Testing the Hypothesis, Part 1

7A - Testing the Hypothesis, Part 1

Emerging Regulatory Trends in Consumer Healthcare & Cosmetics Industry

https://www.linkedin.com/pulse/emerging-regulatory-trends-consumer-healthcare-cosmetics-y-yogi-raj/

1) Opportunity :

• Lately, there have been events of product recalls by health authorities because of reported "adverse events, unevenly regulated strengths of claims and re-classification of active ingredients as unsafe". Companies are striving to counteract these events by supplying customers with appropriate clinical research and product reviews. 

2) Hypothesis : 

• The Who: Healthcare & Cosmetic Industry
• The What : Product recalls are becoming recent in the healthcare industry due to product dysfunctions 
• The Why: the lack of proper managing operations, credibility, non-clinical and clinical summaries, and minimum tech

3) 

• Testing the who: The who could be any customer in the Healthcare & Cosmetic Industry; therefore, essentially everyone in my current would share this need. Healthcare is an important concern in America. 
• Testing the what: Figuring out which clinical research or information to present to customers to support healthcare and cosmetic claims on product. Customers feel that their trust needs to be earned by this industry.
• Testing the why: It is important for individuals to know that the product they purchase is doing the job that it stated to do, especially, with more costly products. Therefore, those who are concern want to be able to find honest reviews about the product. Though some see the need for this, those who do not are usually individuals that do not normally look for online reviews or care about clinical research done on the product.They normally trust word of mouth and it is a win for them. 

4) Interviews :

• Interview 1: this particular individual used her past experience with products that claim to be beneficial but were actually not to state her point of view.  She realizes that the company did not probably provide adequate amount of information, either that being clinical or review based, on the product it self. She said that the outcome would have been different if proper information was provided. 
• Interview 2: This person feels that a companies in the healthcare will not go great lengths to sell its products without providing proper research. Therefore, he has full trust in healthcare and cosmetics industry.
• Interview 3: This individual is actually works in the healthcare industry. She understands how difficult it is for the industry to provide the perfect clinical research for their products as well as accommodate every customer review. Therefore, she understands the why this unmet need exists but accepts it. 
• Interview 4 : This person works in the cosmetic industry and feels that there is no excuse for the industry not to have extensive clinical research on their products before putting it on the shelf. To remain as good competitor in this industry, you have to put the work in. 
• Interview 5: This was actually one of my favorite interviews because we use similar products. This individual really likes to use natural products, therefore, is very particular about the ingredients in the products she purchases. She believes that the healthcare industry definitely needs to step up their game. 

5) Summary :   

• Prior to these interviews, I did not think that others would care about this unmet need as much as I did. Some of these individuals definitely wanted the Healthcare and Cosmetic industry to provide more clinical research on their products as well promote product reviews. One point of view I found interesting was the person who gave credit to the efforts that the industry was making; therefore, not viewing this as an unmet need.