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May 12, 2020

Consumer and Health Brands Can Respond to the Need

[Co-authored by Kyle Farnham, managing partner, Global Consumer Practice, Finn Partners, John Bianchi, vice president, Health Practice, Finn Partners, and Gil Bashe, managing partner, Global Health, Finn Partners]

A Tipping Point for Change

COVID-19 has unquestionably been a disaster to life and business. It’s not only a catalyst for many households to support healthier behaviors, it also demands leadership wellness brands take a stand. In addition, COVID-19 is an accelerator of technologies and consumer services such as telemedicine, wearables, home-food delivery and smart homes that have been waiting in the wings for years and had not yet seen widespread adoption until the pandemic forced the hands of consumers and communities.

The Time Has Come

Five years later, amid a health crisis of immense proportions, we are seeing just how ready consumers are to drive change. They are embracing the shift from office-based primary care to storefront health establishments, and now, to telehealth. It’s incredibly easy to access care in this way; after the crisis has passed, why would we go back to a model of care that’s less Amazon Prime-like, more difficult to access and a bigger drain on time and resources for both consumers and physicians? We truly will have difficulty forcing the genie back into the bottle.

From Sick Care to Self-Care to Wellness

Companies entering into the wellness arena have many good reasons to do so. Certainly, there is now an economic impetus as stay-at-home consumers drive demand, but these companies are not only making money in a burgeoning market, they’re also benefiting from our ability to effectively help self-care. In this sense, consumer retailers, product manufacturers and healthcare providers must see that we have an opportunity to work in tandem to shift from sick care to self-care, and ultimately, to place wellness as a shared priority.

Posted By

Finn Partners

 

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