Updated on 20 January 2016
Mr Abhijit Ghosh
Singapore: Consumers have a habit of reshaping industries at inconvenient and unexpected times. Their expectations and demands may initially appear irrational, or impossible. But over time, a new pattern of serving customers begins to evolve from a series of uncoordinated movement.
Today, the retail, banking, and travel industries are in step with their customers, making their moves based on a real-time understanding of consumer behaviour. Rapid feedback and a focus on the customer has become the norm for these two industries.
The next generation of consumers is likely to reshape the pharmaceutical industry much in the same way as they have transformed other industry sectors. Customers want their preferences and behaviours understood and acted upon. As consumers take on more risk and responsibility of their healthcare, they will migrate from being a passive recipient to a joint participant in drug purchase and usage decisions.
Other players such as health technology companies are not standing idle. They offer products and services that engage the patient in disease management, influence healthy behaviour, improve convenience, and provide better health information.
Drug makers and their retail counterparts must find new ways to create meaningful experiences and relationships with the ultimate stakeholder.