Growing importance of Health in India :
As per a recent study conducted by the Tata Strategic Management Group ( TSMG ) , the size of the Health & Wellness market is estimated to be around Rs.10,500 crs ( 2010 ). This is estimated to grow to a whopping Rs.55,000 crs in the next 5 years ie by 2015.
This growth, i believe is supported by multiple factors. Lets take FMCG for example :
At the same time, the Ad agencies have also started gearing up to activate the Pharma industry. Its estimated that the Pharma Advertising industry is worth Rs.350 Billion ( 2010 ) and is promised a growth rate of 10%-14% annually.
A recent CNBC TV18 Storyboard report :
Ofcourse, its not easy to support the pharma clients with pure consumer/FMCG knowledge. It requires specialised know-how and 'collateralized-creativity' as there has to be a supported claim to every activity done Online.
There is a growing curiosity on what the US FDA will decide on the Social Media guidelines. I think the Ogilvy blog on What to expect in 2011 written by Rohit Bhargava is a good summary to know what to expect
But its a double-edged sword. In Aug 2010 , the Food & Drug Administration told Novartis in an August 2010 letter that its "Facebook widget for the leukemia drug Tasigna violated FDA advertising rules in part because the widget lacked information about potential health dangers". Read more
On the other side, Consumers are increasing their focus towards information Online. The ideal Target audience for any health related organisation is between 18-35 and this age group has the highest growth today !
Patients continue to flock online resources for their second opinion on health conditions. Chronic illnesses increases the likelihood of internet and social media usage . Patients spend 20% of their time online and in social networks. This has grown 66% from 2009 to 2010.
Also, the Internet, also exceeds the offline resources for physicians for gathering information on health or general drug prescription.
Overall, its a uphill task for all involved. As said, Care is the best medicine - whether in Health or in Digital for Health !
A view point here
As per a recent study conducted by the Tata Strategic Management Group ( TSMG ) , the size of the Health & Wellness market is estimated to be around Rs.10,500 crs ( 2010 ). This is estimated to grow to a whopping Rs.55,000 crs in the next 5 years ie by 2015.
This growth, i believe is supported by multiple factors. Lets take FMCG for example :
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| Sample FMCG Contribution 2010 |
A recent CNBC TV18 Storyboard report :
Ofcourse, its not easy to support the pharma clients with pure consumer/FMCG knowledge. It requires specialised know-how and 'collateralized-creativity' as there has to be a supported claim to every activity done Online.
There is a growing curiosity on what the US FDA will decide on the Social Media guidelines. I think the Ogilvy blog on What to expect in 2011 written by Rohit Bhargava is a good summary to know what to expect
But its a double-edged sword. In Aug 2010 , the Food & Drug Administration told Novartis in an August 2010 letter that its "Facebook widget for the leukemia drug Tasigna violated FDA advertising rules in part because the widget lacked information about potential health dangers". Read more
On the other side, Consumers are increasing their focus towards information Online. The ideal Target audience for any health related organisation is between 18-35 and this age group has the highest growth today !
Patients continue to flock online resources for their second opinion on health conditions. Chronic illnesses increases the likelihood of internet and social media usage . Patients spend 20% of their time online and in social networks. This has grown 66% from 2009 to 2010.
Also, the Internet, also exceeds the offline resources for physicians for gathering information on health or general drug prescription.
Overall, its a uphill task for all involved. As said, Care is the best medicine - whether in Health or in Digital for Health !
A view point here
