In the last decade the importance of reaching the Hispanic market has become increasingly apparent to marketing practitioners in all industries. Hispanics have not only increased in numbers to become the largest ethnic minority population in the United States, but also increased in purchasing power, representing an estimated $680 billion in 2004 and expected to grow at an average annual rate of 8%.
For many industries, including pharmaceutical and healthcare, Hispanics constitute an unfamiliar segment of the market, but one in which future growth rests. This report compiles the most critical information relevant to the pharmaceutical and healthcare marketers about the Hispanic market in the United States. Readers unfamiliar with the Hispanic market will find in this report most of the general demographics, epidemiology and insurance status of the segment. Experts in the Hispanic market will find the most recent data on Hispanics’ attitudes, beliefs and consumption of health services and pharmaceutical products, as well as an analysis of the drivers and attitudes behind the behavior data.
The report starts with a description of the demographics of the Hispanic population, including information regarding the population health status. Special emphasis has been given to the 65 or older segment, given the importance of this population segment.
Chapter Three includes Hispanics health statistics: healthcare spending, health insurance status, epidemiology of the Hispanic population, and pharmaceutical products consumption.
Chapter Four includes information about Hispanics’ approach to health; this chapter describes the appropriate segmentation variables to be used when approaching the Hispanic market. An insight into Hispanics values, beliefs and attitudes towards health, healthcare providers, pharmaceutical products, food, and diet are included in this chapter.
Last, Chapter Five provides the reader with some successful case studies in the industry and describes future trends of this market.