Customer Perceptions of Perceived Risk in Generic Drugs: The Spanish M arket

This study examines the relationship between perceived risk dimensions in the generic drug market, a topic that has not been sufficiently investigated and that is interesting from an academic perspective, as well as from a social point of view. The current research work proposes a model analyzing the mediating role played by psychological risk in the influence of other risk factors on overall risk. A field study that captures consumer perceptions of risk when buying generic drugs tests the model. Results indicate that both psychological and physical risk have a positive and direct effect on perceived risk. Results also show that psychological risk mediates the effects of performance, economic and social risk dimensions on overall risk. Therefore, public agents involved in the development of the generic drug market should try to reduce perceptions of risk among consumers, with special emphasis on physical and psychological risk factors. This will increase consumer trust in generic drugs and lead patients to play an active role in asking their physicians and pharmacists for this type of drugs.