Greig T Schneider Practice Group Leader, Boston
There are several trends creating growth for the consumer health industry; consumers expect to control more of their healthcare, baby boomers are interested in staying fit and healthy as long as possible, and private equity and venture capital are flooding this sector in unprecedented amounts. These trends are affecting a wide array of products to improve health and wellness, including over-the-counter medicine, home diagnostics, dental, health and beauty and nutritional products.
Companies serving these sectors are as varied as the products the target segment desires. Whether a Fortune 500 company or an early-stage start-up, the challenges of serving this market are similar. The sector is well informed and researches the validity of claims, and viral marketing is essential. Players in this market have an opportunity to define consumer health for years to come.
While many companies are well suited to enter or expand their presence in this market, typically a company has only part of the necessary skills and core competencies. It is essential not only to be a strong consumer-driven organization, but also to understand how to obtain appropriate FDA approval. This combination of capabilities and the ability to manage them is still in its infancy in much of the industry.
What skills are needed now?
To master these challenges a combination of strong strategic marketing, regulatory capabilities and innovative R&D will be essential. Leading cross-functional teams and managing a suite of associated products while making the trade-offs of long and short term investment and product launches will be essential for success.
How can Egon Zehnder support the consumer health industry?
We have placed a wide array of executives in consumer health companies, and have advised several market leaders on how to optimize their talent. We combine our expertise in consumer products, medical devices, pharmaceuticals and nutraceuticals to provide innovative talent solutions. In particular, we have placed several CEOs, CTOs and CMOs in this sector.
Additionally, we proactively identify, evaluate and track individuals with the unique set of skills needed for effective leadership in this new paradigm. We can then swiftly match appropriate talent with the specific needs of our client company.
How we operate
Egon Zehnder partners with organizations to raise their level of talent. We work across the talent management continuum to provide search, assessment and development services. Our consultants were all experienced business leaders before entering our firm and can therefore understand your business problem when developing a talent solution for you.
Our Executive Assessment and Development Practice offers proven expertise in systematically evaluating and benchmarking companies’ existing management portfolio at both individual and team levels. This strategic approach to creating top-class management teams can only be realized with the backing of a company’s CEO and more particularly its board. Both need experience of leading their companies through turbulent times.
All of our Life Sciences Practice consultants acquired extensive professional experience in the healthcare industry before joining Egon Zehnder. This expertise is embedded in our global network. Our entire firm operates as a single profit center, which both encourages and rewards collaboration.