Bayer Suggests Self-Care Industry Follow Five Principles As 'Blueprint' For Product Development
Bayer proposes five science-based principles to guide industry’s self-care research and development to reframe self-care and earn consumer trust.
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Despite spiraling inflation, branded OTC product demand remains high, according to Bayer Consumer Health, which posted Q2 sales up by 16.0%. But with consumer incomes increasingly squeezed, the company is working on ways to defend its market share against cheaper private-label alternatives.
In this episode, HBW Insight speaks to Johnson & Johnson Self-Care R&D lead Adam Ricciardone about four macro trends the company is observing worldwide: total wellness, sustainability, demographic shifts and the “techceleration” of self-care. Ricciardone talks about J&J's latest self-care technologies and why non-western countries, particularly in Asia, are quicker to adopt new consumer healthcare trends.
Self-care practices could save healthcare systems about $180bn a year, individuals 18bn hours a year, and increase productivity by 72bn extra workdays by 2030 if the right policies are implemented, argues a new report by the Global Self-Care Federation.