According to one recent report, the global market for private-label pharmaceutical products is driven by two key consumer considerations. Firstly, respondents in the study said that they purchased a private-label medication over any other options available in order to save money. Indeed, 70 percent of those who were asked why they opted for a private-label health care product said that financial considerations were at the forefront of their mind when making such a purchasing decision.
Secondly, over two-thirds of those who took part in the research programme suggested that they thought private-label medications were able to offer greater quality as well as value for money. In other words, they thought what they were buying was better, irrespective of whether or not they were saving money. Indeed, 62 percent of those questioned claimed that buying a private-label product made them feel like they were a 'smart shopper'. How do these buying attitudes reflect in the private-label medications market?
Regional Market Shares of Private-Label Medications
There are two regions in which trends can reasonably be discerned about how the aforementioned consumer attitudes toward private-label products translate into sales. Firstly, there is the North American, Australasian and European market which sees private-label medications enjoying a 15 percent share of the total drugs market. In the rest of what might be defined broadly as the developing world — for example, Latin America, Asia, the Middle East and Africa — private-label medications only make up a tenth of the market share. In fact, in certain territories, such as China and Brazil, the market share of private-label medications is as low as 5 percent.
National Attitudes towards Private-Label Medications
According to Nielsen's study, which drew global data about pharmaceutical trends from 2013 and 2014, Switzerland is the country where the greatest proportion of consumers choose to use private-label medications. The Swiss are followed by the Spanish and the British. All three countries see over 40 percent of their consumers using this type of medication. It is noteworthy that Australia is the only non-European country to make it into the leading group. In Australia, 21 percent of consumers purchase this sort of medication. Alongside Australia, only the Republic of South Africa and Canada make it into the top twenty. Considering how much money branded medications spend on marketing compared to private-label alternatives, Australian consumers seem to be very happy with using the latter and will continue to do so for many years to come.
Share3 October 2018
Hello there! Welcome to my blog. I would like to start by telling you a story about something that happened to me many years ago. I was working in Sydney at the time as an investment banker. The hours were long and I would party every weekend to de-stress. I put on a lot of weight and began to have problems sleeping. I didn't pay much attention to the problems, as I thought I was invincible. However, one day I collapsed at work. At the hospital the doctors saved my life. Since then, I have become very interested in health and medical matters.