Of course, no industry has remained untouched by this trend. But what does the coalescing of these industry giants mean for animal health manufacturers that are trying to gain a foothold in these shifting waters?
Consolidation can present both challenges and opportunities to the parties involved and those on the fringes. These kinds of disruptions tend to create a strain on research and development budgets and make innovation more difficult for the massive companies that are consolidating their resources. That means startups and smaller companies have a chance to shine.
Need for Innovation
Innovation has never been more important in this industry, as it grows and evolves at an astounding rate. According to the American Pet Products Association, U.S. consumers spent $72.6 billion on their pets in 2018, with 41% going to food and 47% to over-the-counter medicine and veterinary care. The percentage of households with pets has grown from 56% to 68% in the last 30 years.
Pet care has never been as high a priority for consumers as it is today. Manufacturers should take note.
Opportunities to Make Waves
Pharmaceutical companies whose drugs are getting hung up in the human health market have much to gain by adapting products for the animal health market, which can be more forgiving and may not present the same barriers.
Offshoot groups from human health, startups, and all smaller and more nimble innovators in the field have a great opportunity to make their mark in a rapidly expanding industry that’s continually redefining itself. Such disparate areas as pharmaceuticals, data technology, artificial intelligence, nutrition, genomics, surgical devices, and digital services present huge areas of growth, according to Forbes. Manufacturers should start with identifying the top health conditions and issues that animals and pets face, and develop solutions to those problems.
Transforming the Field
Every area in which industry stakeholders innovate means animals will ultimately benefit. Investment in better medical, pharmaceutical, and surgical practices is transforming these fields. More nutritional options are hitting shelves. The industry is reflecting consumers’ desire for brands and products that show care for their animals’ lives as if they were human. Animal health manufacturers have the opportunity to invest and innovate in this exciting market.
Working with a partner who can evaluate market trends and identify opportunities can help manufacturers bring the right products to market. This is a key part of EPiQ Animal Health’s role in the industry — to bring market insights to our manufacturer partners and get innovative products to the vets and pet owners who need them.
A Go-To-Market Partner
As a strategic master distributor, EPiQ Animal Health provides marketing and supply-chain solutions to help manufacturers grow their brands through core activities — demand creation and push-and-pull marketing — that are cornerstone to successful distribution. EPiQ’s unique approach will guide and support manufacturers to help them make their mark in the animal health industry.