CHC Insight Europe Deputy Editor Nathalie Corbett has filed the following report of the highlights of Nicholas Hall’s 32nd European CHC Conference & CHC Training Academy Workshop, which took place from 4th to 6th May in Athens:
- Although innovation is key to driving growth, there is too little of it; we have seen few large switches globally and it is difficult to be a switch pioneer.
- We must aim to bring value to consumers and only innovate where we meet their needs. Success of the past is not a guarantee of success in the future.
- Being a launch machine is not necessarily the way to grow and new launches do not always equal success; it is just as important to manage the assets we already have for long-term brand sustainability and growth.
- Self-care can help alleviate the growing strain on healthcare services, but we must work hard to gain the trust of HCPs and convince them of the important role of preventive wellness solutions.
- We need to move towards sustainable and robust healthcare systems, working collaboratively to enhance their resilience.
- We live in a time of rapid change, with many forces disrupting the health & wellness landscape and shaping consumer demand; one of the key challenges in today’s industry is adapting to this new reality, which is crucial to keep pace, remain relevant and enable innovation.
- Health is not a one-size-fits-all concept and it is important to know and understand the varied landscape and identify the ever-changing motivations & drivers of individual groups in order to meet their needs.
- We need to address consumer health & wellness needs more holistically; personalisation remains a global megatrend and one that will continue to evolve. We are seeing a shift to more personalised and proactive care that empowers consumers to identify their needs, make informed choices and adopt healthier lifestyles.
- Protection has moved to the fore of consumer consciousness amid the Covid-19 pandemic, with today’s consumer health-oriented, informed, connected, empowered and proactively searching for better health & wellness outcomes.
- The pandemic has seen an explosion in e-Commerce and accelerated demand for DtC purchases, providing huge opportunities, but bringing with it responsibilities and risks.
- Systems need to be in place to anticipate these risks, coupled with processes to mitigate them; safeguards, best practices and governance are key. Be mindful of your obligations before charging ahead with innovation.
- Technology can help us gather and sort a large amount of disparate data, granting us insights to better understand consumer needs, predict consumer choices and enable innovation.
- It is important to constantly review and respond to data as it changes fast: Gather, Learn and Act.
- AI is forecast to be the most disruptive technology over the next 50 years, unlocking value of more than US$13tn across all industries. However, while AI can support the work of people, it cannot substitute it, so it is essential to integrate both into business models. Technology should aid innovation but not be the end goal, and consumers must always sit at the centre of strategy.
Nicholas Hall’s Touchpoints: My colleague Nathalie has written an excellent summary of the Athens meeting, with particular emphasis on the key word in the conference title, “Innovation”. And I wrote last week of the sense of joy among delegates, speakers and staff at being abroad – or just out of the office or home office – in the wide-wide world. I hope that this sentiment will be in evidence at next year’s meeting, which will take place in one of our favourite cities, London.
If you missed the chance to attend our 32nd European CHC Conference & CHC Training Academy Workshop in Athens last week, you can still purchase a recording of the event! View presentations from Nicholas and experts from companies including GSK, Menarini and Teva, who explore what is next for the CHC market landscape across the region. Please contact elizabeth.bernos@NicholasHall.com to purchase your copy.