Nicholas Hall's North American Conference
New Jersey 2018
Nicholas Hall opened proceedings with his keynote speech by asking “Are we looking in the right place for growth?”. He said that the PharmacyPlus definition is wrong as the market is already 50% bigger at US$185bn when you include MLM and e-commerce. As an industry we need to be more than PharmacyPlus.
To achieve growth, Nicholas said we need to utilise the 4 elements of PACE:
1. Pharmacy – retail partners want more and more of the margin
2. Adjacencies: reaching beyond the 6 core categories of OTC and seeing where we can branch out.
3. Consumer – We need to make sure we are targeting the right demographics
Who will win at e-commerce? Manufacturers of big OTC brands could be pushed out as there are thousands of suppliers offering a cost +10% basis. There is a challenge to change our ways but no company is devoting resources to e-commerce