Packaged Facts: FTC report may drive more pet medicines to retail
ROCKVILLE, Md. – The U.S. pet medications market is a hotbed for competition as brick-and-mortar retailers and online retailers have entered the fray intent on gaining ground on the segment that still remains the industry's most important channel — veterinary clinics. Packaged Facts projections released Wednesday forecast that pet medications sales will rebound from its slow showing as recently as 2013 to experience healthier returns through 2018. At this pace, the market will grow from its 2013 level of $7.6 billion to $10.2 billion in 2018, reflecting a compound annual growth rate of 5%.
Most marketers of pet medications in the United States fall into one of two groups: 1) global pharmaceutical companies operating through animal health divisions and selling mainly through the veterinary channel, such as Merial and 2) pet product marketers selling through retail channels, including broad-line marketers like Central Garden & Pet and smaller companies focusing on over-the-counter pet health products. With the recent and ongoing crossover into retail of formerly vet-only brands like Bayer's Advantage and K9 Advantix, the pharmaceutical/veterinary vs. pet product/retail distinction is blurring, however. For many companies, antiparasitics are a key part of the pet medications portfolio, with flea/tick products representing their best-known consumer brands, noted Packaged Facts research director David Sprinkle.
Citing in part research by Packaged Facts and other resources, the Federal Trade Commission in May 2015 issued Competition in the Pet Medications Industry Prescription Portability and Distribution Practices, a report that at one point politely rebukes an established policy by several of the largest veterinary drug manufacturers to sell medications exclusively through veterinarians.
The FTC report also pinpoints three things consumers can benefit from amid the increased competition in the market for pet medications:
- Broader access to portable prescriptions;
- A greater choice of generic drugs; and
- Wider access by non-veterinary retailers to supplies.
Hi-Tech enhances weight loss portfolio with FormuTech acquisition
NORCROSS, Ga. — Hi-Tech Pharmaceuticals on Wednesday announced its acquisition of FormuTech, a leading provider of premium weight loss and bodybuilding products in the sports nutrition category. FormuTech produces Lean EFX, a weight loss aid, for example.
"The combination of these two great companies accelerates Hi-Tech's Sports Nutrition growth strategy, substantially boosts our Sports Nutrition portfolio and diversifies our business stream," stated Jared Wheat, Hi-Tech chairman, president and CEO. "We believe this strategic transaction will enhance our industry-leading sports nutrition position by expanding market opportunities. FormuTech brings strong relationships to enhance our position with sports nutrition distributors, and a highly experienced management team to support Hi-Tech's continued growth."
"Lean EFX products will serve as a growth catalyst for our weight loss segment, providing this division with another leading brand in the high-growth sports nutrition category," added Steve Smith, EVP Hi-Tech Pharmaceuticals. "The acquisition of FormuTech expands our offerings of mainstream, weight loss and sports nutrition products, including protein-rich foods, and broadens our appeal with younger consumers."
Nature Made introduces suite of advanced probiotics
NORTHRIDGE, Calif. – Nature Made announced Tuesday the introduction of a new digestive probiotic. Developed to provide a better solution versus most single-strained probiotics, Nature Made Advanced Dual Support targets both parts of the digestive tract, which helps support digestive flora balance with the added benefit of supporting regularity.
In addition to the Advanced Dual Support Probiotic, Nature Made also launched a suite of probiotic products designed to meet the specific daily health needs of consumers, and include Women's, Men's, Prenatal and Daily Balance.
"By expanding our probiotics line to target individual needs, we are able to offer a more customized approach to our consumers' digestive health," stated Jamie Sakaguchi, brand manager for Nature Made. "We also know consumers are turning to probiotics to help with digestive balance, and our new Advanced Dual Support provides two, high-quality, scientifically-studied probiotics to provide comprehensive digestive coverage."
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