Patient brand equity perceptions that predict brand choice preference for over-the-counter pain relief medications

Abstract

ABSTRACT This study identifies salient brand equity perceptions for generic and name brand over-the-counter pain relief medications. Survey data of brand equity perceptions from 326 over-the-counter pain relief medication patients were analyzed using principal components factor analysis and random forest modeling. Results showed that patient brand equity perceptions are directly related to their brand choice preferences. The most salient brand equity perception for predicting choice of a name brand pain relief medication was brand favorability/appeal, and the best predictor of generic brand preference was how well known/recognizable the brand is to the consumer. Pharmaceutical producers can build brand leverage by emphasizing brand appeal for name brand medications and by increasing brand recognizability for generic brands. Suggestions for utilization of digital platforms to increase brand equity and build consumer engagement are provided.