Rise Of Wellcare
Consumers have begun to exert their power in the healthcare market place. As consumers become more aware of the value of Lifestyle decisions, companies have responded with a rise of wellcare products and services. This holistic approach to Health increases consumer satisfaction (and health) and decreases their costs through better Lifestyle decisions and preventative measures. But that is not all! Companies have found that a rise in wellcare can translate to a rise in their bottom lines.
The health, food, and beauty markets are converging into a consumer products category that we call wellcare, a segment that is growing rapidly thanks to consumer demand, discretionary health spending, and global technology platforms. With its combined focus on wellness, fitness, beauty, and environmental sustainability, wellcare encompasses a broad range of key players, including some of the world’s largest companies in the consumer healthcare, fast-moving consumer goods, biopharmaceuticals, and medical device industries. In addition to these traditional competitors, there are new entrants establishing positions, including niche organic beauty companies, functional food businesses, retailers, and technology companies that offer devices and platforms designed to monitor individuals with specific health conditions. Mobile platforms make it particularly easy for new competitors to appear out of nowhere, taking advantage of the accelerated product development cycles and the highly personalized consumer engagement tools.
Although each company has its own distinct set of advantages, the ultimate goal remains the same. Every wellcare player, new or old, needs to extend its core capabilities and competitive advantage with a continual flow of innovative and environmentally friendly new product offerings and technological breakthroughs, all designed to serve the demands and tastes of a customer who is increasingly health- and beauty-conscious and has no shortage of choices.
Companies in the wellcare space can maximize opportunities for growth through strategic partnerships, differentiated research and product development processes, differentiating capabilities, and integrated use of technology at all levels of the value chain and distribution network. Integrated ecosystems are essential to providing the supply of goods and services that consumers demand. Market participants can either generate their own ecosystems and align their skills accordingly, or link their products and services to existing platforms that are consistent with the wellcare consumer’s values and aspirations. Whichever route they take, however, a timely action is necessary.
Source: The rise of wellcare: A new market at the nexus of health, food, and beauty
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