Communications of Medical Brands: The Shift to Preventive Healthcare

Views
David L - 04.06.2021
Communications of Medical Brands: The Shift to Preventive Healthcare

Intro

In 2019, biotechnology had already become a significant force in the stock market, with biotech accounting for a substantial portion of all IPOs in the U.S., and NASDAQ, where they are primarily traded, surpassing the traditional leader, NYSE, in terms of funds raised.

During the coronavirus pandemic, biotech stocks outperformed others: the NASDAQ Biotech Index fell by only 10% at the height of the crisis and reached a historic high by July 17th.

While major biotech companies benefited from the pandemic, healthcare may face significant shifts. In recent years, the sector has grown faster than the global economy: health spending from 2000 to 2017 increased by 3.9% annually, compared to 3% for the global economy. The fastest growth was seen in low-income countries, where health expenditures grew by 7.8%. This indicates that healthcare has become increasingly less accessible.

New Brands in Preventive Medicine

The response to this challenge has been the trend towards preventive medicine and the emergence of new brands in this field. However, until recently, preventive medicine accounted for only about 4-6% of the sector.

One aspect of this trend has been the growing demand for laboratory diagnostics, which was further accelerated by the pandemic with the emergence of a large segment of COVID-19 testing and the activation of corporate clients. At Electric Brand Consultants, we have successful examples of creating new laboratory diagnostics brands.

Developing Brands in Wearable Technology

Wearable devices are likely to become widespread more quickly than anticipated. The ability to detect certain signs of illness will be a key reason for purchasing them. Despite the decline in the smartwatches segment during the COVID-19 crisis, the wearable devices sector is expected to grow rapidly in the near future. Our agency's portfolio includes a case study on creating a brand for a wearable device for a Canadian client.

Our branding agency, Electric Brand Consultants, has extensive experience in rebranding and repositioning, helping our clients emphasize the right aspects of their communications and maintain relevance amid industry changes.

Let’s talk
We are always open for a chat. Get in touch and let’s create some magic!
Let's have a chat