Health trends are not just things that stay current. But the trend will remain strong for a long time. If human beings want good health and long life. When it comes to the wellness business, we might think of business related to health, body, exercise. But at present, the Wellness business group has expanded its scope in many ways. SCB SME together with NSTDA organized a seminar to open perspectives to adapt and prepare for business opportunities in Smart Wellness. To adjust the concept, create a point of sale and add value to products and services. including aggressive market expansion. Ready to update trends in cosmetic medicine technology Create opportunities for product research and development. Khun Pinit Khueansuwong, Managing Director of Idea2Expert Co., Ltd., and Khun. Waleewan Ekanai, Senior Research Assistant. Nano-Encapsulation Research Group Nanotechnology Research Team for Quality of Life and Cosmetic Medicine Nanotechnology Center NSTDA. To share experiences from cosmeceuticals with SME entrepreneurs who are doing wellness business and look for opportunities from innovations to create new business opportunities.

Open the path to an innovative business

From Pain Point is the beginning of the natural herbal extract business. Khun Pinit Khueansuwong, Managing Director of Idea2 Expert Co., Ltd. said that with a career working as a researcher for a long time. When having the first child and wanting to breastfeed, but the wife does not have milk, it is the origin of starting a business of herbal extracts from Trigonella foenum-graecum. Khun Pinit further said that his wife had searched on the internet until she found a medicinal herb that is useful to increase milk. Therefore, she studied and tried it on hir wife. When it worked well, she gave it to her friends and became a starting point for a business.
 

Khun Pinit said that starting any business often comes from seeing an opportunity. But businesses must be different. But being different alone is not enough must have an advantage as well. In addition, there must be a mindset to do business to create a market, not compete for the market. For example, Apple iPhone built the first mobile phone with touch screen. People said it's impossible, but if you have an innovative business mindset like Steve Jobs, they'll tell you to always ask your customers what they want. Customers will tell the opposite. For example, saying that you want a drill, but want a hole. Therefore, having a mindset to do business to create a market will keep your ideas from being blocked. Because we are going to do business with new products and services that have never been seen before. So, don't have to look at the price set because we are the market builders. By doing innovative business, we will be the first players to enter new markets, we will have opportunities, we will have new ideas.

For example, doing the skin care business, everyone says that it is the Red Ocean market. but we create innovation Therefore, every innovation is Every change and change always has friction. So, what does an innovative business have to do when it comes to penetrating the Red Ocean market? Khun Pinit told about expanding the herbal succulents from breast milk supplement products to extending them to Skin Care products that penetrate the market with Blue Dot In the Red Ocean market, there is a small blue dot that we can penetrate the market. Starting from the same customer base to try it out, namely, postpartum mothers who want to be as beautiful as before having children, but don't dare to use products sold in the market because they are worried about chemicals during breastfeeding. When customers try it, they are convinced of their safety and confidence in herbs. Make it Easy to Educate Market. Then expand the market to the Aging Society group, Sensitive Skin group. In addition, doing business in a scientific way. Every product must have scientific evidence that can prove the results of the experiment.

Share barriers to bringing research to develop into new products

Khun Pinit mentioned that there is one obstacle that we have in common no matter where the research is taken.

1. Technical Problems from Expansion of Research to Industrial Scale 1.       : When used in practice, the results are not in accordance with the theory. Because the research that sells the successful formula will be tested in a small prototype. But when making a commercial scale, mass production has changed the form or function, or the color has changed. It is important that research teams working with entrepreneurs work together to come up with solutions and drive research to the market.
   
   
2. Problems to Educate the Market: As it is an innovative product, it requires teamwork and insight to properly educate the market.
   
   
3. Problems with big competitors:  At the beginning of innovation, it was still a small market with no competitors, but when the market started to grow big with strength, heavy capital, and a team that was ready to come down and take over the market. It is another matter that innovative entrepreneurs must overcome. Because doing business is completely competitive.
   
   
4. Thailand's regulatory issues are not conducive to supporting innovative businesses:  For example, there is research to develop new extracts. FDA does not have a record, making it impossible for manufacturers to write down FDA because it has not been recorded before. Therefore, innovative businesspeople must come together and help each other to drive improvements in regulation.

3 An important stage to push research into international products.

Khun Pinit shared his experience of expanding from the domestic market to the international market. Examples of herbal supplements for breast milk Market Size in the country, compared to 9 years ago, has continued to decline. Because the birth rate of Thai children is reduced to 4-5 hundred thousand per year. Make it interested in expanding into foreign markets such as Vietnam, Cambodia, Indonesia. The method of selling innovative products to foreign markets should consist of 3 important points.

1. The sale of goods must be made in accordance with the regulations or requirements of each country in the first place. For example, applying for the FDA in each country is not equal in difficulty. Entrepreneurs should study well.
   
2. Having a local partner with potential, experience, expertise in business related to products to be sold and must have a strong distribution channel
   
3. Timing in product dissemination or distribution: Because even though the products that are produced are innovative and good, but if the timing of publishing or distributing the product is not right. Because the consumer market is not educated well enough or the demand is not enough, when it starts to penetrate the market, it will be very difficult.

The trend of doing wellness business in the future

Khun Pinit views that there will be 6 trends in health business in the future as follows:

1. In the corner of customers or buyers, they will be more Smart Buyers. Customers can easily find and access products and have a comparison before making a purchase. Therefore, selling products that focus on undercutting in the future will be more and more difficult.
   
2. In the corner of the operator that is just an intermediary, not a real manufacturer will gradually disappear from the market
   
3. Sustainability in product production Before COVID, manufacturers or entrepreneurs will look for supply from abroad, especially in China. But now we need to find more reserve supply both in the country and many countries.
   
4. Environmental Conservation Using natural harmless ingredients will be a trend that manufacturers must be aware of.
   
5. Doing business in support of society will be accepted and appear more and more clearly.

Doing business in an innovative way, only entrepreneurs have only one idea unable to succeed. But relying on government support to help drive innovation or ideas into reality plays a key role, especially the National Science and Technology Development Agency of NSTDA. This is like the main cog in driving innovation in Thailand and helping entrepreneurs with ideas but lacking the knowledge to conduct scientific research.

Khun Waleewan Ekanai Senior Research Assistant Nano-Encapsulation Research Group Nanotechnology Research Team for Quality of Life and Cosmetic Medicine Nanotechnology Center NSTDA. has mentioned the important role of NSTDA that the National Science and Technology Development Agency is ready to support innovation for entrepreneurs who want to extend their knowledge to innovation. by focusing on pushing for innovations that can be used in real life. Because there is a team of researchers who are experts in various fields in the introduction of Nano Encapsulation technology Used to make innovative herbal products, Nano Encapsulation means encapsulation or retention of important substances within nanometer-sized particles.
 

Nano Encapsulation Extending Thai herbs into innovative products

Khun Waleewan described the benefits of Nano Encapsulation technology with 3 main points as follows:

1. Improves the stability of important substances that are stored, such as vitamin C, easily decomposed when exposed to heat. But when encapsulated with nanoparticles, it is more stable. As with herbs, there are limitations in terms of stability as well. Set it aside, the color will change. There is sedimentation or stratification. When using Nano Encapsulation technology, will help the stability of herbal extracts more.
   
2. Helps better absorption through the skin.
   
3. Help slow down the release of important substances to work longer, such as essential oils. when using Nano Encapsulation technology make the fragrance last longer

How do SME entrepreneurs start creating innovative products?

Khun Waleewan said It's important to start working with researchers to find a balance between existing technology and practicality. It requires cooperation between the research department and the entrepreneurial team that will have to work together until the product comes to the market and can be used for real. which group of customers who use the service with There are two groups of NSTDA.

• The first group came to set up a new research project from the existing entrepreneur's Pain Point. Or maybe it's a problem that arises from the new needs of the company?
  
• Group two to buy the recipe on the way. NSTDA already has research and is ready to transfer technology.

In this regard, if entrepreneurs who are interested in research work with the NSTDA, can contact the NSTDA Call Center at 02-564-8000, email: brc@nstda.or.th. And can follow information on business tips and seminar activities that will be useful for businesses from Siam Commercial Bank and all government and private sector partners throughout the year. through the website www.scbsme.scb.co.th Facebook: www.facebook.com/groups/scbsme/ or contact for business information via SCB SME Business Call Center at 02-722-2222

Source: Online Seminar “Unraveling the Secret Code, Opening Perspectives to Adapt and Prepare for Business Opportunities in Smart Wellness” by SCB SME in collaboration with NSTDA on October 7, 2021