advertising analysis
COMPARATIVE STUDY OF BRANDS 3
In the market place of the pharmaceutical industry, many marketing strategies and extensive techniques are used to have consumers request their drug products. The pharmaceutical industry is a very competitive environment. It seems as though there are no boundaries that prevent them from bringing their product to market first or proving that their product is superior to its competitors. All things considered, creating a brand is essential and market share can make or break a company. How does a drug company promote their product? How do they prove that their product is better than their competitors? Who is their target audience? How do the pharmaceutical companies protect their new drug investment? In 1998 Celebrex (celecoxib) was approved by the FDA. Through several mergers and acquisitions, Pfizer became the owner of Celebrex in 2004. (en.Wikipedia.org, 2013) In 1999 Merck and Co. Inc. introduced a new drug to treat arthritis. It was called Vioxx (rofecoxib). The drug was marketed worldwide. It was marketed in 80 countries and used by 84 million people. (Anne Asher, 2010) Both of these drugs are in the same drug class, COX-2 inhibitors and can be used to treatment of osteoarthritis, rheumatoid arthritis, acute pain and painful menstruation. In 2003 Vioxx sales were 2.5 billion while Celebrex sales were 3.3 billion in 2004. In early 2004, the FDA authorized the use of Vioxx to treat Migraines and it also received and additional indication to treat juvenile rheumatoid arthritis. (Carol Eustice, 2013) On September 30, 2004, Merck voluntarily removed Vioxx from the market due to a study performed in 2000 which raised a question about cardiovascular concerns. (Carol Eustice, 2013) Due to the voluntary withdrawal of Vioxx, Celebrex sales dramatically increased, but in December of 2004 Pfizer discontinued its campaign for direct to consumer advertising due to criticism from a
COMPARATIVE STUDY OF BRANDS 4
In the market place of the pharmaceutical industry, many marketing strategies and extensive techniques are used to have consumers request their drug products. The pharmaceutical industry is a very competitive environment. It seems as though there are no boundaries that prevent them from bringing their product to market first or proving that their product is superior to its competitors. All things considered, creating a brand is essential and market share can make or break a company. How does a drug company promote their product? How do they prove that their product is better than their competitors? Who is their target audience? How do the pharmaceutical companies protect their new drug investment? In 1998 Celebrex (celecoxib) was approved by the FDA. Through several mergers and acquisitions, Pfizer became the owner of Celebrex in 2004. (en.Wikipedia.org, 2013) In 1999 Merck and Co. Inc. introduced a new drug to treat arthritis. It was called Vioxx (rofecoxib). The drug was marketed worldwide. It was marketed in 80 countries and used by 84 million people. (Anne Asher, 2010) Both of these drugs are in the same drug class, COX-2 inhibitors and can be used to treatment of osteoarthritis, rheumatoid arthritis, acute pain and painful menstruation. In 2003 Vioxx sales were 2.5 billion while Celebrex sales were 3.3 billion in 2004. In early 2004, the FDA authorized the use of Vioxx to treat Migraines and it also received and additional indication to treat juvenile rheumatoid arthritis. (Carol Eustice, 2013) On September 30, 2004, Merck voluntarily removed Vioxx from the market due to a study performed in 2000 which raised a question about cardiovascular concerns. (Carol Eustice, 2013) Due to the voluntary withdrawal of Vioxx, Celebrex sales dramatically increased, but in December of 2004 Pfizer discontinued its campaign for direct to consumer advertising due to criticism from a
COMPARATIVE STUDY OF BRANDS 4