Improved Dose Forms for Aging Population Healthy Aging: Improved Dose Forms for Aging Population

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Transcript of Improved Dose Forms for Aging Population Healthy Aging: Improved Dose Forms for Aging Population

  • FiercePharma Marketing

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    Introduction

    Industry Outlook

    Common Usage Categories for Older Adults

    OTC Innovation Trends

    OTC Innovation Case Studies: Fostering Healthy Aging

    Conclusion

    share:

    October 2016

    Healthy Aging: Improved Dose Forms for Aging Population

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  • Healthy Aging: Improved Dose Forms for Aging Population // October 2016 // 

    FiercePharma Marketingshare:

    Introduction

    Industry Outlook

    Common Usage Categories for Older Adults

    OTC Innovation Trends

    OTC Innovation Case Studies: Fostering Healthy Aging

    Conclusion

    Introduction Today’s aging consumer is more concerned than ever about healthy living. While life expectancy for most countries has increased by 60% since 1900, living longer is no guarantee for living healthier.1

    “Consumers want to own their health,” said Matt Petterson, research director of consumer health industry teams at Euromonitor International. “Self-care is becoming a critical aspect of healthy aging based on individual health and needs, but more importantly by individuals’ choices. In the past, people would consult first and rely heavily on the recommendation and guidance of their healthcare practitioners. But now, the push for responsible self-care has transformed how people take ownership of their health.”

    In the United States, the average age of life expectancy has risen to 82. However, an average of 9 of those later years will be spent dealing with poor health, according to Euromonitor. Americans aged 50 and older want more years of vibrancy and are taking charge of their health and wellbeing to ensure that increased lifespan equates to a more robust health span.

    The Gen X generation, just now beginning to hit their 50s, is leading

    the self-management and care charge. They, along with the Baby Boomers, are devoting significant time and resources to actively managing and ensuring a healthy second half of life.

    The self-care trend among consumers has attracted growing interest among companies looking to address key category needs and provide safe, effective and fast-acting over-the-counter treatments to fulfill the demands of the aging population. These needs within OTC treatments range from safety and convenience to cost and effectiveness and are becoming increasingly important to both consumers and manufacturers, creating new opportunities for the industry while also improving health outcomes for aging consumers around the world.

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  • Healthy Aging: Improved Dose Forms for Aging Population // October 2016 // 

    FiercePharma Marketingshare:

    Introduction

    Industry Outlook

    Common Usage Categories for Older Adults

    OTC Innovation Trends

    OTC Innovation Case Studies: Fostering Healthy Aging

    Conclusion

    Industry Outlook Over-the-counter therapies are big business globally. The global OTC industry will represent an estimated $98.5 billion in sales in 2016. North America makes up 29% of the market at $28 billion, while Europe accounts for 28% of the global market. The global OTC numbers are expected to increase at a 5-year compound annual growth rate (CAGR) of 6.6%.4

    The key driver of this growth is the aging population. In the U.S., people aged 65 and up make up about 13% of the population, but account for 30% of OTC medication use, including supplements and vitamins, according to a summary report from the Gerontological Society of America and Consumer Healthcare Products Association.

    However, aging consumers are different from typical OTC consumers. Pill fatigue is a very real problem for older consumers who can be taking upto 10 pills a day. A 30% decrease in size from a regular-sized softgel, for instance, can make a big difference to individuals in those cases.

    Other physiological changes for aging adults include the slowing of blood circulation, which may affect the amount of time it takes for the medicine to reach the liver and kidneys. Declining liver and kidney function can also affect the way medication is metabolized and eliminated from the body.

    Older people also tend to have lower health-literacy levels, are more likely to rely on a healthcare provider or pharmacist recommendation than friends or family for

    suggestions, and more often have assistance from a family caregiver, according to Consumer Healthcare Products Association (CHPA).

    OTC drug companies need to take those differences into account and consider solutions, such as improving OTC communication and patient education through the better use of electronic health records, and encouraging wider adoption of adherence-helping smartphone applications.

    Another growth driver in OTC is the switching of drugs from prescription to over-the-counter status.

    Sue Peschin, CEO at the Alliance for Aging Research, said, “We know older adults use non-prescription OTC products for pain relief, GI disturbances, to help them sleep and for oral health. As more of those types of products become OTC, you’ll have an increase in use among older adults….Today, more and more pharmaceutical companies have Rx to OTC business units where before it was pretty separate.”

    The switch brings new market expansion opportunities, especially in the areas of respiratory and digestive health. “The market prospects for the consumer health industry reveal an optimistic outlook that will support future growth in spite of recent turbulence in the economics and politics of many countries. After all, people still need to take medicines when unwell, or in any case, take supplements for preventive health no matter the state of the economy,” said Matt Petterson, research director of consumer health industry teams at Euromonitor International.

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  • Healthy Aging: Improved Dose Forms for Aging Population // October 2016 // 

    FiercePharma Marketingshare:

    Introduction

    Industry Outlook

    Common Usage Categories for Older Adults

    OTC I