Posted by Shirley Brady on December 21, 2010 03:30 PM
InterbrandHealth, a division of brandchannel parent Interbrand, believes that brand is the single most underutilized asset within the health & life sciences industry. Why?
The health and life sciences industry is an IP-driven space — one that is based on significant innovation. As new categories and innovation have slowed drastically over the past 10 years, there has been a proliferation of similar products where brand now has to play a key role.
“Brands have to work harder than ever to gain that trust and engage consumers in a more meaningful way,” notes Wes Wilkes, InterbrandHealth’s Executive Director of Global Strategy.
In addition to slowing innovation, there is a whole host of other changes transforming the health & life sciences industry — expiring patents, numerous mergers & acquisitions and shrinking pipelines.
All of this change has put a new focus on corporate brand. “For the first time, the corporate brand, not just the product brand, matters,” Wilkes notes.
That is why Wilkes and his InterbrandHealth colleagues are urging industry leaders to shift from being product-oriented to more solutions-based — and leveraging the role of brand to help get them there.
To read more about how InterbrandHealth is challenging the current brand model, download "Vital Times: The Changing Role of Brand Within the Health and Life Sciences Industry" on InterbrandHealth.com.
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