CNBC's Elaine Yu explores China's silver economy and consumer health care sector, and how one company is seeing opportunities in the space.

Chongqing

Halion, a British consumer healthcare company known for brands such as Panadol, Centrum, and Sensodyne, is expanding its presence in China. The company is investing in local manufacturing and technology, including collaborative robots, to meet the growing demand for over-the-counter medicines and supplements among China's aging population and middle class. 

Despite facing challenges from traditional Chinese medicine preferences and strong local competitors, Halion is adapting its products, such as introducing multivitamins with both Western and traditional Chinese ingredients. Analysts note that while traditional remedies remain popular, there are opportunities for Western brands in areas like bone and joint health, especially as China's older citizens remain underserved by current offerings.

How China's aging population is powering consumer health care boom

We had a chance to visit the R&D labs and factories of a company called Halion, a British consumer healthcare company, which is the name behind many of the products that we consume every day. Painkillers, toothpaste, supplements, and it's not a biotech company. It's focusing on consumer healthcare, so we're talking about over-the-counter medicine, supplements, optimal health issues, really, for things like stress and fatigue, and in fact, the company spun off from the biopharma firm, GSK, a couple years ago in a huge demerger so that the companies can focus on these separate tracks. And guess what? OTC meds and subhealth issues, these are exactly what a lot of people here in China or elsewhere are wanting solutions for as life gets stressful in a tough economy and also in a very competitive society. Please check out my story here. China's aging population is a policy headache, but one that gives an opening for pain relief brands. Halion, the British consumer healthcare company and maker of well-known names like Panadol, Centrum, and Sensodyne, is ramping up investments in the country. That's despite trade tensions, geopolitics, and fierce local competition. China is Halion's second biggest market, making up a tenth of the company's total revenue. The British healthcare giant is betting big that China's aging population and rising middle class will fuel demand for Western healthcare products. Halion, which spun off from GSK in 2022, took full control of its China joint venture this year. French oaring helped soften the blow from tariffs. Halion follows an in-China, for-China strategy, with around 80 percent of the goods being manufactured here sold locally and the rest shipping to Asia. Because we locally make here, and then this is also could be fast, the delivery to the consumers in China, with this locally sourcing, you know, that gives us also the cost competitiveness. But challenges remain. Many consumers are set to prefer traditional Chinese remedies and domestic supplement brands approved by China's regulators. To appeal to local customers, Centrum launched a multivitamin that includes ginseng and ginkgo. Compared to purely Western health supplements, more and more consumers will favor the health supplements combining both the Western and the traditional Chinese medicines ingredients. The research agency Mintel adds that China's older citizens are still underserved by limited products. The middle class, facing economic pressures in a slowdown, also wants fixes for concerns like chronic fatigue and skin health. Mintel observed that even under cautious spending, more people are willing to spend on health supplements. The PRC does offer another opportunity, smarter factories. Robots are at the heart of China's manufacturing push, and Halion is pouring money into this technology in its production plant here in Suzhou. The company is investing nearly $700,000 into collaborative robots in the eastern Chinese city. Halion says the machines and AI are improving efficiency, quality and safety. China's demographic shift could mean aspiring to age well and healthier bottom lines. So multinational companies have faced challenges in Asia, but there are both challenges and opportunities there as well. And some like Halion are increasing investments into the country despite these hurdles that they could be facing for global players generally. And there's the saying that in a big market like China, even a small slice of it can represent a lot of revenue, especially when other key markets like the U.S. are slowing down. Marty. Oh, truth. Yeah. I mean, it looks like you had fun on that trip there. I want to know just how different are old folks in China versus, let's say, the West. Are their their health care needs any different? Are Western brands seeing opportunities? And then there's the other question of, I mean, you know, old folks in China, they're probably more familiar with TCM, herbal or naturopathic medicines, et cetera. This Western stuff would probably tend to be not just more or less familiar, but also more expensive. No. Right. Yeah. So great question. So on your first one, yeah, there are a lot of commonalities between older citizens anywhere, but in China specifically, because a dairy isn't a big part of the diet there. So where Haley and sees opportunity is really where worse nutritional products or supplements can boost calcium there. So that is one area of opportunity the company has identified. But you're right. China is still a country where traditional Chinese medicine is prevalent. It's not just for older citizens, but also for younger people, too, who have increased interest in and perhaps more modern versions of TCM as well. So there are challenges for for a Western brand if they're only focused on more Western health ingredients. But an analyst did tell me that there are things where Western supplements do offer more targeted or better solutions for like joint and bone health. So this is one area where they can also try to distinguish themselves here instead of just trying to compete with TCM brands.

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