The effect of consumer perceptions on generic OTC usage among the elderly

Area of Science:

• Consumer Behavior
• Health Marketing
• Pharmaceutical Marketing

Background:

• The U.S. market for over-the-counter (OTC) medications is increasingly characterized by the availability of generic alternatives to established brands.
• This shift presents significant strategic challenges for healthcare marketers, particularly those relying on established brand equity.
• Understanding consumer perceptions is crucial for navigating this evolving market landscape.

Purpose of the Study:

• To investigate the influence of consumer perceptions on the adoption of generic OTC products among an elderly demographic.
• To analyze how specific characteristics of generic OTCs influence purchasing decisions in this population.
• To provide insights for marketers developing strategies for generic OTCs.

Main Methods:

• The study employed a survey-based approach targeting a sample of elderly consumers in the U.S.
• Data collection focused on perceptions of generic OTC product attributes, including price, efficacy, and brand trust.
• Statistical analysis was used to determine the relationship between perceptions and adoption behavior.

Main Results:

• Consumer perceptions of generic OTC product characteristics significantly influence adoption behavior in the elderly sample.
• Specific attributes, such as perceived value and familiarity, were found to be key drivers of adoption.
• The study identified a need for targeted marketing strategies to address potential barriers to generic OTC adoption.

Conclusions:

• Perceptions of generic OTCs play a critical role in their market acceptance among older adults.
• Marketers can leverage insights into consumer perceptions to enhance the strategic positioning of generic OTC products.
• Further research is recommended to explore the nuances of consumer decision-making in the OTC market.