Understanding Private Label Pharmaceuticals And How They Benefit You, The Customer
Posted on: 1 November 2018
Share
While private pharmaceutical businesses are huge in America, turning in over 115 billion dollars in 2015, it has increasingly been growing in Australia as well. While the rise of these brand names that you don't recognise and have no history with may be a bit of a shock, there is nothing to worry about. Rather, the increased availability of these products is a net positive for the consumers who regularly need to buy items from the pharmacy not covered by Medicare.
Price
Private label pharmaceutical products are basically like a particular pharmacy's store brand version of the drugs you are buying from name brands. That means that the drugs are usually less expensive, easier to purchase in bulk and have more variations for different genders, ages and so on. The big benefit is to your wallet, as the pharmacy does not have to give any of their profit to external drug companies and therefore can keep the price lower. If you see a new brand pop up on the shelves, ask your pharmacist if it is a private label version from their store.
Safety
Consumer trust is important for brands that relate to health, which is why brand loyalty is so prevalent in the pharmaceutical industry. This makes it difficult for some people to try new variations on their medication, which is very understandable. However, just like every drug available in the pharmacy, new drugs go through strict screening processes and testing phases. Also, if this new brand is selling the same type of drug you get from another brand, then there will be virtually no difference in the product you are getting. All in all, there is no drop in safety when it comes to private label pharmaceutical products because everything on the shelves in Australia goes through the same process.
Growing Market
If you are using a particular drug or product from your local pharmacy and notice there is no private label version of your item yet, then don't worry; private label products are part of a growing market. In supermarkets, private label products already make up 18% of total sales and there is similar growth in pharmacies. As this trend continues, you can expect to see more and more of your much-needed products under a private label. If you want to put pressure on your pharmacy of choice and let them know you want these products sooner, you can email them or leave them a comment card in person.