Research Reveals Pet Owner Interest In Generic Drugs
This year’s six-member team of Babson College MBA candidates developed and implemented a market research project addressing veterinary medicine purchasing behavior. Putney, Inc., a pharmaceutical company and partner in the Babson Consulting Alliance Program (BCAP), sponsored the project.
Research results show that adoption of generics in the veterinary pharmacy strengthens the pet owner-veterinarian relationship.
“I’m impressed by the diligence and level of understanding these students bring to their projects,” says Jean Hoffman, president and CEO of Putney. “The results of their research quantify our message to veterinarians that generic pet medicines improve practice revenues and increase client satisfaction.”
BCAP students surveyed pet owners and veterinarians nationwide to investigate key drivers of veterinary medicine purchasing decisions. Among their findings, 83 percent of pet owners surveyed would be happy if their veterinarian offered them a lower-priced, generic version of their pet’s medicine. The statistic mirrors adoption rates of generics in the human pharmaceutical industry, where 78 percent of prescriptions are filled by a generic.
“Putney consistently provides our students with challenging projects and professional direction, amplifying their classroom learning and allowing them to generate industry-relevant results,” says Mark Biddle, Ph.D., John Rehm Director of experiential learning at the F. W. Olin School of Business at Babson College and BCAP advisor. “Putney is a valuable alliance partner.”