WEBVTT

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I believe this is consumer health's
moment.

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Demand is stable,
the over 50s population is expanding

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globally.

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Consumers are more proactive about their
Wellness and seeking accessible

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self-directed care outside public health
systems.

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This, combined with attractive margins,
makes consumer health one of the clear

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growth arenas left in CPG.

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We've also seen deal activity pick up in
recent years,

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with pharma companies spinning off their
consumer health units and consolidation

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taking place among smaller assets.

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However,
the market remains fragmented and many

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assets under leverage,
which leaves significant headroom for

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deal making and value creation.

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While consumer health shares features
with CPG, it's also very distinct.

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Margins are higher,
and scale is critical not just for

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efficiency but to unlock crucial revenue
drivers.

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Scale really matters in three ways.

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First,
you need enough sales density to cover

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the fragmented pharmacy landscape
alongside modern retail.

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Second,
you need ongoing engagement with

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healthcare professionals because consumer
trust depends on it.

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And third,
you need the scale to support significant

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investment in innovation and research,
which in consumer health is more complex,

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regulated and expensive than in general
CPG scaling.

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Consumer health is not linear and
companies need to be very purposeful

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about the kind of scale and related
benefits they are pursuing.

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Most scale benefits impact at a national
level and going beyond that only

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materially pays off if you're pursuing
synergies across a specialist area such

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as eye care,
or are seeking to build global pan

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category scale.

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There's huge value in looking at consumer
health through a consumer lens.

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Many of these businesses have been run
with a science first mindset,

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but the real growth comes from brand
building and demand LED innovation.

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This also means protecting what makes
each brand work.

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Sometimes the smartest move is to not
fully integrate,

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but to give a brand the freedom to
operate in its own way.

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And then there's the execution basics.

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Regulatory transfers,
packaging updates and supply continuity

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can be unforgiving.

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Get those wrong and you can set a brand
back for years.

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The potential in consumer health is
enormous,

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but unlocking it depends on disciplined
execution.