Sector News

Pharma, take note: Millennials plan to spend more on meds, study says

October 17, 2020
Life sciences

The COVID-19 pandemic has millennials worried—and that has them planning to buy more prescription drugs in the future, new research finds.

WPP’s global media group, Mindshare, began surveying consumers in mid-March to find out what people were thinking about the then-emerging pandemic.

The finding? A lot of concerned consumers. But Mindshare also found that the more consumers worry about their health, the more they plan to spend on medications, Alexis Fragale, Mindshare’s director of consumer insights, said.

Overall, 77% of those surveyed planned to increase spending or spend the same amount on prescription medications.

However, when analyzed by generation, 26% of millennials—compared with only 9% of baby boomers—said they expect to increase their spending. It’s not that boomers will spend less; 85% expect to spend the same amount. They just aren’t likely to buy more. For comparison, 41% of millennials expect to keep their spending steady.

While researchers didn’t ask why, Fragale thinks that COVID-19 has had a substantial impact on people’s mental health. Prescription medicines are a broad category, and since respondents didn’t specify which medicines they were planning to buy, the drugs could be anything from contraceptives to antidepressants, she pointed out. Still, it’s an opportunity for pharma to reach the younger market.

Millennials are more inclined to pay more attention to their overall health, Fragale said. That means “they are probably are a bit more receptive to messaging and awareness.”

Other respondents Mindshare surveyed who are also changing plans to spend more on prescription medicine after COVID-19 include 37% of Hispanic consumers, 32% of Black consumers and 29% of Asian consumers, compared with 22% of white consumers.

Another part of the survey focused on Americans’ opinions on brand involvement in taking action during COVID-19. Pharma and healthcare tied at the top of the list with 71% of respondents saying they should be involved. The study characterized involvement as donation of supplies, such as basic necessities for communities in need, safe plans for customers upon reopening and tips on how to be healthy during quarantine.

So along with giving the expected donations and advocacy support during the pandemic, pharma companies should also consider content, Fragale said. While it may seem obvious to create more positive messages, third-party research shows that for people with chronic conditions, for instance, “optimism can play a key role in helping people cope with pain and counteract some of the negative emotions,” Fragale said.

“One thing that brands can do, at least in the chronic conditions space, is to not only keep that in mind for their creative messaging, but to show up in more positive media environments,” she added.

by Sharon Klahr Coey

Source: fiercepharma.com

 

comments closed

Related News

September 25, 2022

Rise of the machines: Novo Nordisk pledges $200M to create first quantum computer for life sciences

Life sciences

Big Pharma has long seen the potential for AI and machine learning to accelerate drug development. But Novo Nordisk is going a step further by channeling $200 million toward the creation of a computer that will outrun anything in existence.

September 25, 2022

Mount Sinai AI uncovers new brain analysis method to predict dementia, Alzheimer’s disease

Life sciences

Current methods for diagnosing Alzheimer’s disease rely on a complex combination of self- and caregiver-reported symptoms, a physical examination and either a PET scan or a spinal tap to look for evidence of amyloid plaque build-ups in the brain. But a new artificial intelligence-based method may make the diagnostic process a much more objective one.

September 25, 2022

New AstraZeneca-backed report finds big money behind diverse owners and entrepreneurs in Europe

Life sciences

There is lots of talk about diversity and inclusion in business, including in pharma and medtech. A new report by the Open Political Economy Network (OPEN), a think tank focusing on migration and diversity, released its “Minority Businesses Matter: Europe” report highlighting the successes and challenges of ethnic minority-owned businesses in Europe.