USA — Johnson & Johnson (J&J) has maintained its position as the most valuable pharmaceutical brand, securing the top spot on Brand Finance’s list for another year.
Additionally, the company has surpassed Pfizer to lead in brand strength, as reported by Endpoints News.
However, the overall evaluation of many pharma brands experienced a decline, with six out of the top 10 companies losing value.
Despite its continued dominance in the rankings, J&J’s brand value dipped by 4.6% from 2022, amounting to US$12.76 billion in 2023, compared to US$13.38 billion the previous year.
Roche and Pfizer also maintained their positions in second and third place, respectively, but suffered brand value losses. Roche witnessed a decline of 5.5%, while Pfizer experienced a 2.2% drop.
Brand Finance’s summary of rankings revealed that the decline in pharma brand valuations aligns with an industry-wide trend impacting many of the leading pharmaceutical brands in 2023.
Across the entire ranking, there was an average 2% decline in brand value compared to the previous year.
Despite the decrease in brand value, J&J secured the top spot for brand strength, which Brand Finance determines based on factors such as marketing investment, stakeholder equity, and business performance.
In the previous year, Pfizer held the position of the strongest pharma brand due to its successful development of the Covid-19 vaccine (Comirnaty) and treatment (Paxlovid). However, this year’s rankings demonstrate a shift towards more traditional business influences.
CSL and Novo Nordisk: Fastest-growing pharma brands
Among the notable advancements in brand value, CSL and Novo Nordisk emerged as the fastest-growing pharmaceutical companies.
Both companies experienced over 30% growth in brand value, driven by acquisitions, new product launches, and effective promotion strategies.
CSL’s remarkable growth was attributed to various factors, including the expansion of its immunoglobulin portfolio, the acquisition of Vifor Pharma, and the successful launch of Hemgenix.
Novo Nordisk’s increased brand value was fueled by active promotion and the significant scaling up of its production of weight loss drugs, Wegovy and Ozempic.
According to Hugo Hensley, Brand Finance’s valuations director, strong brands are crucial for sustained value and long-term success.
He emphasized that all pharmaceutical brands that witnessed an increase or stable brand strength rating in 2023 also observed a rise in brand value.
Businesses with robust brands are better equipped to navigate crises and regulatory challenges, offering greater resilience in an increasingly volatile world.
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
