Macro Trends: Economic & Demographic Outlook

In this week’s blog, we look at two recent reports on macro trends that will have a future impact on the consumer healthcare market. The first looks at short-term economic trends and the second longer-term demographic trends.

Last week the International Monetary Fund has revised down its forecast for global economic growth in 2021 to slightly below its July 2021 forecast of 6%. At a virtual G20 event, IMF Managing Director Kristalina Georgieva said: “The most immediate obstacle is the ‘great vaccination divide’ – too many countries with too little access to vaccines, leaving too many people unprotected. At the same time, countries remain deeply divided in their ability to respond – in being able to support the recovery, and in their ability to invest for the future.”

“We face a global recovery that remains ‘hobbled’ by the pandemic and its impact. We are unable to walk forward properly — it is like walking with stones in our shoes.” Three of the most painful stones are divergence in economic growth, inflation and global public debt. As the chart below indicates, the sectors currently facing the largest inflationary pressures include transportation and food, whereas prices in the health sector remain stable.

As for demographic trends, according to a report in The Times newspaper last week there will be more Nigerians than Europeans in 60 years’ time. Some two-thirds of Africans are aged under-25 years (in Senegal the average age is 19 years) and many capitals and cities on the continent are unable to cope with this “youthquake”, with no time or money to build the basic infrastructure, often coupled with a high cost of living. While this youthful energy could be a good thing, the lack of opportunities – coupled with climate migration – is driving many of the younger generation to leave Africa, with Europe becoming a spill over zone.

Nicholas Hall Writes: “Many of these new consumers will rapidly become empowered, and although it is not a factor that will influence next year’s P&L, sensible companies will start to plan for much larger immigrant communities, which will have very determined views on the CHC products they buy (and anyone who doubts this has only to take a look at the very specialised products sold to the Hispanic community in North America by companies like Genomma). Indeed, some of these populations will be made up of ‘illegals’, who will not sign up to see community physicians and for whom CHC will be primary care and possibly much more. And for that, I fear, we are not at all prepared as countries or an industry.

You can save up to GB£2,500 when you pre-order our forthcoming Hot Topic report, Sexual Health & Fertility! This title will delve into key topics, such as home diagnostics, intimate care, ED and many others, as well as tracking NPD and Rx-to-OTC switch activity, plus much more. To pre-order your copy, or for further details, please contact melissa.lee@NicholasHall.com.

MAT Q2 2021: Global CHC Market Trends

The latest update from Nicholas Hall’s CHC database DB6 indicates that in MAT Q2 2021, the retail (bricks & mortar) CHC market returned to growth following a decline in the previous reporting period – the first seen since DB6 records began. Overall global CHC sales were up 1.7% to US$151bn.

In terms of performance by geography, the Americas returned to positive growth (+1.3%), with a flat performance in North America bolstered by LatAm markets, including double-digit growth in Brazil (+10.6%). USA remains the clear No.1 CHC market globally, and grew modestly (+0.2%).

Asia-Pacific was the best performing region (+4.8%); while it continues to be impacted by loss of revenue from overseas visitors in key markets Japan (-4.0%) and Australia (-5.5%), high single-digit increases in China and India helped to lift the topline.

Source: Nicholas Hall’s global CHC sales database DB6 (all values at MSP).

Europe continues to decline (-2.0%), still heavily impacted by retraction in CCA and analgesics in Western Europe in particular. Key markets Germany (-8.5%) and UK (-10.8%) fell significantly, although this was partly offset by a positive trend in C&E Europe (+3.6%), with Russia maintaining mid-single digit increase (+4.1%) and Poland returning to growth after a decline in the previous reporting period.

Nicholas Hall Writes: “In 2020 we saw the market grow across the board during the first half, ease back in the second half, perform very badly in Q1 this year and return to growth in Q2. Is this a trend? Is it as simple as drawing the line forward to the point where we regain the pre-pandemic 3.7% retail sector growth rate? We all have our own point of view, but it would be a brave soul prepared to make a firm prediction. So in the best tradition of being a thrusting brand manager, I’m going to hedge my bets until I see the Q3 figures from DB6.

We are pleased to announce that Nicholas Hall’s DB6 mid-year update for 2021 is now available! Subscribers can access over 150,000 pieces of data, with more than 30,000 records covering 13,000+ brands and 3,000 companies across 63 countries. To find out more or to set up a free demo, please contact kate.holdcroft@NicholasHall.com.

MAT Q1 2021: Global CHC sales fall 0.6%

According to Nicholas Hall’s global sales database DB6, the retail (bricks & mortar) CHC market generated global sales of US$148bn, down by -0.6% versus a year ago. Further heavy decline for cough, cold & allergy (-14.5%), especially in North America and Western Europe, was largely responsible for the global fall in CHC sales. The Americas declined by -0.4%, driven by a -1.9% fall in North America, but slightly offset by a positive performance by LatAm markets (+8.5%), notably double-digit growth in Brazil (+10.6%).

Asia remained relatively weak (+2.6%); despite strong growth in China (+7.1%), the region continues to be impacted by loss of revenue from overseas visitors in key markets Japan (-9.1%) and Australia (-8.0%). Europe saw a significant downturn (-5.5%), heavily impacted by declines in CCA and analgesics in Western Europe. Key markets Germany (-13.3%) and UK (-13.9%) fell by double-digits during the MAT Q1 2021 period. In C&E Europe, meanwhile, Russia continued to post a positive performance (+4.1%), albeit at a slower rate than year-end.

As for global performance by major category, vitamins, minerals & supplements (+5.3%) remained the fastest-growing category – albeit at a slower rate than year-end 2020 – with immune-associated categories continuing to benefit from greater consumer focus on wellness maintenance and protection. Dermatologicals increased by +4.5%, its buoyancy largely attributed to the performance of antiseptics & disinfectants (+53.1%) during the pandemic. Lifestyle CHC grew by +2.4%, driven by double-digit increases in sedatives & sleep aids (+14.5%) as well as smaller categories such as obesity treatments, emergency hormonal contraception and erectile dysfunction.

Gastrointestinals returned a low level increase (+1.2%), while analgesics saw a decline of -1.8% globally, with systemics down -4.3%, largely owing to the effects of pantry loading at the start of the pandemic. Cough, cold & allergy saw the strongest decline, with sales falling by -14.5% in the 12 months to end March. Pantry loading, as well as the effects of lockdown restrictions, social distancing, mask wearing and hygiene measures resulted in significantly reduced incidence of respiratory pathologies.

At a time when consumers are highly aware of the importance of maintaining their immune system, we are pleased to announce that Immunity will be the focus of our next hot topic report! We will review a number of categories including antivirals, immune supplements and vitamins C & D and explore the latest launch activity, plus much more. To pre-order your copy and save with the pre-publication discount, or to find out more, please contact Melissa.Lee@NicholasHall.com.

Stada Health Report 2021

According to the third Stada Health Report, a representative survey of 30,000 participants in 15 European countries, 29% have suffered from increased levels of anxiety during the pandemic, while 25% are troubled by stress and inner restlessness and 15% have reported sleep disturbances. Some 52% of respondents are more affected by the lack of personal contact with family & friends than fear of Covid infection (42%), while almost 1 in 3 worries about the financial and work-related repercussions.

However, 70% of Europeans have been willing to invest more in their own health. For 73%, their doctor is the first point of call for all health-related issues, with pharmacists and scientists also highly trusted (60% each). Despite a 14 percentage-point increase in people purchasing medication online, 43% stay loyal to community pharmacies, 13% of which specifically single out their local branch. Europeans care more about brand names and what is associated with them (38%) rather than sustainable & environmentally-friendly packaging (25%) or whether a product was made in Europe (20%).

In the report, Stada asks the question, “With an increased interest in and an aspiration to healthy living, how did people in Europe procure information on these topics? The short answer is: The internet. 54% of Europeans have increased their online searches for health-related information compared to previous years.” However, this spike in online health searches and literacy has not automatically translated into European consumers looking to bypass their pharmacist when acquiring medication, or information about it. According to Stada’s survey, only 14% of Europeans have ordered more OTC medicines via online pharmacies post-pandemic, and 43% flat out refuse to order them online at all. Despite the ever increasing number of e-Commerce platforms and other channels for obtaining medicines online, community pharmacies are still Europe’s first choice for OTCs.

Nicholas Hall’s Touchpoints: The Stada report quoted above is further evidence that increased levels of stress and anxiety, and disrupted sleep, are by-products of Covid. Insomnia was already considered a pandemic in the Western world by the World Health Organization; and sleep, stress and mood have joined immunity and disinfection as categories with rocketing sales in the past two years … The theme continues in the latest Gallup survey, which notes the high incidence of “worry, stress, anger and sadness among employees worldwide”. It seems that substantial numbers of office workers are refusing to go back to work in the traditional way and are insisting on continuing to work from home … This localisation of labour will almost certainly change our concept of shopping and could benefit independent neighbourhood pharmacies, giving a whole new meaning to the concept of Pharmacy Point-of-Care. It’s too soon to draw definite conclusions, but consumer healthcare companies would do well to re-examine their sales force objectives. One of the most successful modules of the CHC Training Academy is “Winning in Pharmacy”, and I can see this being even more popular as we come out of the Covid lockdown.

To find out more about Winning in Pharmacy, or the offerings from The CHC Training Academy, please contact maricar.montero@NicholasHall.com. The CHC Training Academy can also work with you to develop your own in-house customised training programmes according to your specific strategic needs.

European e-Conference report 2021

In this week’s blog, we highlight the key takeaways from our recent European e-Conference and take a closer look at one of the slides from Nicholas Hall’s Global Trends presentation, looking at the fastest-growing brands in consumer healthcare over the past five years.

Nicholas Hall Writes: 100 delegates from around the world joined us in late April for our first-ever e-Conference, and many more are expected to listen to the recording. The conference reviewed global and European trends in the consumer healthcare market, the impact of Covid, changing consumer attitudes and the omnichannel shopper journey, the digital revolution and our forecasts for the future. These and many other topics were covered under the banner of “A Glimpse into the New Normal”.

There is no denying that “immunity” is the biggest buzzword in consumer healthcare at the moment, and has produced some amazing results. We’ve just completed an analysis of the new DB6 data, looking at the fastest-growing brands over the past five years. Just to be clear, this is drawn from the 200 biggest brands and excludes those specifically from China, which are very largely formulated with traditional Chinese medicine. Sambucol, a brand I love dearly and have used for 20 years, shows up as the second fastest growing brand. Only Biofreeze (to be acquired by Reckitt in a deal expected to complete in Q2 2021) has grown faster during this period.

Source: Nicholas Hall’s DB6 database. All values US$mn at MSP.

CHC Insight Europe Editor Sarah Carter and Researcher / Writer Nathalie Corbett filed this report summarising various highlights from our European e-Conference:

  • There is an increased consumer focus on prevention, not just in terms of avoiding Covid-19, but also awareness that people with better overall health have better lifestyle outcomes. Many consumers are no longer looking for treatment, but instead seek to safeguard their future health.
  • During the pandemic, the health consumer has evolved from patient to “consum’actor”, who uses their purchasing power to protect the values and causes they believe in.
  • The consumer is in control of our industry and we need to deliver on their expectations. The best medicine is a consumer who is informed, empowered and inspired.
  • The way consumers shop has been severely disrupted and perhaps irrevocably altered by the pandemic. The CHC industry must respond with agility in order to successfully compete in this omnichannel landscape.
  • Consumers cross these different channels in a way that’s seamless, with lines blurring between communication, point of purchase, advertising, etc.
  • It’s all about the data – get this data culture deeply embedded at all levels of your organisation. It’s also about the right data, and not being inundated with data that isn’t useful. Identify the relevant KPIs and target those.
  • Tech and Big Data can help us gather insights and use these to deliver relevant business developments and product innovations. Consumers themselves are increasingly generating a wealth of data, including via self-monitoring devices.
  • Online can offer opportunities that offline cannot, even when it comes to personal advice. Digital interactions are sometimes preferable vs crowded stores / time constraints.
  • But pharmacies still account for 76% of purchases, and have a superb chance to fight back and regain market share provided they collect new insights into their customers’ shopping journeys.
  • We should no longer refer to e-commerce, but rather e-life. Platforms like Amazon are increasingly media hubs rather than just online stores.
  • Brand building is more important than ever as consumers adapt to the New Normal. We must be present and relevant and focus on creating an emotional bond with the consumer, a traditionally weak area.
  • There can be no return to old strategies and the old way of doing business. It is time for new strategies and New Paradigms.

We hope you enjoyed our European e-Conference 2021! If you couldn’t attend, you can still purchase a recording of the meeting by contacting elizabeth.bernos@NicholasHall.comImmunity & other Growth Drivers will be the focus of our next round of regional hot topic webinars. Starting with a focus on Asia-Pacific on 19 May, on the Americas on 23 June and concluding with Europe on 21 July. Please contact elizabeth.bernos@NicholasHall.com to find out more.

Nasal sanitisers niche opens up post-Covid

One of the fast-emerging OTC niches in the CCA category is oral & nasal sanitisers, with several notable innovations in 2020 and 2021, including two more nasal sanitiser launches announced recently.

Australian-based Starpharma’s Viraleze nasal spray will become available online in the UK this week ahead of a retail rollout in April 2021, under an exclusive sales & distribution agreement with the retail chain, LloydsPharmacy (McKesson). This will be the product’s first appearance in Europe, although a regional launch is expected soon following its registration in the European Economic Area in February.

Comment from CHC Insight Managing Editor, Chris Allan: Viraleze contains the same antiviral ingredient (SPL7013 / astodrimer sodium) that features in Starpharma’s VivaGel products. Its powerful claim to deactivate “>99.9% of Sars-CoV-2 within one minute” is likely to attract wider media interest given the continuing national focus on the pandemic, and LloydsPharmacy has committed to “significant” marketing investment.

Separately, in Israel, SaNOtize has received interim approval to sell its nitric oxide nasal spray (NONS) in pharmacies. NONS protects users from viruses that enter the body through the upper nasal pathways. Local manufacturing under the brand name Enovid has begun in partnership with Nextar Chempharma Solutions and the spray is expected to appear on pharmacy shelves by the summer.

Meanwhile, in New Zealand the Ministry of Health denied claims by the Canadian-based biotech company that Enovid had been cleared for immediate OTC sale. Newshub quotes a MoH spokesperson: “Based on the therapeutic claims made for the product, its claimed mode of action and the nitric oxide ingredient, Enovid nasal spray would be a prescription medicine under New Zealand law (Medicines Act 1981) … Medsafe has received no applications for approval of this product for sale, supply or use in New Zealand.”

Comment: SaNOtize and Ashford & St Peter’s Hospitals NHS Foundation Trust in the UK recently announced results of clinical trials indicating that NONS represents a safe and effective antiviral treatment that could prevent the transmission of Covid-19, shorten its course and reduce the severity of symptoms and damage in those already infected.

Oral & nasal sanitisers is one of the delivery formats trends covered in our new Innovation in CHC 2021: NPD & Launch Activity under the Spotlight report. Seize the last chance to save GB£1,350 when you pre-order this forthcoming report before 31st March. To review the table of contents or pre-order your copy, please contact melissa.lee@NicholasHall.com

CBD industry revving up again in 2021

2020 was a tough year for the CBD industry, with Covid causing disruptions to supply chains as well as lower footfall in bricks & mortar retailers, and these setbacks were reflected in greater hesitancy from CBD marketers in terms of NPD activity – according to our CHC New Products Tracker service – with launch activity in 2020 much lower compared to 2019. However, recent regulatory developments in Australia and Mexico, and the uptick in M&A activity in the CBD industry over recent weeks, suggest 2021 will see a revival in NPD activity and sales.

For example, Curaleaf, a leading US provider of consumer cannabis products, last week signed a definitive agreement to acquire EMMAC, the largest vertically-integrated independent cannabis company in Europe, for around US$286mn. Curaleaf Executive Chairman, Boris Jordan, commented: “[This acquisition] provides an advanced base to reach scale within the nascent European cannabis market and transform Curaleaf into a truly international cannabis consumer packaged goods company. The consumer and political liberalisation trends around cannabis that are sweeping USA are also increasingly taking hold in Europe … The European cannabis market has the potential to exceed the US cannabis market over the long-term and will help fuel our growth for years to come.”

In addition, a wholly-owned subsidiary of British American Tobacco last week subscribed for around 58.3mn common shares – a 19.9% equity interest – of Organigram, a leading licensed cannabis producer, for C$221mn (US$176mn). The companies have also entered into a Product Development Collaboration Agreement, under which a Centre of Excellence will be established to focus on developing the next generation of cannabis products, with an initial focus on CBD. “The cannabis industry is still in the nascent stages of product development. We believe that product innovation backed by core fundamental R&D is necessary to establish a long-term competitive advantage in the cannabis industry,” said Organigram Chief Strategic Officer Paolo De Luca.

Another M&A CBD development from last week was MediPharm, a research-driven global leader in cannabis extraction, entering into a GMP white-label supply and contract manufacturing agreement with Cannim. The company has also commenced registrations for the launch of next-generation OTC products in Australia in 2021. Under the 3-year agreement, with options to extend, MediPharm will supply a full range of specially-formulated CBD and THC cannabis oil products, sold initially under Cannim’s Lumir brand. MediPharm will also provide Cannim with contract manufacturing options.

Finally, a bill that would legalise the recreational use of cannabis was approved in Mexico’s lower house of Congress last week and will move to the Senate for final approval. The legislation would enable users aged 18+ years with a permit to carry up to 28g of cannabis and grow up to eight plants at home for personal use. President Andres Manuel Lopez has argued that the bill could help to curb Mexico’s violent and powerful drug cartels. John Walsh, Director of Drug Policy for the Washington Office on Latin America, a US advocacy group, said: “Mexico, given its size and its worldwide reputation for being damaged by the drug war, to take this step is enormously significant. North America is heading towards legalisation.” Canada and Uruguay are the only countries in the world to have legalised cannabis for recreational use. With its liberal switch environment, Mexico could be an early adopter of OTC cannabis, possibly the second or third market after Australia.

Discover who the main CBD players are, and how big the market could get in our recent report, CBD 2020: The 20 Most Important Questions about CBD in the Future of CHC. To find out more, or to order your copy, please contact melissa.lee@NicholasHall.com.

NPD roundup: Women’s Health in 2020

To mark International Women’s Day, our blog this week rounds up some of the most notable women’s health NPD activity in the global CHC market in 2020, with examples from all four major regions (Europe, Asia-Pacific, North America and Latin America), as provided by our CHC New Products Tracker service.

Probiotics & prebiotics was a particularly lively source of women’s health innovation, including Farmoquimica’s late 2020 launch of Simbiofem in Brazil, positioned to balance female intestinal flora and claimed to be the first probiotic in the market for women’s health. In Spain, FertyPharma unveiled Fertybiotic Mujer Plus in early 2020, uniquely positioned to improve the fertility of women with PCOS (polycystic ovarian syndrome), while in South Korea Huons launched Elruby Menolacto Probiotics in Q4 2020, offering the benefit of an original formula to help support menopausal women. In the USA, a particularly innovative women’s health probiotic launch was HUM Private Party, with a unique formulation that combines a proprietary women’s probiotic blend with cranberry extract, which is positioned to support healthy vaginal and urinary tract health.

As for digital health solutions, which are profiled in one of the chapter’s of our upcoming Innovation in CHC report, a notable women’s health development in the UK was Velieve (Healthy.io), an at-home service for women to determine if they have a UTI (urinary tract infection). Velieve was test marketed in London first and is available as a kit (containing a urine collection cup, dipstick and colour board), which is delivered within 3 hours of ordering online, and the user is then required to download the Velieve app to guide them through the test, turning their smartphone into a medical device to read the dipstick.

Finally, looking at VMS, there were also several notable women’s health developments in China in 2020, including GSK’s extension of calcium supplement Caltrate with Caltrate Women, Unilever’s rollout of Olly The Perfect Women’s Multi and Eu Yan Sang’s launch of Gold Label Bak Foong Small Pills (a plant-based formula positioned as a treatment to alleviate menstrual pain).

Seize your last chance to save on our forthcoming report from Nicholas Hall’s CHC New Products Tracker, Innovation in CHC 2021. Putting innovation and NPD activity from 2020 under the microscope, click here to pre-order your copy without delay. For more information, or to place your order, please contact Melissa.Lee@NicholasHall.com

Sexual health OTC revolution

Building on the news covered in last week’s blog that Sanofi is planning to implement the US Rx-to-OTC switch of erectile dysfunction treatment Cialis by end-2024, this week we look at another major development in the OTC sexual health & fertility category – the announcement by the UK’s MHRA that it has launched a public consultation on the reclassification of two progestogen-only contraceptive pills containing desogestrel, marking the first time the agency has considered such a change.

MHRA is asking the public and stakeholders for their views on whether two continuous-use oral contraceptives – HRA Pharma’s Hana and Maxwellia’s Lovima, both as 75mcg film-coated tablets in 28-count packs – should become pharmacy medicines and available OTC, without a medical prescription (although, in parallel, desogestrel 75mcg will also remain available on prescription, with women potentially able to switch between prescription or pharmacy supply at different times). The agency notes that if the products are reclassified, pharmacists will have access to training materials and a checklist to help them to identify women who can receive the two medicines safely. Two separate consultations are open until 5th March (Hana link; Lovima link).

Following the switch of Adamed’s Maxon Forte (sildenafil 50mg) in Poland in early 2020, the rollout of OTC Viagra (Viatris) to Norway and Ireland in 2020, plus the EU centralised Rx-to-OTC switch of Fortacin (Recordati for Plethora Solutions) for premature ejaculation – formulated with lidocaine 150mg + prilocaine 50mg – in September 2020, the past year has seen a rapid expansion in the availability of OTC sexual health & fertility medicines. With OTC ED on the near horizon in the US market, the UK approval of the daily contraceptive pill as an OTC medicine could lead to a wave of similar approvals worldwide, and inject substantial growth into the global CHC market over the coming years.

CHC.NewDirections Consulting Editor, Nina Stimson adds: This really is an exciting proposal – not only a first for the UK, but also the first significant bid to offer oral contraceptives without prescription outside the Asia Pacific region – China and South East Asian markets lead the way, although sales in most markets are relatively small. If the proposal is approved, will UK pharmacists actively support the switch and help build OTC supply (and will the pharmacy protocol be sufficiently user-friendly not to push women back to the doctor)? And will any price differential between Rx or OTC supply be a factor? Not all ambitious switches in the UK have succeeded in the past, but we have high hopes for this one. Time will tell …

You can save up to GB£1,350 when you pre-order our forthcoming report from CHC New Products Tracker, Innovation in CHC: 2020’s NPD & Launch activity under the spotlight before 31st March! As well as looking in more depth at the latest OTC sexual health & fertility developments, the report also showcases the top 100 innovations in 2020 and features major ingredient trends, delivery format trends and much more. For more information, or to pre-order your copy, please contact melissa.lee@NicholasHall.com.

CBD: European market boosted by ECJ ruling

An important recent ruling by the European Court of Justice – that an EU member state may not prohibit the marketing of cannabidiol (CBD) lawfully produced in another member state – could mark a turning point for CBD in Europe. So far, sales and innovation in this high-potential category have been driven by the fast-growing US market, where CBD is available in an ever-growing array of delivery formats and formulations.

Innovation in Europe has, until now, been more cautious. According to our CHC New Products Tracker tool, NPD activity in the region has largely been driven by the UK, along with Germany and more recently Spain. While innovation in Europe has been mainly powered by CBD specialists such as Ignite and Vitality CBD, established CHC marketers are also playing an increasing role, with Nature’s Aid (Stada) launching a range of CBD sprays and gels in the UK in 2019, while Vemedia launched new cream and capsule CBD formats in Spain in mid-2020 under its Valdispro brand umbrella.

Nicholas Hall Writes: “CBD is one of my top picks for a new CHC mega-category. Consumer demand is strong, retailers are eager to stock, there is an abundant supply chain, and very importantly CBD is highly efficacious and seems to have few if any side-effects once “bad boy” THC is suppressed within the cannabis plant. So what is holding back the creation of what we estimate as a potential US$20bn market at retail prices? The answer is clear: regulation. Usually marketers want fewer regulations, not more; but in this instance it is vital that the health authorities determine the scope of the market, indications, dosage strengths, permitted claims and production standards, which will drive away the carpetbaggers.

In many countries, CBD is marketed in the form of hemp. To quote the President of the European Industrial Hemp Association, Daniel Kruse: ‘This ruling is the beginning of the end of the arbitrary stigmatisation of CBD. In future, both European and national courts, politicians and authorities will have to orient themselves on the Court’s reasoning. If the hemp industry keeps being proactive and comes up with safety assessments and standards, achieved by the EIHA Novel Food Joint Application, then the products will be legally marketable all over Europe, latest in three years. The market growth will be extremely significant.‘”

CBD 2020 is one of several Nicholas Hall reports that are being heavily discounted as part of our final Q4 promotional event, which runs from tomorrow until end-December. There are also discounts to be had on our Innovation in CHC, Coronavirus 2020 and New Paradigms reports, as well as several more. For more information please contact Melissa.Lee@NicholasHall.com