16 Nov Nutrition and the power of nutritional supplements
Today’s market for supplements is vastly different to the general public’s opinion of them 15 years ago. Driven drastically by the millennial generation, nutritional supplements are rapidly becoming the first choice between pharmaceuticals and a more ‘natural’ and acceptable approach when it comes to personal wellbeing and nutrition.
While the market for pharmaceuticals and prescription medication is still incredibly powerful, the convergence of these two industries is fast-becoming a reality. In recent years this market has grown to become widely accepted by industry experts, with its growth spurring on the term: ‘medical nutrition’.
Medical nutrition products have come to be defined as specific nutritional compositions for the intervention of disease progression and symptom alleviation. The blurring of the boundaries between these two industries is playing a role in shaping an entirely new market and industry for self-care. It is also changing the way treatment of disease is approached.
Motivation behind the movement
As the trend for nutritional supplements has grown in recent years, the reality is that big pharmaceutical companies have experienced a major setback. A shift in the lifestyle of two major generations has led to the rise in popularity of a more ‘natural’, healthy, active lifestyle which shies away from medications. The downside being that these generations have come to view pharmaceuticals as ‘dangerous’ and, not-to-mention, highly expensive.
To add to the motivation behind this industry convergence, is a move towards following what is considered mainstream behaviour in consumers. For the generation of ‘baby boomers’ and millennials, the race is on to defy age and look better than ever before. As a result, consumer behaviour has been to move towards purchasing products and supplements related to age and personal health issues. Additionally, many physicians and health practitioners favour a more natural approach in the wake of this trend. Recommendations tend to lean towards nutritional supplementation, rather than jumping straight to a pharmaceutical approach.
How has ‘Big Pharma’ adjusted?
As a result, pharmaceutical companies have made the move to invest in the supplement space. Recent acquisitions have been seen by some of the world’s largest pharmaceutical giants. These include the likes of Procter and Gamble acquiring New Chapter Vitamins and Supplements, Pfizer acquiring Alacer Corporation and Nestlé’s acquisition of Pamlab. Reckitt Benckiser also topped Bayer in the acquisition of Schiff Nutrition. These acquisitions have highlighted the fact that the convergence of these two markets is no longer viewed as controversial or adversarial.
The power of nutrition
‘Big Pharma’ and much of the related industry has taken the approach of convergence as a new opportunity and a need to work together towards a common goal to maintain the health and wellness trend that has taken much of the world by storm.
Most importantly, the convergence of these two markets is being seen as an opportunity to manage the nutritional needs of people with diseases, the world over.