“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.