Biopharma Report 2022: Brand values surge
The values of leading pharmaceutical brands have skyrocketed during the COVID-19 pandemic; Johnson & Johnson retains the top position.
By Andrew Humphreys • [email protected]
With the world turning to vaccines to combat the COVID-19 pandemic, pharmaceutical brand names across the globe have surged in value as they have become household names worldwide, according to a report from leading brand valuation consultancy Brand Finance. “Brands such as Johnson & Johnson (brand value up 24 percent to $13.4 billion), Pfizer (brand value up 58 percent to $6.3 billion) and AstraZeneca (brand value up 77 percent to $5.6 billion) have stormed to global consciousness as billions of people around the world have queued up to obtain the benefit of their vaccines – and much of the world is reopening from lockdowns as a result,” Brand Finance analysts say.
Brand Finance annually compiles 5,000 of the world’s largest brands to the test, and publishes about 100 reports, ranking brands across all sectors and countries. The pharma industry’s top 25 most valuable and strongest brands in the world are included in the yearly Brand Finance Pharma 25 ranking.
J&J remains the world’s most valuable pharma brand with the company’s COVID-19 vaccine complementing a variety of other J&J branded products, says Brand Finance. “The Johnson & Johnson/Janssen COVID-19 vaccine – like all COVID-19 vaccines – was subject to significant public scrutiny and attracted attention for rare harmful side effects. However, in contrast with several other COVID-19 vaccines, the Johnson & Johnson vaccine required only one dose, and was widely recommended for use by people who would otherwise remain unvaccinated for COVID-19 due to limited access to Pfizer-BioNTech or Moderna (mRNA COVID-19 vaccines).”
In addition to COVID-19 vaccines, Johnson & Johnson continued to provide various consumer hygiene products that are additionally attracting increased consumer demand due to heightened customer interest in cleanliness and combating germs, per Brand Finance.
Brand Finance Managing Director Alex Haigh stated, “The global pharmaceutical industry has saved millions of lives and trillions of dollars by allowing humanity to overcome the COVID-19 pandemic. These brands are widely recognized as hero brands for mitigating the risk of the pandemic and are rightly recognized for their global impact as a result. These brands represent the triumph of humanity over disease and the height of human scientific achievement.”
AstraZeneca has been the fastest-growing pharma brand of 2022, per Brand Finance. The brand has generated impressive growth of 77 percent over the past year to $5.6 billion, increasing from $3.2 billion in 2021, jumping eight places in the ranking from 12th to 4th position this year.
AstraZeneca cemented the company’s brand identity amid the global pandemic by segmenting its product offering, Brand Finance analysts say. The COVID-19 vaccine formulated with Oxford University was rebranded as Vaxzevria. The brand has maintained strategic partnerships with an artificial intelligence consultancy, and university and technology companies to engage with key stakeholders and deliver results.
In addition to calculating brand value, Brand Finance determines the relative strength of brands via a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from more than 100,000 respondents in over 35 countries and across nearly 30 sectors. Brand Finance says Pfizer is recognized as the strongest pharma brand in the world with a Brand Strength Index (BSI) score of 87.8 out of 100 and a corresponding AAA rating. The brand rose in value during the past two years due to high efficacy of the COVID-19 vaccine and booster doses. Pfizer’s revenue has doubled and reached $100 billion throughout the span of the pandemic.