Russell Reynolds Associates: Changing Dynamics and Talent Needs in the Consumer Health Industry
The consumer health industry is now a $200+ billion dollar global industry. Russell Reynolds Associates finds that the growth is driven by preventive health and wellness categories such as over-the-counter medicines, vitamins, weight management, fortified foods and beverages, fueled by the demands of health conscious consumers.
The growth of the industry has led to an increase of companies that fall into two categories: pharma-heritage companies and consumer packaged goods (CPGs). Pharma-heritage companies are large pharmaceutical organizations, including Bayer, GSK and Johnson & Johnson. These companies are investing in expanding internationally to diversify their brand portfolio. On the other side is the consumer and packaged goods companies, who are taking advantage of consumer demand from their consumer insights and successful marketing campaigns.
To capitalize on the opportunity, CPG companies are partnering with pharmaceutical companies. For example, Procter & Gamble partnered with pharmaceutical company Teva, combining the two companies’ over-the-counter medicine businesses. The partnership combined P&G’s core strengths in brand building, consumer-led innovation and go-to-market retail capability with Teva’s capabilities in research and development (R&D), regulations and product supply.
For companies in this industry to succeed they need to search for talent across the pharma and consumer packaged goods divide.
The full report is published on Russell Reynolds Associates’ website. Read the full report.