Accelerating the future: How consumer health companies are meeting the increased expectations of a more knowledgeable and empowered consumers
Technological advancements, acceleration in innovation and shifts in individuals’ expectations, are driving an unprecedented transformation in consumer health. Consumers are keen to improve their health literacy, enjoy equitable access and obtain personalised products and services; and the consumer health (CH) industry is energised by these changing expectations and has increased its focus on promoting wellbeing and extending healthy lifespans. This week we published the first two of ten predictions that inform our report ‘Accelerating the future: Life Sciences and Healthcare predictions 2030’. While our predictions are mostly optimistic and deliberately provocative, we acknowledge some of the constraints that need to be overcome to realise the prediction by 2030. This week’s blog explores the first two predictions: Consumers are the CEOs of their own health and The rise of a dynamic consumer health market.
Consumers are the CEOs of their own health
By 2030, consumers will be using data from multiple sources, such as wearables, point-of-care diagnostics and their electronic health records (EHRs), to actively manage their own physical and mental health and well-being. They will actively prioritise better nutrition, sleep and exercise as part of a holistic health regimen (see Figure 1). Consumers will also expect to obtain products that provide evidence as to how they can improve their longevity and immunity, and to receive information and advice from CH companies on how to reduce the risk of developing preventable long-term conditions.
In return, consumers are willing to share their data with companies that engender trust, particularly those that can demonstrate that they employ strong cyber security governance and secure cloud-based data system to protect their personal data. They also expect CH companies to use these data to refine their products and create more personalised, predictive and personalised solutions, especially reliable, evidence based FemTech and AgeTech products that have been designed to target the unmet needs of women and older people.
Consumers are willing to engage with health and well-being providers via a wide range of digital tools, including the metaverse or engaging with GenAI-powered chatbots. When consumer need to obtain advice and support from healthcare professionals (HCPs), they expect to co-design their treatment plans and, where possible, to be able to access the care at, or close to, home (e.g., point of care diagnostics and remote monitoring). Consumers also value and expect CH companies to be able to demonstrate their commitment to recycling, sustainable sourcing of ingredients and compliance with health equity standards.
Figure 1. Empowered health consumers take more responsibility for their own health and well-being
To realise this future, it is crucial that the healthcare ecosystem works collaboratively to improve the population’s digital and health literacy, and CH companies have an important role to play in this , being well positioned to provide support, information and help deliver equitable access to products and services connectivity reduced through government-led initiatives and new payment models, such as subsidies based on social determinants of health, being employed by public and private providers and insurers alike by 2030. Moreover, innovation funded by private equity and subscription models make CH products more affordable.
To further support equitable access to products, international regulators will have agreed on frameworks for responsible advertising (including social media where it is expected most consumers will obtain their information from) and segmentation of products by risk profile, and pricing. Therefore, by 2030, individuals will have information on best prices and are willing to (co-)pay for sustainable products that they believe will help them have longer healthier lives.
How will the consumer health market respond?
These changing expectations of the empowered consumer is already leading to significant changes in the CH market. Figure 2 explores the trends which are driving and will continue to drive, this rapid transformation. By 2030, these trends will have led to the CH industry becoming an established branch of the health ecosystem which focuses on promoting health, preventing disease, treating symptoms, and extending healthy longevity.
Figure 2. Trends driving the consumer industry’s rapid transformation
The market by 2030 therefore promises personalised products and services that deliver proven benefits across various aspects of well-being, including health apps and associated products on nutrition, sleep, fitness, and mental health. CH companies will be leveraging AI-powered predictive and sensing capabilities, along with sophisticated market insights, to develop targeted products that reach new demographics and regions. They will also have responded by investing much more in FemTech and AgeTech products and services.
At the same time, retail pharmacies will embrace integrated data, tele-pharmacy, and automation to enhance their service offerings, empowering pharmacists to support consumers in interpreting health data, providing personalised advice, and identifying suitable products and services. Underpinning these advancements will be a commitment to social value, with health equity and environmental sustainability as key considerations in the design and development of all CH products.
Like our prediction of the empowered consumer, cross-cutting constraints will need to be overcome to realise this vision of the future. It will require proactive efforts to access a diverse talent pool, including scientists, wellness coaches, digital health and tech designers, and pharmacists. Additionally, adopting innovative financing and insurance models will be crucial, along with the implementation of robust data governance frameworks and data security standards. This includes prioritising ‘security-by-design’ products, establishing transparent data sharing agreements and utilising secure, cloud-based and interoperable data storage platforms.
How can GenAI accelerate this future?
Over the next five years, GenAI has the potential to democratise health knowledge by empowering consumers to learn about medical conditions, explore treatment options, and discover new ways to improve their well-being. This technology can also bridge the gap between individuals, carers, and HCPs, facilitating 24/7 connectivity and support. By 2030, we expect that consumers will be more comfortable interacting with GenAI avatars that analyse health data in real time to provide them with instant feedback and nudge them to make better choices. GenAI will also help to design new models of care and more personalised products and services.
AI and machine learning as well as GenAI will also revolutionise the way CH companies operate. It can accelerate the discovery of new ingredients, optimise sourcing strategies, and provide a nuanced understanding of cultural preferences and sensitivities. Internally, GenAI can streamline operations, improve efficiencies and ensure regulatory compliance across different markets.
However, consumer trust will be critical. Consumers expect transparency when GenAI is being used with companies having to demonstrate that their technology is trustworthy, ethical and reliable, and that risks such as bias, privacy, misuse, hallucinations and the potential for medical errors are addressed. They will also need to ensure that the ‘human remains in the loop’ by regularly assessing performance to test its accuracy including ensuing the responsible and ethical use of personal health-related data.
Conclusion
As noted, our life sciences and healthcare predictions of what the consume health world will look like and feel like in 2030 report, are deliberately provocative and we hope they are seen as a call to action to all organisations to develop strategies that meet the ever-evolving consumers’ expectations and optimise the fast pace of innovation to remain ahead of the curve and obtain a competitive advantage. Our predictions include examples of evidence today that enables us to have a go at predicting tomorrow, and enable our readers to learn from this evidence of good practice, to help bring the future closer As discussed there are inevitably some constraint that will need to be addressed (specifically having the right skills and talent, the need for new funding and operating models, improving complying with the growing complexity of the regulatory landscape and the need to tackle data sharing, interoperability and cyber security issues. However, we believe that by addressing these cross-cutting constraints, the prediction of a brighter future is achievable.
