Best Practices - Brands: Parent Companies Versus a New/Existing Subsidiary
Detailed research could not uncover any best practices for brands trying to re-brand as a parent company versus a new subsidiary or an existing subsidiary specific to the pharmaceutical industry.
Sunovion, a Massachusetts-based B2C and B2B company utilizes a "multichannel marketing strategy" focused on caregivers, Healthcare Practitioners, and patients through digital initiatives. The various drug brands associated with Sunovion Pharmaceuticals Inc include the Alvesco brand with its generic name as ciclesonide, the Aptiom brand with its generic name as eslicarbazepine, among other brands. Sunovion Pharmaceuticals Inc has over twelve brands of drugs in the United States. Apart from marketing to patients and practitioners, corporate advertising agencies constitute a significant marketing channel for Sunovion Pharmaceuticals.
BRANDS TRYING TO RE-BRAND AS A PARENT COMPANY VERSUS A NEW SUBSIDIARY OR AN EXISTING SUBSIDIARY
1. Building brand equity using platforms such as Twitter and Facebook
- A 2019 competitive strategy consultancy report by Fuld & Company reveals that building brand equity using social media platforms such as Twitter and Facebook is a growing and successful practice for a collection of brands having the same parent company.
- Sunovion pharmaceutical is one of the B2B and B2C companies utilizing Facebook and Twitter to build "brand equity."
- Sunovion brand equity campaign have over 35,000 followers on Facebook and over 24,000 followers on Twitter.
- According to Fuld & Company, the re-branding initiatives of Sunovion pharmaceutical seem to have worked for it as it resulted in more of its product sales. Aptiom, one of Sunovion's North American product had its net sales grow by 70.4% between the 2015 and 2016 fiscal years.
- The sales of Brovana, a brand marketed by Sunovion for the treatment of chronic obstructive pulmonary disease, increased by 28%, and its schizophrenia management drug Latuda had a growth of 24.8%. The case study of Sunovion signifies the extent to which marketing can significantly contribute positively to brand awareness, and also improve product uptake.
2. Engaging in disease awareness campaigns
- According to a 2019 Fuld & Company report, successful drug manufacturers including Sunovion pharmaceutical have adopted disease awareness campaigns because they are used to build brand recognition without promoting any specific drug.
- Drug manufacturers have recently adopted disease awareness campaigns because they are used to build brand recognition without promoting any specific drug. Manufacturers are now abandoning old methods of product-based campaigns in their D2C (i.e., B2C) marketing and are now focusing on communicating the "value of the drug for the patient."
- A review of Sunovion pharmaceutical web page, Facebook and Twitter pages reveal that the brand has several disease awareness campaigns such as epilepsy, seizures, mental health conditions, etc.
3. Expanded presence in conferences
- According to the 2019 Fuld & Company report, Sunovion and other successful pharmaceutical parent brands are expanding their congress presence to enrich their brands and also benefit from the massive investment of the pharmaceutical industry.
- Sunovion recently utilized the American Thoracic Society 2017 International Conference as an avenue to make a presentation and increase awareness.
- Conferences are the best environments for pharmaceutical companies to build their brand awareness among key stakeholders (B2B).
4. Increased investment in promotional spending
- Sunovion recently increased the value of its investment dedicated to the promotional category.
- The financial report of Sunovion Pharmaceuticals formerly known as Sepracor Inc reveals that the company increased its "promotional investment, including TV advertising" after the 2018 fiscal year.
5. Increased emphasis on brand awareness
- Sunovion's new website goes a far way in attesting to its significant emphasis on brand awareness and was a finalist for the "Best Branded Website for Healthcare Professionals" award at the 2016 Medical Marketing & Media (MM&M) conference.
- Sunovion uses a multichannel marketing strategy that is focused on patients, caregivers, as well as Healthcare Practitioners to communicate disease and brand information successfully.
- Sunovion emphasizes its parent brand name "Sunovion" and not the subsidiary brands as seen from its website, Facebook and Twitter campaigns.
- Detailed research reveals that Novo Nordisk recently pioneered a "multi-party public-private partnership" in Kenya aimed at addressing barriers including awareness, and was able to reach about 40,000 diabetes patients successfully with insulin products.
- Baxter International also recently launched a program in China known as "Flying Angel" to improve its brand awareness.
We scoured through survey reports, web pages of several pharmaceutical companies among other online resources for precompiled information on the best practices for brands trying to re-brand as a parent company versus a new subsidiary or an existing subsidiary. There was no helpful insight uncovered concerning pharmaceutical companies resonating best with consumers to help build user favorability or best practices for brands trying to re-brand as a parent company. However, insights from a McKinsey web publication revealed what some multi-brand pharmaceutical companies are doing successfully, although there was insufficient information to rate any uncovered practice as industry-wide best practice.
Detailed research through trade journals and professional articles for the best practices for brands trying to re-brand as a parent company uncovered Sunovion, a Massachusetts-based B2C and B2B company that utilizes a "multichannel marketing strategy" and is focused on caregivers, Healthcare Practitioners, as well as patients through digital initiatives. We took particular interest in this company as it has about 12 brands and is slightly less than the 15 brands noted in the given criteria. This strategy also could not uncover helpful insight concerning pharmaceutical companies resonating best with consumers to help build user favorability or any best practices for brands trying to re-brand as a parent company. However, a Fuld & Company publication revealed that the re-branding initiatives of Sunovion pharmaceutical seem to have worked as it resulted in more product sales. Aptiom, one of Sunovion's North American product had its net sales grow by 70.4% between the 2015 and 2016 fiscal years. The sales of Brovana, a brand marketed by Sunovion for the treatment of chronic obstructive pulmonary disease, increased by 28%, and its schizophrenia management drug Latuda had a growth of 24.8%. We assumed that the practices engaged in branding by Sunovion qualify to be considered best practices due to the reported successes. We also verified some claims reported about Sunovion from its website, Facebook, Twitter and other platforms such as its financial report. The Fuld & Company publication did not specify the success parameter per listed practice but assumed that the practices are responsible for the overall company performance such as improved sales. We could not establish the contribution of the individual practices listed by Fuld & Company.
An expanded scope to review global resources outside the pharmaceutical arena for best practices for brands trying to re-brand as a parent company versus a new subsidiary or an existing subsidiary failed to uncover any helpful insights. A 2019 Impact BND publication only revealed that the challenges some global multi-brand companies have include how to raise awareness, cross-brand loyalty, cohesion, and the ability of the companies to master how to implement multi-brand websites
An attempt to triangulate the best practices for brands trying to re-brand as a parent company failed. Research for best practices B2B and B2C companies are using to brand their products to consumers and help build user favorability failed. There was also no insights uncovered when we researched for pharmaceutical companies with top user favorability. Research through scholarly journals and literature databases among other resources for the best practices for brands trying to re-brand as a parent company versus a new subsidiary or an existing subsidiary did not yield any results as no such niche reports have been made available to the public.
Due to the highly limited availability of information in the sector, we have reported on what some multi brand B2B/B2C pharmaceutical companies are doing as. Unfortunately, there is insufficient information to qualify identified practices as best practices for companies trying to re-brand as a parent company versus a new subsidiary or an existing subsidiary.