Competitor Strategies in Consumer Health

Delivery

This report comes in PPT.

Key Takeaways

Economic challenges are forcing consumer health brands to rethink their approach within the industry

Economic uncertainties such as global inflation, stagflation and recession in countries affected by war, illnesses and disease outbreaks have led to disruption in supply chains and rising costs for resources like raw materials for drugs.  Consumer health products are to remain essential globally. With challenges come opportunities, and brands that are quickly able to adapt to changing demands are likely to succeed through timely innovation in preventive self-care along with illness treatments, incorporating technology, and employing long-term sustainability strategies.

Consumers look towards holistic health to sustain healthy, prosperous, long lives with limited lifestyle diseases

The definition of health has become more inclusive since COVID-19. The complex new world has led consumers to prioritise health on a mental, physical, social and community level as well as wanting to prevent severe illnesses to avoid disruption in life. Companies and brands that contribute to this agenda are likeliest to benefit. GSK’s consumer spin-off into Haleon plc, which emphasised a broader conception of health, is a leading example of evolution and how the industry approaches this topic.

Opportunities exist through pharmaceutical companies which support government visions to reduce the burden of healthcare

Many countries are struggling with how to address the healthcare concerns of ageing populations and raising capacity for direct support through hospitals and clinics. Raising awareness among consumers on ways to maintain health and avoid illnesses is to be an important part of this. Organisations such as the World Health Organization (WHO) aim to continue to promote the basic right to healthcare by providing necessary medicines. Pharmaceutical companies that participate in such initiatives through product innovation and educational outreach stressing the importance of self-care are to benefit.

Technology drives new areas of competition, with e-commerce only the tip of the iceberg

The acceleration of consumer adoption of technology since the pandemic has led to a survival of the fittest adaptation within industries, with consumer health being no exception. Companies and brands within consumer health are learning fast from technology firms and FMCG companies on ways to incorporate analytics, artificial intelligence, and big data to fulfil consumer demands and provide products and services in a timely and customised manner.

Adaptation of sustainability through strategic business practices to prevail within consumer health

Consumer health companies are integrating sustainability across business practices for multiple reasons like building brand reputation, improving system resilience, strengthening the corporate image through purpose as part of their marketing strategy, complying with legislation, and maintaining financial brand value and attracting investors. Investing in sustainability practices is becoming more compulsory than optional, and brands that start today for a better tomorrow stand to benefit most.