How to Profit From the Booming Market of Disease Prevention?
Affected by people's lifestyle changes and aging populations, healthcare costs keep on significantly rising across the globe. Individuals and governments are trying to cut them down. Dietary supplements are increasingly becoming more and more important when trying to achieve savings in healthcare costs.
According to the study, “Smart Prevention: Health Care Cost Savings Resulting from the Targeted Use of Dietary Supplements” issued by Frost & Sullivan through the Council for Responsible Nutrition (CRN) Foundation, to regularly consume supplements could dramatically reduce healthcare costs.
Why is Disease Prevention in the Spotlight?
Since it is now clear that high healthcare costs could be reduced by disease prevention, pharma distributors should take action and look for expanding their businesses into the supplements’ market. However, it’s important to, first, understand why nations, governments and individuals are nowadays focusing more and more on preventive measures than before.
It is a fact that disposable income and middle-class populations are rising in most emerging economies. Moreover, a sedentary lifestyle is not only a characteristic in Western countries. As a result, non-communicable diseases (NCDs) are affecting developing markets at a high rate and healthcare costs are rising worldwide.
Many aspire to a healthier lifestyle and seek options for preventative health measures, hoping to avoid curative care and physical costs associated with severe diseases. Since researches have shown spending some dollars on supplementation can result in better health, supplements have been in high demand on the markets worldwide in recent years.
Key Takeaway Tip #1: It is now or never. With the Covid-19 pandemic happening, healthcare costs rising, and population aging, disease prevention is undoubtedly in the spotlight. Thus, expanding your product scope to trending products, such as nutraceuticals, should be a no brainer.
Can Supplements Really Help?
Good nutrition is the foundation for health and well-being, and many reports in the past have found health benefits in supplementation. Most commonly, intake of certain vitamins and minerals could reduce the number of medical events, protect from common colds, lower the risk of infection; and could even slow down the development of some chronic diseases and strengthen the immune system.
The supplements industry will be worth a staggering $280 billion USD by 2025, and analysis shows the growth is being boosted by the COVID-19 pandemic, since people started placing closer attention to preventive health measures. Additionally, several studies to assess the benefits of supplementation in our daily diets are being conducted because of it.
To name only a few examples of correlations between illnesses and nutraceutical use, it is now known that calcium and vitamin D supplements could have a positive impact on women with osteoporosis. The same goes for magnesium, which can save $530 million per year only in the US on the curative care of osteoporosis patients. For eye diseases, like cataracts and macular degeneration lutein and zeaxanthin are beneficial. On the side of coronary heart disease, one of the most common causes of death globally, omega-3s can offer a risk reduction of 6.9%. Furthermore, B vitamins especially folic acid, B6 and B12, have been found to be beneficial and may offer a relative 3.3% risk reduction of heart disease.
Key Takeaway Tip #2: Considering supplement benefits only as a sales proposition is nowadays outdated. Science can back up many health benefits, highlighting correlations between supplements and disease prevention. Because of this, supplements should be perceived as a long-term investment helping to save on healthcare spending, for individual consumers, pharma manufacturers, medicine distributors or government representatives for public health.
How to Select the Best Supplement Supplier?
It is an obvious choice for pharma distributors to invest available capital from their business into new preventive products, such as supplements. In most markets, nutraceuticals are considered food products and are less regulated than medicines, consequently it is very important to consider these five aspects before signing a deal:
How is your selected manufacturer assuring product quality? Which areas of the production process does your partner manage? Which manufacturing certificates does your supplier possess?
AdvaCare Pharma’s quality system is divided into four areas: Production, Distribution, Inspection and Quality Control. Each area has unique processes and procedures to ensure product consistency. Moreover, our quality control system emphasizes the rigorous testing of products to prevent defects.
All AdvaCare Pharma’s facilities possess up-to-date GMP, CE and ISO certificates that reflect high-quality standards and the World Health Organization’s rules and regulations.
How globally present is your selected manufacturer? Does it have enough clients on markets similar to yours? Can you trust the experiences and knowledge of the management team?
At AdvaCare Pharma we are proud to say our products have a global presence. Highly experienced in developing markets, our products can be found in more than 65 countries in the 5 continents worldwide.
Is your selected manufacturing partner offering product importation and registration support? How much experience does the company have when it comes to regulatory affairs? Can the staff help you in case of any bureaucratic setbacks?
Even if supplements importation has a less rigorous process than regulatory requirements for distributing pharmaceutical products, AdvaCare Pharma acknowledges they are not any less relevant. With experience in registering hundreds of healthcare products, our highly experienced registration department is always at the disposal of our client’s needs.
Does your selected supplier offer a wide range of supplement products that can satisfy the needs of different target groups in your markets? Are you able to place an order that will ensure you have diverse product options on your shelf?
AdvaLife™ Nutraceuticals, an AdvaCare Pharma brand, produces over 100 products in more than 6 categories. From essentials like basic vitamins, to complex condition-specific formulas, we recognize that differentiation is vital in today’s overly saturated supplement industry.
SALES SUPPORT OPTIONS
When it comes to selling the supply of supplements on your market, does your manufacturing partner offer any support? What about marketing support and promotional materials?
AdvaCare Pharma stands behind a vested supplier-distributor relationship, setting us apart from any other manufacturer with the large-scale distribution. We make it our primary objective to ensure the success of our distributors and are proud to have a high distributor retention rate.
Key Takeaway Tip #3: Before sealing the deal with your selected supplement manufacturer, it is of utmost importance for you to consider the following five aspects of your future business partner’s abilities: manufacturing standards, market presence, regulatory affairs, product range and sales support. Make sure to also ask the right questions when negotiating your best deal.
References: Essential Nutrition Actions by the World Health Organization, article “Cashing in on the booming market for dietary supplements” by McKinsey & Company, the report “Smart Prevention – Health Care Cost Savings Resulting from the Targeted Use of Dietary Supplements” by Frost and Sullivan, and “Dietary Supplements Market To Reach USD 210.3 Billion By 2026 | Reports And Data” press release by Global NewsWire.