This is the final part of a 3-part series and briefly explores the nutraceuticals in several emerging markets. Attending key industry events is also an important consideration; before doing so, the reader needs to consider which of these events will be an appropriate strategic fit for your company.
by Myron Pyzyk, BSc, MS
Emerging Markets
A. South America
Nutraceuticals are primarily sold in pharmacies (without prescription) as well as through local entrepreneurial physicians who have a nutraceutical business embedded into a very large medical practice. Therefore, pharmacies and key opinion leaders should be identified and approached to propose possible distribution rights for The nutraceutical company products (exclusive or non-exclusive; unknown which strategy is best at present) for each major city in South America. It would be important to assess the potential for supermarket chain distribution although the potential opportunity is not presently known. If the nutraceutical company is interested, Marenon Consulting has ties to several companies in Brazil to discuss either partnering or distribution strategies for the Brazilian market.
B. Asia India
A large and growing nutraceutical market is found in India, a country with a massive population and a large and expanding middle class. Marenon Consulting collaborates with partner companies in India and could offer services to facilitate either partnering or distribution strategies for the Indian market. See reference article below that provides an overview of the nutraceutical regulatory environment in India.
Nutraceutical Industry Events
Marenon Consulting recommends that nutraceutical companies consider participation in select 2011 or 2012 symposia, congresses and promotional events. The medium-term objective is for your company to establish its presence as a nutraceutical company with a local and/or international focus for its products and services. This should occur on a selective, cost-effective basis as:
- presentations regarding the company and its products
- presentation of new scientific data on company products
- publication of such scientific results, hopefully in well-regarded healthcare journals
- exhibit of the nutraceutical company products and services
The above will increase international awareness of your nutraceutical company corporate brand and its products and services in prioritized markets.
For more information on this topic, please contact:
Marenon Consulting +1 647 687 7297 or myron@marenon.com
About the author
Myron Pyzyk is the Principal Consultant and CEO of Marenon Consulting. He has over 20 years of experience in the pharmaceutical, nutraceutical & biotech industries.
REFERENCES
1) Overview of the Nutritional Supplements Market, December 26, 2007
2) Global Market Growth for Dietary Supplements, April 17, 2008 Peter Zambetti
3) List of Events – Nutraceutical World, April 10, 2011-07-29 http://www.nutraceuticalsworld.com/
4) Supply Side East Expert Report 2011
5) Health Canada – Natural Health Products
6) FDA Overview Dietary Supplements
7) Federal Regulation of Dietary Supplements: Eight Years After the Enactment of DSHEA, Where are We? Fred H. Degnan, Esq.* ANA Outside General Counsel, King & Spalding, Washington, DC
8) Dietary Supplements Case Studies in Claims Substantiation, April 6, 2011 by Steven M. Weisman, Ph.D.
9) The Canadian Marketplace and Regulations for Dietary Supplements, January 18, 2010 by Peter Wojewnik
10) Canada’s new Food Guide includes dietary supplements By Clarisse Douaud, 12-Feb-2007
11) Ahmad, M.F., S.A. Ashraf, F.A. Ahmad, J.A. Ansari and M.R.A. Siddiquee, 2011. Nutraceutical market and its regulation. Am. J. Food Technol., 6: 342-347. URL: http://scialert.net/abstract/?doi=ajft.2011.342.347
