Products You Love, SpaLife win DSN/ECRM Buyers’ Choice Awards
HRG reviews record number of new products, tagging one-in-five for success
WAUKESHA, Wis.— Out of the new products launched in 2016, almost one-in-five new beauty items, and almost one-half of new OTC remedies, qualified for an HRG Star Rating for the independent retail pharmacy setting, Hamacher Resource Group announced Wednesday.
“Of the top five categories in independent pharmacy (diabetes, pain relief, digestive health, cold and allergy, and vitamins and dietary supplements), 777 new items were reviewed, and from those items, 19.8% received a HRG Star Rating," stated Colleen Volheim, category research and analysis manager at HRG. “There are two trends that stood out among the new items that launched in 2016. Within the pain relief category, products containing lidocaine performed well, as did RX-to-OTC intranasal spray launches in the cold and allergy category," she said. "Several of these product types were among those that earned HRG Three-star Ratings because they are critical to category growth and should be added to all size departments without delay.”
HRG's New Item Review team, in its ongoing evaluation of products suitable for the independent pharmacy channel, evaluated 2,685 new health, beauty, and wellness items in 2016. The number of items reviewed was up nearly 9% over 2015.
Using the company’s Star Rating System, the team awarded one to three stars to 315 of those products believed to have the highest potential for success in independent pharmacies. Beauty products entering the market had the highest number of new item entries – as they did in 2015 – with 1,039 products reviewed, but had just under 20% of the Stars awarded.
While items classified as OTC had the lowest quantity of new products introduced at 741, they had the highest percentage of Stars awarded at 49%. In the wellness segment there were 905 products reviewed and 32% received HRG Stars.
HRG analysts take a completely objective approach to reviewing new items. Whether a product receives a Star or not is based on an analysis against five criteria: product innovation, promotional support, category growth, product orientation and earning potential. For an item to receive at least one HRG Star, products must be well-rounded and achieve high scores in most areas of analysis.