Brakke Consulting, Inc., the foremost animal health industry consulting and research firm and Trone Brand Energy, a leading pet category advertising and marketing insights company are excited to announce an informative new study, the 2016-2017 Pet Pharmaceutical Market Shift Study, which will provide insight into how veterinary clinics, pharmacies and manufacturers can equip themselves to optimally engage and embrace the changing pet pharmaceutical marketplace.
An earlier study published in January 2015 by Trone Brand Energy and Brakke examined evolving trends in the distribution and sales of pet pharmaceuticals and the impact on pet owners, veterinarians and pharmacists as well as implications for pet pharmaceutical manufacturers.
“We believe this new study will build upon the information that was obtained in the 2015 study and confirm that the trend in consumer purchasing of pet pharmaceuticals from sources other than veterinary clinics is accelerating, remaining the same or declining. This will be important new data for companies to use in strategic planning for use in generating marketing strategy and guiding R&D portfolios,” said Ron Brakke, President of Brakke Consulting.
“The previous study compared Early Adopters, those purchasing prescription pet medications via alternate channels, with pet owners who were more loyal to their veterinary clinics,” said Doug Barton, President of Trone Brand Energy. “The 2016-2017 study will update the profiles of these segments of pet owners and will explore their motivations, behaviors and attitudes towards veterinary clinics and other purchasing channels.”
The 2015 study demonstrated that pet owners desired freedom to purchase prescription medications for their pets outside the veterinary clinic, were willing to purchase generics, and wanted transparency and cooperation from their veterinarians when doing so. The 2016-2017 study will look more closely at what veterinarians can do to maintain their clients’ loyalty as the pet pharmaceutical market shifts.
The 2015 study found that 25% of veterinary clinics already cited annual revenue decreases related to declining in-clinic sales of chronic prescription pet medications and that 24% expected decreases for the following year. Many clinics had failed to adopt business strategies to cope with the availability of prescription pet medications outside the clinic. The 2016-2017 study will obtain additional information regarding veterinarians’ attitudes and likely reactions toward manufacturers and distributors who distribute pet pharmaceuticals through alternate channels and will gain insight into veterinary expectations for manufacturers and distributors and what they can do to assist veterinary clinics as they adapt to the evolving pet pharmaceutical market.
In the previous study, most pharmacists (64%) not currently stocking prescription pet medications indicated they believed they should start doing so, citing market demand and the opportunity for increased revenue. The 2016-2017 study will determine how stocking behavior has changed since then, the types of pet pharmaceuticals pet owners are purchasing from pharmacies, and what manufacturers can do to assist pharmacists as the pet pharmaceutical market shifts.
Manufacturers and Distributors
This study will place a heavier emphasis on how manufacturers and distributors could be impacted and what courses of action are open to them as well as manufacturer and distributor interactions with veterinarians and pharmacists that can facilitate their relationships with both.
To request more information on the study or to purchase it at a discounted rate, contact Dr. David Goodnight at 830-285-1259.
About Brakke Consulting
For more than 30 years, Brakke Consulting has offered comprehensive solutions for the animal health industry, including international marketing, new business development, product evaluation, and distribution strategies. The company also offers consulting services for veterinary practices and is known for its syndicated market studies, providing strategic, timely information for the industry.
About Trone Brand Energy
Trone Brand Energy is known for The Firefly Effect™ strategic approach that uses data to develop powerful insights into creative ideas that connect people with brands. Trone Brand Energy offers advertising, media buying and planning, strategic planning and analytics, public relations, event marketing, social media, and relationship marketing. The agency is one of the largest independent agencies in the Southeast. Client experience includes pet product manufacturing, pet pharmaceuticals and pet industry associations. For more information, visit tronebrandenergy.com.