Health trends are not just things that stay current. But the trend will continue to be strong for a long time. As long as human beings want good health and longevity, when talking about the wellness business, we may think of business related to health, body, and exercise, but at present, the Wellness business group has expanded its scope in many forms. SCB SME together with NSTDA. Organize a seminar to decode cryptocurrencies to open perspectives to adapt and prepare for business opportunities in Smart Wellness in order 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. with Mr. Pinit Khueansuwong, Managing Director of Idea2Expert Co., Ltd., and Ms. Waleewan Ekanai, Senior Research Assistant. Nano-Encapsulation Research Group Nanotechnology Research Team for Quality of Life and Cosmetic Medicine NSTDA Nanotechnology Center to share experiences from cosmetic treatment to SME entrepreneurs who are doing wellness business and looking 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. Pinit Khueansuwong, Managing Director of Idea2 Expert Co., Ltd., said that with a career that has worked as a researcher for a long time. When he had his first child and wanted to breastfeed his mother, but his wife didn't have milk, that was the reason for starting a business of herbal extracts from betel nut. Pinit further said that his wife had searched the internet until she found a medicinal herb that is useful to increase milk. Therefore, she studied and tried it on her wife. When it was effective, she gave it to her friends and became a starting point for a business.
 

Pinit said that starting any business often comes from seeing an opportunity. But businesses have to be different. But being different alone is not enough. must have an advantage 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 a touch screen system. People say it's impossible, but if there is an innovative business Mindset like Steve Jobs, they will tell you to think. Always ask customers what they want. Customers will tell the opposite, for example, they want a drill, but they actually want holes, so having a Mindset to do business to build a market will keep their ideas from getting 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 skincare business, everyone says it's the Red Ocean market, but we create innovations. Therefore, every innovation is every change and change have friction. There will exactly be people against it, so what does an innovative business have to do when it comes to entering the Red Ocean market? Pinit told about expanding the herbal sap from breast milk supplement products to extending to skincare products that penetrate the market with Blue Dot in the Red Ocean market, there will be 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 the safety of herbs. Make it easy to educate the market and then expand the market to the Aging Society group, a Sensitive Skin group. In addition, doing business in a scientific way. All products must have scientific evidence proving their results.

The barriers to bringing research to develop into new products were shared as follows.

Pinit mentioned that there is one obstacle that has the same problem no matter where the research is taken.

1. Technical problems from expanding research results to Industrial Scale, when used in practice, the results are not in accordance with the theory. Because the research that sells the formula will be tested in a small Prototype, but enough to make it into a commercial scale, mass production causes a change in form or function or a color that 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 in educating the market, because it is an innovative product, it requires a team and a thorough understanding 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 into a large, powerful, heavy capital, there was 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. The problem of regulation in Thailand is 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 unite and help drive improvements in regulation.

3 important stages to drive research to international products

Pinit shared his experience of expanding from the domestic market to the international market. Examples of herbal breast milk supplement 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, representing 40-50%, they are interested in expanding into foreign markets such as Vietnam, Cambodia, Indonesia by selling innovative products to foreign markets. It should consist of 3 important points.

1. Bringing products to sell must be made according to the regulations or requirements of each country in the first place, for example, applying for the FDA in each country is not equally difficult. Entrepreneurs should study carefully, but the main things that each FDA Requested country such as production standards, GMP factory, scientific proof of research test results, etc.
   
   
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. Having a timing for product dissemination or distribution (Timing) because even though the products manufactured are innovative, how good, but if the timing for distributing or distributing the product is not yet 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.
    

Wellness business trends in the future

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 are more Smart Buyers. Customers can easily find and access products and have comparison information 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. Innovative products must be scientifically proven.
   
   
   
4. 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 supply in the country and many countries.
   
   
5. Environmental Conservation Using natural harmless ingredients will be a trend that manufacturers must be aware of.
   
   
6. Doing business in the contribution 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 reach the land of dreams but relying on government support to help drive innovation or ideas into reality Especially the National Science and Technology Development Agency or NSTDA, which is like the main cog in driving innovation in Thailand and helping entrepreneurs with ideas but lacking knowledge in scientific research.

Ms. 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. Ready to support innovation for entrepreneurs who want to extend their previous knowledge to innovation. by focusing on pushing for innovations that can be put into practice 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 Expanding Thai herbs into innovative products

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, It 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?
 

Waleewan said It's important to start working with researchers to find a balance between existing technology and practicality. which requires cooperation between the research department and the entrepreneurial team 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 pain points of the existing entrepreneurs. Or maybe it's a problem that arises from the new needs of the company?
  
  
• Group two to buy recipes that way. NSTDA already has research and is ready to transfer technology.

In this regard, if entrepreneurs are interested in research work with NSTDA, can contact NSTDA Call Center at 02-564-8000, email: [email protected]. And can follow the information on business tips and seminar activities that will be useful for businesses from Siam Commercial Bank and allies in both the public and private sectors 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