trial to brand can significantly influence your target audience and drive essential awareness—setting you up for success down the road.
Even though the proprietary name and its design often get the most attention, you don’t want to neglect or put off any other important steps in the process. Each of these elements fits into your overall brand to impact the ultimate success of your drug. As always, if you have any questions about building a world-class brand for your compound, please don’t hesitate to reach out to the experts at Brandsymbol.