The global Medical & Healthcare industry is one of the world’s fastest growing industries, accounting for a substantial proportion of any country’s gross national product. In 2005, nearly 15% of the world’s gross national product went to healthcare according to Louis Burns, vice president of the Digital Health Group. This comprises of hospitals, nursing homes, clinical laboratories and pharmacies that are aptly buttressed by medical infrastructure, medical equipment manufacturers, and pharmaceuticals. Research and technological innovations are also the cornerstones of the industry with fame, fortune and the future of the human race on the line as scientists and conglomerates race against time to find the first cure for cancer or clone the first human being. According to TIME magazine, one of the top ten medical breakthroughs of 2008 include a seasick patch to help reduce nausea in cancer patients after chemotherapy. A blood test to detect Down ’s syndrome in babies is also in the development phase – currently, there is a 1 in 200 chance of a miscarriage with the current method. With technology and scientific methods becoming increasingly sophisticated, the quality of life and life expectancies have increased. European Health Expectancy Monitoring Unit reported that life expectancy at birth rose in 14 European countries between 1995 and 2003 showing that the future of the Medical & Healthcare industry is intricately linked to that of the human race.
The burgeoning ageing population from the Post-World War II baby boom will accelerate the demand for health care. In 2009, the Asian Development Bank noted that Asia constituted 44% of the world’s elderly in 1950, and this is projected to increase to 62% by 2050 – a percentage which would make Asia the oldest region in the world. Affordability and accessibility of air travel will elevate the significance of medical tourism, an industry worth US$50 billion as evinced by a report from Channel NewsAsia. With an expected growth of 15 to 20% per year, the worth of medical tourism is expected to double to more than US$100 billion in 2012. Combining these factors and the rising affluence experienced by developing countries in the past decade, the global Medical & Healthcare industry promises great potential; and challenges. As observed by Regulatory Affairs Focus in 2002, regulations state that the packaging, labeling and other advertising materials of medical brands must be provided in all 11 official languages – imagine how this might pose as a barrier of entry for medical brands in the European Union. Such regulations together with the innovation, diversity and ever-changing trends in the Medical & Healthcare industry demand dynamic brand strategies that ensure medical and healthcare brands remain relevant and attractive to consumers.
The medical healthcare industry is one where the issue of trust is ever more crucial when making purchase decisions, because a difference in the quality of products and services can quite easily be perceived as the difference between life and death for critically ill patients. As observed by David A. Shore in his book “The Trust Crisis in Healthcare: Causes, Consequences, and Cures”, there has been an increasing erosion of trust among patients in their doctors and healthcare systems, partially due to the accessibility and great amount of information available on the internet. In view of this, the issue of competence and credibility in differentiation becomes particularly pertinent as patients are now empowered with information to request for medical brands – and doctors are acceding to these requests. While patients from developed countries can find comparable treatment abroad at a discount of as much as 80% according to a report by Channel NewsAsia, the issue of quality is still a factor. The core question remains: if you were a critically ill patient, would you rather pay more for a brand which you believe increases your chances of survival, or less for one that you perceive is subpar?
The team at StrategiCom understands the importance of dynamicity and adaptability in the medical and healthcare sector in view of such challenges. We provide evidence-based brand strategies that combine both industry-wide, as well as customer-centric research. Our brand strategies are geared to help our clients in the Medical & Healthcare industry gain greater market share, entrench their market position and set them apart from their competitors in the minds of their customers.
PRINT
E-MAIL
SHARE