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article imageTime for health products firms to adopt the personalized model

By Tim Sandle     Aug 16, 2020 in Health
Innovation interest in personalized nutrition is increasing, with investment growing more than threefold between 2017 and 2019.
To examine nutritional factors, Lux Research has issued a study looking personalized nutrition in healthcare. The report is titled "Finding Business Success in Personalized Nutrition” and it considers the response taken by the global healthcare industry in relation to the rising costs and the prevalence of chronic diseases, the report weighs up how personalized nutrition can assist with disease reduction. There are more than one billion people worldwide diagnosed with diet-related diseases, and to support this the costs of care has reached $1 trillion per year (in those countries that can afford healthcare support).
Personalized nutrition is a field that leverages human individuality to drive nutrition strategies that prevent, manage, and treat disease and optimize health.
The situation has been exacerbated by the COVID-19 pandemic, with incidences of COVID-19 and the more serious symptoms correlating with underlying chronic conditions.
The recommended response is based on what is termed the “four P” framework. The framework is based on a strategy of: price, product, people, and partnerships.
These four areas, according to the support, need to be actioned. As an example, it is mentioned that barriers to success with personalized nutrition are with pricing and aligning product value to what users need. Price is either something that enables a company to flourish or it damages the company, given that most of the cost of personalized nutrition is met by the consumer and not by a health service or an insurance company. Other limiting factors include a lack of business experience and valued partnerships.
Success can be built with a more simplified product portfolio, according to the report. However, products should also be tailored to smaller groups of people with specific health issues (the 'personalized element') rather than the product range being composed of generic, mass produced items.
The report recommends that companies can utilize the “four P” framework for personalized nutrition to leverage and evaluate future opportunities. This involves pitching and answering the following questions:
Is the price competitive and cost-effective for its target market?
Can the product be aligned to a specific demographic to fix a specific problem?
Does the core management team have the right experience, or is diversification needed?
What partnerships are necessary to drive further research and sales?
Going forwards, companies in the healthcare space need to consider adopting multifaceted models that allow customers to select the goods or services relevant to their needs.
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