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Healthcare, Medical, and Pharma Market Research
May 21, 2020
A look into the future of the healthcare industry post-COVID-19.
Editor’s Note: This post is a preview of the Forces of Change research that will be presented at IIEX Forward, an online event curated to give you the tools you need to successfully navigate COVID-19 and digital transformation. The Forces of Change report is now available for download here.
The COVID-19 crisis has dealt a blow to the majority of industries and many aspects of people’s lives. But what of longer-term impact? At Buzzback we decided to dig deep and understand those emotions and behaviors that will continue even after the end of the pandemic.
The healthcare industry stands out as one of the most heavily impacted of all. The challenge of isolation has significant repercussions on people’s lifestyles, with an increase in issues around mental health and weight gain. According to our weekly COVID-19 Tracker in the UK and the US, about half of the participants claim their mental health is suffering and 56% say their mood has worsened. However, despite these issues, we’ve also observed a decrease in people asking for professional help. Only one third are visiting professionals for mental health reasons and only two in five are going to the doctor for medical issues.
This shift is due to people’s increasing concerns around in-person sessions and visits with medical professionals. For instance, in the UK, over 50% are worried about going to the doctor’s office for fear of catching the virus; there’s also the perception of not being able to access healthcare professionals or medication easily. Respondents pointed out their concerns around long waiting lists and scarce availability of nurses and specialists who are understandably being transferred to critical care. On top of this, many clinics are closed, leaving patients with a sense of abandonment that online health services don’t quite relieve.
However, even with the onset of telehealth services, only about one in three are converting medical appointments to virtual or telehealth ones. While minimizing travel and being able to talk to their doctor in the privacy of their homes is attractive, technical challenges with video and feelings of the conversation being less personal remain barriers.
This increase in worry is also driving increases in purchases for personal protection. As one respondent said; “I feel like there is a constant worry about cleaning everything because of this virus.” As a result, hand sanitizer and disinfectant rise to the top of shopping lists. In the US, 50% are buying disinfectant and 32% medical supplies. And in both markets, about half are disinfecting all items that enter the home.
On the positive side, our lifestyles have seen a shift towards a healthier way of living. We are eating more healthily and staying more active; we’ve seen an increase in buying home fitness equipment, particularly in the UK.
Understanding the transformation of patients’ lives and how it consequently shapes the industry is paramount for brands. Healthcare companies need to grasp these challenges and turn them into opportunities to better connect with their audiences and remain relevant. These times can be confusing not only for consumers but also for brands. It seems as if although we’re standing still, locked in our houses, our lives, behaviors, and surroundings are changing fast. Organizations need to adapt and follow those new paths consumers are creating, they need to face the hurdles they might find along the way and ultimately establish and empathize with their customers throughout the journey.
Our research shows how brands can leverage this changing environment if they identify the right opportunities. In our study, we’ve highlighted some key elements that can help healthcare organizations to achieve this goal, all of which are based on real consumers’ insights. These findings are aimed at guiding brands through this challenging time, answering questions such as how to keep communicating effectively with their audience and how to better connect with them.
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The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.
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