Q&A: What are the future prospects for consumer health? A retired executive weighs in
After 36 years at Procter & Gamble, Tom Finn recently retired. In his final P&G role, Finn served as the global president of the company’s multibillion-dollar OTC personal healthcare business.
Today, he is active in the broader healthcare delivery and transformation landscape in Ohio. A consultant for PatientPoint, Finn recently talked with Drug Store News about the future outlook for the health sector.
Drug Store News: From your perspective, what is the growth potential for the consumer health sector?
Tom Finn: During my 13-year tenure leading Procter & Gamble’s global OTC business, we saw the consumer health market grow at 4% to 5%. I believe the potential for market expansion remains immense in almost every consumer health segment, and the benefits we could and should be offering to consumers remain significant and important.
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To generate meaningful growth, consumer health marketers must embrace innovative tactics beyond the traditional means. However, innovative doesn’t have to mean new. A prime example of a high-performing, yet underutilized tactic that has been around for decades is securing the recommendation of the healthcare professional.
DSN: What do you think the growth drivers will be?
TF: Brand growth will come from shifting our focus from market share to identifying, targeting and trading in new users of consumer health products. We can expand all consumer health segments by educating both consumers and their influencers on the potential uses, proven benefits and proper administration of our existing products and regimens.
DSN: Consumer health products typically haven’t played a large role in the treatment of chronic conditions. What’s the opportunity today and for the future?
TF: From sinus conditions to diabetes, there are many chronic, recurring health conditions for which consumers have yet to recognize the benefits of consumer health solutions as part of early intervention or a more complete management regimen.
Consumer health products could and should be a much bigger part of the “accepted” strategy for managing these conditions. The question is how to identify, reach, teach and motivate people with chronic or recurring conditions to add consumer health solutions to their daily habits early in the progression of the condition. One answer: Have a healthcare professional make the recommendation for you.
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DSN: What’s your experience with having a doctor recommend brands to consumers while in the doctor’s office?
TF: Harnessing and cultivating the unique and durable power of the professional recommendation is a tactic I used for many of my P&G brands. Utilizing physician offices or “point of care” engagement solutions, such as video education and awareness tools in waiting rooms, exam rooms and in the back office, we were able to reach our target consumers with pinpointed, highly valuable messaging when and where it was extremely relevant and top of mind. We saw time and time again how our messaging empowered consumers to take action in asking the healthcare provider or their staff about the value of a product and, ultimately, to purchase it. In my experience, I always found that product usage initiated by a doctor’s recommendation was far more robust and much more durable than usage generated strictly from consumer advertising or PR.
Tom Finn, consultant, PatientPoint