We always knew that health is wealth. With increased lifespan, greater disposable incomes and health insurance (positive trends) for the wellness segment have also come lifestyle ailments which are affecting us in larger numbers and at a younger age. The focus in the wellness segment is moving from ‘sick care’ to ‘preventive health care’ and this has accelerated the growth of below mentioned trends.
Organized Pharmacy Retail: The stand alone, chemist stores of the past, which followed unhealthy practices while dispensing medicines have been seriously threatened by the organized pharmacy retail chains. Such chains have brought in improved service standards, assurance of genuine medicines and authentic practices like ‘no sale without a bill’. Moreover, the better store ambience, enhanced stocking patterns, free home delivery service, a trained pharmacist at the counter and various ‘value adds’ lures the customer, who is gradually moving from his ‘old’ chemist to these pharma chains. The ‘value adds’ include Loyalty card o where a customer gains a point when he makes a purchase and it can be redeemed at the store, health checks and attractive discounts at hospitals or on health checks. The market is growing at 18% per annum and over the next decade this industry will grow at tier II cities also.
Nutraceutical Industry: The word ‘nutraceutical’ is an amalgamation of two words: nutrition and pharmaceutical. With increased urbanization and disposable income, people also have paucity of time to cook healthy foods. Moreover the soil in which the crops grow lack micro nutrients. This result in nutrition deficiency and people are ready to shell out money to buy ready-mix formulations to supplement nutritional deficiency. The nutraceutical business in India is estimated at around INR 44 billion. The market is estimated to be growing at the rate of 15%. Almost all big pharmaceutical players present in India, as well as specialist retail brands like GNC, USA (in exclusive tie-up with Guardian Pharmacy) have set shop in this space.
Beauty Industry: The emphasis to look good and young has been like never before. Multinational companies like Yves Rocher (retails through us), Body Shop, have their outlets in India and they sell high-end beauty products, which disappear from the shelves like hot cakes. The consumer is willing to spend more if the product promises to deliver what it claims. An offshoot of beauty industry is the emerging trend of spas which have become quite affordable now. Along with spas, fitness centres have come up in large numbers.
Corporatization of hospitals: The lone clinic of the past, where the doctor checked the patient and wrote a prescription usually functioning with the help of a nurse has been replaced by glitzy corporate hospitals that take charge of the patient’s health.
