Forces of change #5 - New Entrants, partnerships and providers

Our previous ‘5 Forces’ instalments have focused on a changing view of illness, health and well-being, the evolving roles of the different protagonists in the healthcare equation and big shifts in treatments, services and how they are delivered.  In this context, we now see a variety of different players entering the category - from the health tech start-ups like Teladoc to the big tech giants like Apple and Amazon.  As a result, the established pharma and healthcare providers now need to tune into this changing environment so that they can adapt and remain relevant (and successful). 

In many ways, there seems a lot to learn from what we have seen in the world of financial services. This sector has been through a similar process of rapid evolution and digitisation with fin techs and big tech entering and disrupting the established market. As a result, has been important for brands to understand when being emergent, agile, innovative is an asset (and when it represents a big red flag) as well as when being a big, established and boring bank is what people value most. Alongside, this it is really important to explore how partnerships and relationships can work best by establishing the equity of the different elements (brands or individuals) and identifying where the synergies can be found  to create something greater than the sum of the parts (and hopefully the best thing on the market too!)

At Firefish Healthcare we combine our human understanding and branding expertise with our unique AURA brand equity model and measurement tool.  This allows us to help us understand the positive equity that a brand has, where its weaknesses may lie and then plan how partnerships and associations can bring future benefit and success.

In a fast-changing and uncertain world, collaboration is often the best way forward.