New Product Development (NPD) for 2025
By Dr Brad McEwen PhD, MHSc, MPH, BHSc
CMG Head of Products and Innovation
2024 marked a significant period for the industry, characterised by substantial new product development (NPD) and overall industry growth. At present, the Australian complementary medicines industry is valued at an impressive $6.2 billion annually. There has been a surge in consumer interest and engagement in complementary medicines.
Approximately 75% of households across the nation utilise complementary medicines into their health and wellness routines, with mental health emerging as the primary health concern. Engaging in NPD is crucial for strengthening your brand and achieving a more pronounced presence in the market.
Overall, 2024 has set the stage for a transformative era in the complementary medicines industry, characterised by a robust market presence, a focus on mental health, and a commitment to delivering safe and effective products that resonate with the needs of consumers.
Dr Brad serves as the Head of Products and Innovation here at CMG. His role involves overseeing the development of cutting-edge health products and ensuring compliance with regulatory standards. In 2024, he received the Complementary Medicines Industry Contributor of the Year award. Dr Brad’s tips for NPD in 2025:
- Utilising traditional wisdom and science enhances the quality of a product.
- A targeted approach is generally more successful than “throwing everything” into a formula and lowers the risk of cannibalising a product range.
- Selecting an appropriate mechanism or mechanisms of action play a major role in the effects of a product, as it directly influences how well the product performs its intended function.
- Selecting the appropriate mechanisms ensures that the product can effectively target the desired issue or need, leading to optimal results for the consumer.
- Selecting the ingredients to meet or align with the selected mechanism/s of action play a major role in the success of a product. Each ingredient plays a specific role in the overall formulation, and its compatibility with the chosen mechanisms can significantly enhance or hinder the product’s performance.
- If the ingredients do not support the mechanisms of action, the product may fall short of its claims, leading to customer dissatisfaction and potential harm to the brand’s reputation.
- Synergy between the chosen mechanisms and the selected ingredients can also impact other factors such as safety, stability, and user experience. A well-formulated product that harmonises these elements is more likely to succeed in a competitive market, as it not only meets consumer expectations but also builds trust and loyalty.
CMG is the manufacturer of choice for your products and NPD. For more information on manufacturing your products, contact us on info@cmgrouponline.com.au . Additionally, you can call us on 02 9091 0264 to organise a visit to our state-of-the-art factory in Warriewood, NSW. We welcome you to visit and tour our factory and see everything in action.