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Get Ahead of Consumer Health Trends Across the Globe
Better navigate the consumer healthcare marketplace and uncover your pathway to success
Jul 16, 2019
Introduction
“Over the past decade the market landscape has shifted exponentially for virtually all industries, driven by the connected factors of consumer and technology evolution. Consumer healthcare (CHC) has been no exception, although it is true to say that the traditional CHC industry has not been among the leading pioneers in addressing the new opportunities that have emerged”, says Andy Tisman, Global Senior Principal, Consumer Health, IQVIA
No longer are consumers satisfied with just what is made available to them. The changing attitudes of new generations alongside the rise of the internet, social networks and communications technology means they can voice exactly what they expect from a service or a product.
If ignored, their dissatisfaction can be vocalised online in an instant with potentially damaging consequences for industries that continually ignore the wisdom of the crowd. Furthermore, options for consumers are growing and they will swap to an alternative if they believe it will work better for them.
At the same time, we have seen an evolution in consumer attitudes towards health and illness, with increasing interest in “health and wellness” rather than simply treating symptoms of illness. While on the surface this may seem positive for the industry, the increasing interest in wellness and towards a more health-conscious lifestyle, leads to potential challenges for the traditional consumer healthcare model.
Over the past decade the market landscape has shifted exponentially for virtually all industries, driven by the connected factors of consumer and technology evolution. Consumer healthcare (CHC) has been no exception, although it is true to say that the traditional CHC industry has not been among the leading pioneers in addressing the new opportunities that have emerged
Long term macro factors such as demographics (e.g. the increasing elderly population with more chronic health conditions) and economics, such as continuing development of the emerging markets, remain positive and mean the future for consumer health is bright. However, the traditional CHC industry will need to reframe the way it approaches the market in order to maintain its relevance to the consumer and reap the rewards.
Consumer healthcare has been slower to change than some other industries, perhaps related to more conservative consumer behaviour in respect of health, together with the regulated nature of the market and the CHC industry.
The pill in the pack that took care of symptoms safely and effectively has remained the core of the OTC industry for decades. Yet as consumers have become more empowered, have engaged ‘Dr Google’ to manage their ailments, their expectations of the consumer healthcare industry has changed.
Adapting to these new consumer wants and needs is vital to ensure the industry thrives in the future and does not suffer as other industries have from ‘outside’ disruptors who know the modern consumer intimately and can leverage technology to provide exactly what they need.Related solutions
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