Health industry

Overview

Growing health awareness, want to control and monitor is increasingly present in the health industry. With big data, artificial intelligence and analytics, knowing and predicting the market segments to tackle is easier than ever. Health is becoming monetised and personalised, the question of trust, responsibility and authority in the information age is critical.

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Details

Socio-cultural trends

  • Empowered and informed customers, interested in preventive care and monitoring, side effects and scientific approach for medicine
  • Aging population, Silver economy and rising baby boomer population increases the older customer base
  • Move from Therapeutical to Preventive choices prolongs the period of targeting the customers in pharmaceutical cycle
  • Growth on emerging market
  • Growing health awareness and want of control and monitoring of health


Technological trends

  • With convergence of IT and healthcare, new segments as e-patients arise and new approaches as gamification and 3D printing disrupt the industry
  • Data availability and accessibility increases the consumer data analytics power (Big data; Artificial Intelligence and Analytics, Digitisation of data)
  • Convergence of IT and healthcare, E-patients, Genomics, 3-D printing, Biosimilars, Nano robots, Genomics
  • mHealth: There is rising optimism about the potential of mobile health (mHealth) to deliver cost-effective care. As with any new technology, however, evaluation can help to ensure that mHealth achieves its potential.
  • Increasing focus on advanced technologies
  • Remote Monitoring using technology - Wearables and tracking systems
  • Gamification/VR
  • Technology assisted services such as drug dispensing is on the rise

Economical trends

  • Increased spending on healthcare: high net worth growth, higher purchasing power and interest in higher-end medicines
  • Globalisation opens up new market for drug consumption and new market segments
  • Glocal supply chains, Green systems, IPR for compounds or synthesis techniques
  • Drug Pricing and Spending: Conversations on how to manage drug prices are becoming more commonplace, with a particular focus on ensuring that drug prices reflect the value of treatment.


Environmental trends

  • Sustainability awareness and biodegradable ingredient requirements
  • More interest on chemicals used in the process of development of drug
  • Eco friendly ingredient preference



Political trends

  • Regulatory challenges and varying standards across countries slows the development of new products
  • Government Policies and Government payers
  • Accelerated Drug Approvals: Regulatory efforts continue to speed the approval of new drugs, especially in areas of unmet medical need. Faster market entry may deliver important health benefit, yet this must be traded-off against any reduction in safety.
  • De-globalisation
  • Non-tariff barriers
  • Stricter regulations