Branding that transcends “generic.”
Think generic healthcare products can’t benefit from branding? Sagent Pharmaceuticals, Inc. thought otherwise, and was recently named the fastest-growing healthcare company in the world as a result.
Founded in 2006, Sagent was still a relatively new startup in 2008 with less than ten million in sales and just a handful of products when they began working with Paragraphs. Today, they’re #1 on both the Deloitte & Touche Technology Fast 500 (healthcare) and the Crain’s Chicago Business Fast 50. Near the end of 2012 the company reported a growth rate of 146,443% and has since climbed higher. Not bad for an upstart manufacturer of generic injectable medications.
What is “generic”?
The word “generic” conjures up images of old-school supermarket packaging, white bags with black type that said “corn flakes” or “potato chips.” The idea worked at the time because of the context: When you’re in the snack aisle, you’re not likely to mistake the corn flakes for the potato chips.
In a medical environment, however, many injectable medications come in one-inch tall vials and are stored side by side in the same physical space—pharmacy shelves, crash carts, etc. Most of these products not only look similar because they use the same “template labeling” approach, but they also have sound-alike names, making it all too easy for a pharmacist, nurse, or technician to grab the wrong drug, which can lead to extremely serious consequences.
Avoiding the cookie cutter
Sagent decided to tackle this problem head-on. While we couldn’t make specific claims, we could use a thoughtful process—and common sense—to try to prevent medication errors. Who ever said manufacturers had to take a cookie-cutter approach to label design?
In the name of enhancing patient safety, we chose the path of innovation and gave every single product a different package and label, with a different design and color scheme. Instead of making the company logo the largest element like most companies, we made the name of the medication and the dose the largest design elements to minimize confusion.
Pharmacists, nurses, and technicians all preferred this innovative approach to packaging and labeling because it helped them choose the right medication. We branded the proprietary approach PreventIV Measures™, a name that instantly starts the conversation: “What do you mean PreventIV Measures?” Simply put, since all injectables ultimately go in an “IV,” we combined the “IV” with the message that Sagent is helping caregivers to make safer choices through highly-differentiated packaging and labeling. Best of all, customers get PreventIV Measures just for buying Sagent products even though they’re generic drugs. There’s no premium cost compared to other generic vendors.
Here’s another result we’ve seen: other injectable companies are following suit. By creating PreventIV Measures, we set a value proposition that clearly resonates with our target customers: If you can have differentiated packaging and labeling that’s easier to read and enhances patient safety, why wouldn’t you choose it?
Discover the strategies behind healthcare success stories like PreventIV Measures in our free parathink briefing: Names That Sell Global Healthcare Brands: How to create distinctive brand names that drive customer preference, sales and loyalty. Click here to get it now!
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