Weekly Com­ment

Pharmacy Daily - - NEWS -

Wel­come to PD’s weekly com­ment fea­ture. This week’s con­trib­u­tor

is An­gelo Di Sapia, head of sales & in­no­va­tion at Lipa Phar­ma­ceu­ti­cals.

New prod­uct in­no­va­tion – com­ple­men­tary medicines

HAVE you ever seen a great new prod­uct that you think is a ge­nius con­cept only to later find out it has per­formed poorly in the mar­ket place? It hap­pens a lot – in fact there are nu­mer­ous sta­tis­tics on new prod­uct fail­ure rates and the per­cent­ages are high. Why is that you ask? Well, Aus­tralian con­sumers are clever. If they are happy with what they are us­ing they won’t change, es­pe­cially if the price of the new in­no­va­tion is some­what higher and doesn’t of­fer any real tan­gi­ble ad­van­tage – if it ain’t broke don’t fix it, right? For­tu­nately, in the area of health there is a lot we need to fix, cre­at­ing many op­por­tu­ni­ties for new prod­uct in­no­va­tion. At Lipa we see and help de­velop hun­dreds of new con­cepts and prod­ucts ev­ery year. So what’s the se­cret to suc­cess? In­no­va­tors of­ten get caught up in the ro­mance of the idea and of­ten for­get that con­sumers need to un­der­stand the ben­e­fit and the price needs to be right. Con­sumers won’t pay more for some­thing they are happy with or are al­ready get­ting (why use a sty­lus pen when you own a fin­ger, 10 ac­tu­ally). Fads will come and go. How­ever, the Aus­tralian com­ple­men­tary medicine in­dus­try con­tin­ues to grow, and you would be sur­prised at which sim­ple con­cepts are of­ten the most suc­cess­ful! For more in­for­ma­tion on new prod­uct de­vel­op­ment for com­ple­men­tary medicines con­tact npd@lipa.com.au.

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