The face of healthcare is undergoing major changes. Traditional relationships between healthcare providers, payers and patients are being turned on their head. This revolution is being driven by multiple factors, including: 1) demographics, as huge numbers of Baby Boomers enter their senior years; 2) the advent of healthcare plans that place greater responsibility for healthcare decisions and costs on patients; and 3) the explosive growth in eHealth, which has created unprecedented access to health-related information, a proliferation of health-focused internet sites and services, as well as smartphone apps that put information and personalized health data at your fingertips.
These forces have transformed the patient into a healthcare consumer who shops for value and demands improved quality, cost, convenience, and performance…just like s/he does for “traditional” consumer products. Yet delivering on performance requirements in this space often demands the scientific rigor associated with the life science and pharmaceutical industries. Having led both consumer product and pharmaceutical innovation for Procter & Gamble, including serving as a founding member and leader of PGT Healthcare, a joint venture between P&G and Teva Pharmaceuticals, I view the convergence between CPG, rigorous science, and even Food & Beverage as tremendously fertile ground for consumer-led innovation and growth. Today’s post highlights key demographic shifts, along with some thoughts on opportunities for innovation in a consumer-driven environment. In future posts, I’ll discuss the influence of consumer-directed health care plans and eHealth on the patient as consumer.