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Accelerating Consumer Health Innovation
Without innovation, the Consumer Health market would likely be in decline.
Jul 05, 2021
There is a big opportunity for the industry to generate more breakthrough innovation, but the challenge the industry faces is twofold. How to accelerate innovation, and how to make it more relevant to today’s consumers?
Download this whitepaper for insights on:- Understanding what innovation is and its importance
- Innovation challenges and dynamics in Consumer Health
- Tackling the regulatory environment to generate innovation in Consumer Health
- Developing more efficient and consumer-centric innovation processes
- Key drivers of successful innovation
- Setting up to win
Introduction
Innovation in consumer health requires a combination of skill, tools, and drive. In today’s connected world, with more educated and demanding consumers having a wider set of options to look after their health, innovation has become more important than ever before.
In an environment where growth is becoming harder to achieve through volume or price, innovation has become the main growth and value driver.
Connected consumers also expect more from consumer health players. They are more informed, have different expectations (e.g. sustainability, locally sourced, natural) and have a wider access to products and information from many online and offline channels.
Yet the level of innovation in consumer health remains relatively low compared with other industries, and although it has increased in recent years, it remains hampered by regulatory and structural constraints.
Moreover, the type of innovation itself is far from being disruptive, as it is in many cases limited to pack sizes, new flavours, or forms, as consumer health players slowly pick up new trends such as personalisation and digital health.
Time to Accelerate Consumer Health Innovation
The consumer health world remains competitive and what happened in 2020 became part of the industry’s base as of January 1st, 2021. New firms are continuously entering this attractive industry and new ways of meeting consumer needs are being launched every day.
Consumer health firms and leaders should strive to constantly keep innovating to stay ahead of competition and to continue winning new consumers. Without a sustainable stream of consumer and shopper relevant offerings, established players run the risk of becoming irrelevant and fading into obscurity.
Download our whitepaper, Accelerating Consumer Health Innovation today. For more information, watch our Accelerating Consumer Health Innovation webinar, and download the IQVIA Consumer Health Innovation Tracker & Drivers of Growth factsheet.
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