美妆｜以HCP为核心的商业模式如何突破赛道壁垒——以高德美为例

Core Viewpoints - Galderma is the largest single entity in the global dermatology field, spanning medical aesthetics, cosmetics, and pharmaceuticals Since 2019, its growth has been driven by high growth in both B2B medical aesthetics and B2C cosmetics, with revenue CAGR from 2019 to 2023 being 17 9% for medical aesthetics, 12 4% for cosmetics, and -3 2% for dermatology drugs By 2023, the revenue distribution is 50% medical aesthetics, 30% cosmetics, and 18% dermatology drugs [1] - Galderma's success lies in its business model centered around HCPs (Healthcare Professionals), enabling it to balance growth in both B2B medical aesthetics and B2C cosmetics [1][10] - The company's ability to break through the barriers of B2B and B2C business models is rare and difficult, making Galderma a unique case in the industry [10][13] Business Model and Strategy - Galderma's business model revolves around HCPs, leveraging their influence in the medical aesthetics and cosmetics sectors HCPs have significant influence over consumer purchasing decisions, affecting over 50% of decisions [7] - The company has built a hierarchical HCP platform, covering from top-tier dermatologists to 1 5 million frontline doctors and 130,000 HCPs, ensuring broad coverage and influence [7] - Galderma's GPS (Global Product Strategy) management system enhances synergy, with high R&D investment (9 3% of revenue) strengthening its foundation [14] Market and Product Strategy - In medical aesthetics, Galderma focuses on the high-growth injectable market, with a penetration rate of only 4%-5%, indicating significant growth potential The company uses mature products like botulinum toxin and hyaluronic acid as entry points, creating differentiated treatment plans for HCPs [15] - In cosmetics, Galderma capitalizes on the trend of dermatological skincare, upgrading product formulations and strengthening clinical academic endorsements to align with HCPs' professional standards [8] Financial Performance and Profitability - Galderma's core operating profit margin increased by 2 1 percentage points to 25 6% in 2023, surpassing comparable companies like Q-MED (23%) and L'Oréal's dermatology division (26%) After adjusting for the impact of botulinum toxin distribution, Galderma's operating profit margin rose by 4 3 percentage points to 29 9%, demonstrating superior profitability [9] - The company's profitability is driven by its HCP-centric model, which enables operational efficiency, cost reduction, and profit enhancement [9] Competitive Advantages - Galderma's HCP model serves as a moat, reinforcing its leading position and scale effects The company's ability to integrate B2B and B2C models is a key competitive advantage [3][10] - The company's product portfolio, including brands like Restylane and Cetaphil, benefits from strong HCP endorsements and cross-selling opportunities between medical aesthetics, cosmetics, and dermatology drugs [12] Industry Insights and Cross-Sector Growth - Cross-sector business expansion is crucial for breaking development bottlenecks and unlocking growth potential Galderma's success in achieving high growth across medical aesthetics, cosmetics, and pharmaceuticals is a rare example of successful B2B and B2C model integration [10][13] - The company's HCP-centric model serves as a blueprint for other companies looking to build similar ecosystems, particularly in the medical aesthetics and cosmetics sectors [10][13]