Bob Jones Delivers Keynote at Prepared Foods' Seminar
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Bob Jones of Scientia Advisors Delivers Keynote at Prepared Foods' R&D Applications Seminar Chicago
August 2, 2011Cambridge, MA and Chicago, IL -- Bob Jones, Principal at Scientia Advisors, today delivered the keynote address at the Prepared Foods R&D Applications Seminar in Chicago, Illinois. The annual event is where leaders of the food and beverage industry gather to tackle specific application challenges in product development.
Arguably, the biggest single trend in the food industry today is products positioned for health. However, foods and beverages with nutritional benefits have had mixed results in the marketplace. Growth strategies that have worked well for one product line or company often do not work with others.
"Companies are developing products for health because it is just good business," Jones told the audience. "Both the growth rates and the margins are higher than in the mainstream food industry, and that will be true for the foreseeable future. This opportunity is propelled by the health concerns of an aging population, which is also more obese now than at any time in history."
"But healthy food is not business as usual. It is an emerging market with different rules. Many very good companies have tried to enter this arena and have failed. Although everyone has to eat, not everyone with a health concern is willing to eat something that is good for his or her health. In other words, needing it is not the same as wanting it. This understanding is crucial to estimating the size of the target market, and connecting with it through promotional programs," he added.
Jones continued, "In studying successes and failures in this arena, we have identified certain common characteristics of successful product launches. Some of these are obvious, such as 'good science,' and 'regulatory approval'. But others are often overlooked. These include 'making sure your consumer is motivated,' and 'picking a familiar, healthy food or beverage to deliver your magic ingredient.' Even though it looks like a simple checklist, we've found that many companies address two or three of these requirements, and ignore the rest at their peril."
Jones concluded that "It's just good business to develop foods and beverages for health. But given the daunting failure rates, keep these guidelines in mind as you build your products for this exciting but immature market."
About Scientia Advisors
Scientia Advisors, based in Boston and San Francisco, is a growth strategy firm for the life science industry. Scientia Advisors works closely with senior management to develop corporate, division, and product strategies that leverage market opportunities and successfully navigate the rapidly evolving healthcare marketplace. Growth strategies from Scientia Advisors are propelling the leading firms in biotechnology, medical devices, diagnostics, therapeutics, and nutrition.
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