Zoetis CEO, Kristin Peck, Unveils Future of Pet Health
Zoetis, a leader in pet-focused pharmaceuticals, has thrived during the pandemic thanks to the surge in pet adoptions and the consequent spike in spending on animal health. The company's CEO, Kristin Peck, sees a growing trend in pet owners demanding human-level healthcare for their pets. As a result, Zoetis is focusing on developing treatments for previously challenging conditions like osteoarthritis.
According to a story on Fortune, Peck, the change in pet ownership demographics plays a crucial role. Millennials and Gen Z, who now form the majority of pet owners, view their pets more as family members and believe they deserve the same level of healthcare as humans. This shift has fueled Zoetis's research into advanced treatments, including the use of monoclonal antibodies, a practice borrowed from human healthcare, but at a cost accessible to pet owners.
The growth in pet insurance, although currently a small fraction of overall pet spending, is expected to rise, potentially altering the dynamics of veterinary care. Zoetis also invests in promoting this market, foreseeing its significant role in the future.
While livestock medicine remains a large part of Zoetis's business, Peck emphasizes the importance of sustainable animal farming in the context of global climate change. Healthier animals, she argues, lead to more sustainable farming practices. The company is exploring various solutions, including dietary supplements, to reduce methane emissions from livestock.
Innovation in animal healthcare, according to Peck, will likely involve expanded use of monoclonal antibodies in vaccines, genetic disease prediction, and enhanced diagnostics aided by AI. These advancements could revolutionize care in remote areas by providing quick, expert consultations.
The veterinary profession is facing a shortage, partly due to the increasing number of women in the field seeking work-life balance. Zoetis supports this shift by developing diagnostic tests that streamline veterinary work.
Telemedicine in veterinary care, while limited due to animals' inability to communicate symptoms, holds potential, especially for cats, which are often stressed by vet visits. Zoetis is developing solutions and diagnostic tools like Cat Pain IQ, which uses AI to diagnose osteoarthritis in cats from video footage.
Peck's finance background shapes her leadership approach at Zoetis. Her focus is on understanding customer needs and potential scientific breakthroughs, ensuring her team feels valued and heard. Her vision for Zoetis is to continue innovating in animal health care, with an emphasis on science and customer needs.
This story was originally featured on Fortune.com
