The battle is now on between nutraceutical with its natural whole-food based products against the pharmaceutical with its purified concentrated extracts and "designer molecules". Who will emerge the winner in the natural versus chemical battleground? Seems like the natural trend is taking the lead at the moment!
The pharmaceutical industry is experiencing an uncertain period known as the "patent cliff" which is the mass expiry of drugs patents, prompting the need to source for alternative revenue streams and the flourishing nutraceutical appears to be the answer due to its significant overlap with its own realm of expertise. Pharmas' R&D budgets are massive – reportedly to be 10 times more than the food industry, plus they have the expertise and capacity to carry out "gold standard" clinical trials which nutras pale in comparison. No wonder the nutras are feeling jittery over the pharmas' intensifying efforts in securing a greater market share.
The nutraceutical arena is booming with 44% rise in retail value sales from 2005 to 2010. Nutra's competitive edge lies in being much closer to consumers in contrast with pharma, but they also have their pitfall – fragmented marketing message. The lack of a unifying voice to convey to the consumers that nutra's products are healthy, effective, safe and reliable is limiting the growth of the industry. A higher degree of industry player co-operation is imperative to drive the entire industry forward over the long term, along with the need to carry out large-scale, gold standard studies.
Consumers are the lucky ones who will benefit the most in this competitive environment! They want more access to both drugs as well as natural products to treat and prevent illness. The winner will be the one that can relate with consumers' everyday health concerns and is capable of communicating health information in a way that is credible and comprehensible to their target audience.
Are you interested to find out more on how to integrate scientific innovation into the commercialisation of food, supplements and wellness products? Join us at Nutraceuticals World Asia happening 3-6 June 2013 in Singapore!
Visit our website for more information > http://www.terrapinn.com/conference/nutraceuticals-world-asia/index.stm