The Chief Executive Officer (CEO) of the Food and Drugs Authority (FDA), Mr Hudu Mogtari, has asked Ghanaian companies, especially those in the manufacturing sector, to build strong corporate brands.
That, he said, would position them well to penetrate the global market and compete with other brands.
Speaking at a ceremony to unveil the brand ambassador of Aspee Pharmaceutical, Limited in Accra, Mr Mogtari said one major reason why Ghanaian companies continuously found it difficult to penetrate the global market was because of their brands.
He said there was the need for young Ghanaian companies to have a strong marketing team that had the know-how to build a strong brand, adding that the focus should not be on making profit at the initial stages of the business.
Mr. Mogtari said multinational companies that had achieved so much and continued to gain more grounds were doing so because of the strong brands they had built over the years.
“This is what most local companies fail to do. They try to make profit so quick that they end up destroying their brands,” he said.
Mr. Mogtari said in creating a strong brand, local firms should concentrate more on properly packaging their products to attract people.
“If your products fail to get the attention of the people, you are in for big trouble,” he added.
Elsewhere in the developed countries, Mr Mogtari observed that companies spent so much in packaging their products to suit their brands, adding, “people love to associate themselves with solid brands.”
He, however, commended the management of Aspee Pharmaceuticals Limited and urged them to continue to invest in their brand.
The Chief Executive Officer of Aspee Pharmaceuticals Limited, Mr Aboasu Amponsah-Kodua, said medicines were not ordinary articles of commerce but products that “undergo a series of laboratory processes and preparations.”
Asked about the efficacy of the Aspee products, and more particularly, their ability to compete with already existing players in the industry, Mr Amponsah-Kodua indicated that before medicines were put out for sale, “they must go through laboratory analyses and ensure that they pass through the product specifications.”
According to him, Aspee products were gradually taking over the market in some areas in the country.
He was optimistic that the company’s products would take a different dimension in the pharmaceuticals industry, particularly, in the Greater Accra Region.