We have taken several steps to help our product become a reality. We surveyed nearly 700 people to learn about customer preferences and their willingness to purchase our product. We then designed and produced our constructs and product based on those preferences by creating an orally ingested candy (throat lozenge) taken only when consuming alcohol. With our product synthesized and tested in simulated oral conditions, we drafted a business plan for the commercialization of our product. During this process, we reached out to professionals in the business world. Mrs. Bruce, our business and marketing teacher, guided us through the process of developing a business plan. Dr. Vera Wu, former Global Asset Lead at Pfizer, advised us on the drug development and pharmaceutical marketing processes. Brian Pan, CEO of BioHealthWays, aided us in conducting our market analysis. Project analysis from these individuals can help us commercialize our product.
Recently we were interviewed by The News Lens International. They immediately saw the marketability of our project and highlighted the efforts we have made to discover the commercialization of our project.
Click hereto read the article in The News Lens International
Our steps toward entrepreneurship are documented below.
SURVEY
We created a questionnaire covering a broad spectrum of project topics. With close to 700 (n=697) responses, the results of our survey ultimately helped us shape our construct design and final delivery prototype.
Since we seek to combat acetaldehyde buildup in the head and neck regions, we considered treatment options targeting these areas, such as oral medication, nasal sprays, and probiotics. When asked the preferred method of treatment, we found that 53.4% of the people preferred using probiotics as the method of delivery. Since probiotics are commonly used, beneficial, and most importantly, safe to consume, it is no surprise that this is preferred method of treatment. In addition, most people preferred treatment only when they drink (as opposed to taking a product daily, weekly, etc.). This would require the product to remain in the mouth, so we envision delivering our ALDH2 enzyme as a throat lozenge to be consumed before or during drinking. (Survey questions by Emily T, Iris H, Justin L, Chloe W, Catherine C, Christy C, Nicole C, Colin H, and Longan S)
We reached out to Dr. Vera Wu, former Global Asset Lead at Pfizer, to learn more about drug development and marketing. Dr. Wu walked us through the three stages of drug development: discovery & research, development, and manufacturing. Mrs. Michelle Bruce, our business and marketing teacher, then guided us through the final process of developing a marketing plan for our potential product. In our marketing plan, we formulated a description for our envisioned product, conducted a market analysis, and examined the regulations required for our product to be approved for sale.
To ensure our product is safe and marketed responsibly, we researched current food and drug regulations. For example, there are regulations in place for introducing new genetically engineered bacteria strains into the market. The approval process is laid out by the Taiwan Food and Drug Administration’s Guideline for Food Safety Assessment of Genetically Modified Foods Derived from Recombinant-DNA Organisms, which requires characterization of the organism, of any genetic modifications, and most importantly, a safety assessment. We also decided to market our product as a health food, defined by Taiwan’s Health Food Control Act as a “food with health care effects,” but not a “medical treatment aimed at treating or remedying human diseases.” To receive a health food permit, a product must be shown to 1) be harmless, and 2) carry definite health effects. Before any product can be launched, extensive tests must be performed so we can be sure our product is safe and useful for reducing the accumulation of acetaldehyde. Click here to read more about our project in The News Lens! (Interviewed by Nicole C, Emily T, Austin H, Tim H, and Iris H. Marketing Plan by Nicole C, Austin H, and Emily T)
