Rise of Private Label Pharmaceutical Products
Private label over-the-counter (OTC) pharmaceuticals and nutritional supplements are a rapidly growing sector in the healthcare market. Private label pharmaceuticals include:
- Cough and cold medicines
- Allergy relief products
- Pain relief and analgesics
- Dietary supplements
- Antacids
Are private label OTCs safe to use?
Consumers are increasingly gaining confidence in private label pharmaceuticals. Many turn to these due to financial instability forcing them to opt for lower-priced options. Others realise that the brand value of these products is great and, in fact, product quality often not only meets but exceeds that of similar brands advertised to the larger market.
When customers shop for food items they are primarily concerned with the quality of taste, aroma and other sensory perceptions alongside certain health benefits. However, when shopping for health products such as pharmaceuticals, customers are primarily concerned about the quality, efficacy and safety of their products. Customers can become sceptical that these private label pharmaceuticals are as good as their branded counterparts and are often reluctant to take the risk.
Usually there is a 'compare to' statement on the private label product which indicates which branded pharmaceutical this product is comparable to. Upon seeing this statement, one needs to rest assured that the product is most probably vigorously tested by a 3rd party laboratory to prove that this pharmaceutical is chemically equivalent to the comparable product with the same active ingredient, dosage, directions and instructions. This means these products work in the body the same way and provide the same health benefits, such as reducing symptoms and providing relief from common ailments (e.g., cold/flu, headaches, fevers, etc.). In addition to this, private label products are manufactured in approved facilities that must meet strict regulations just the same as their advertised counterparts.
Prior to the launch of a private label, OTC certified laboratories perform tests to check the purity and potency of the ingredients and also to ensure that the product complies with regulatory requirements with regards to safety and other attributes.
Consumer savings—driving the private label pharmaceutical industry
It's no secret that consumer savings are the key driving factor in the success of the private label pharmaceutical industry. The price point of these products is often much less than store brands, allowing consumers to have access to quality pharmaceuticals without emptying their pockets. As consumers are now being assured of the safety of these products, they are becoming more trusting of these brands as well.
Contact a company that sells private label pharmaceutical products to learn more.