Mature pharma brands could become blockbusters again : Dr R B Smarta
The Indian pharma market size today is worth Rs 1,40,000 crore, growing at about 9-10% every year. Out of this market, roughly Rs 20,000 crore would comprise of mature brands. Typically, mature brands (MB) are several decades old still selling but not growing enough like newly launched high selling brands. Out of major pharma brands sold in the domestic market today, about 30% would be mature brands, of which some of them are successful, while a majority of them are non-performing.
Some of the successful and well-known mature brands include Crocin, Betadine, Benadryl, Betenovate etc, which have been known since generations.
To grow business, today most of the pharma companies give preference to launch of new brands in comparison to revival of mature brands. However, launch of new brands involve high marketing expenditure and uncertainty about success. With proper revitalization or revival strategy, non-performing mature brands could once again be converted into high selling products with negligible marketing expenses. Mature brands have the advantage of high recall with the doctors and consumers alike.