Personal care products, that empower individuals, continue to be an exciting field within life sciences. Unlike data collection devices, such as Fitbit, personal care products use technology to solve medical or cosmetic needs at home. Examples of these types of products include technologies for microdermabrasion (PMD Microderm), laser hair removal (Tria), acne (Claro) and facial cleansing (Clarisonic). These types of technologies are only successful if users are convinced that they experience the desired result. New technologies and improved efficacy over the years has proven that many cosmetic healthcare needs are highly addressable with personal care devices.
One cosmetic condition that has not yet been addressed adequately with a consumer product here in the U.S. is skin tag removal. Skin tags are benign skin growths that are easily removed at the doctor’s office. The doctor will usually snip the skin tag off or freeze it off using a cryogenic technology. A local Arizona company, MediCoventures, has partnered with TuviDerm, a New Jersey LLC, to bring these types of medical professional technologies home. Their technology is positioned to be the first home-use consumer device for removing skin tags.
“Our personal care product is great because it closely mimics the exact technology utilized in a dermatologist’s office,” stated Aaron Call, Interim CEO at TuviDerm and Partner with MediCoventures. “Our product selectively freezes the unwanted skin tag so it falls off within a matter of days. The question of whether or not it works has no subjectivity or smoke and mirrors–the tag is simply gone.”
TuviDerm has a strong strategy and team in place working towards gaining FDA clearance to market. Local manufacturing partners have already been established and key team members identified that will put TuviDerm on track for launching their skin tag removal device in late 2015.
While the company has already demonstrated that the technology works through beta testing over 150 individuals to date, success will ultimately depend on whether consumers actually purchase the device to remove their skin tags at home. Since the product is a regulated device, launching it quickly and gaining actual acceptance data can be difficult. In order to better predict consumer decision behaviors, TuviDerm has generated a survey (link to survey) aimed to understand this question in preparation for product launch.
“There are several other options for removing skin tags. Some people have had success with home remedies or homeopathic solutions in the past. Others are just fine visiting their dermatologist or family practitioner and paying $100 or more to have them removed. We have great reason to believe that this product will be successful but we are trying to better understand just how successful by understanding our customers’ current mindset in regards to removing tags,” stated Call.
There is no doubt that the personal care and consumer healthcare markets will continue to grow as new technologies are developed for other conditions. As they do, consumers will have an increasingly broad number of options for solving their health needs at home and Arizona hopes to play a large role in helping these companies find success.
About MediCoventures – For further information regarding MediCoventures, please contact Kelvin Ning, Partner at Kelvin@medicoventures.com or visit www.medicoventures.com.