Organic growth potential in the sector exceeds that of human healthcare, and people see pets as part of the family.
The large-cap pharmaceuticals sector, comprising some of the largest drugmakers in the world, has performed strongly over the last five years, rising 38% since 2014. Of course, its performance does not eclipse that of the S&P 500 or the Dow Jones Industrial index, both of which have been on an upward trajectory since 2009.
However, there are a few red flags flying against this rosy backdrop. As governments try to manage healthcare costs downwards, the spectre of regulation looms large. They are using their clout as primary customers to force pricing lower, in the process impacting on profitability. The second is the changing role that pets play in human life. The same demographics that make healthcare attractive – ageing populations, rising middle classes and the delay in having a family – are trends that are supportive of animal healthcare.
Market intelligence agency Mintel estimates that people in the UK will spend £2.1 billion on pet care products and services, including toys and health check-ups, by 2023 – a 25% increase from an estimated £1.7 billion in 2018.Less pressure on margins
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