Success of Personalized Products
The answer to your question varies based on the product type and the type of personalization involved. For instance, some of the sneaker companies (Nike in particular) are enabling individuals to customize their own shoes. https://www.nike.com/us/en_us/c/nikeid Coca Cola successfully introduced a "mass" form of personalization by having soda cans with people's first names on them...so they could buy their "own" soda can.
The success of these programs is probably defined by more than the economics of the individual products. They are probably elements in a broader marketing strategy that each company has devised to create news for the brands. So, they may not need to hit the same types of economic standards as conventional products.
Pharmaceutical products made for individuals are available from “compounding pharmacies”. The volume of such market is very small, the products are costly, and safe conditions for making such products (such as maintaining standard procedures, cleanliness, etc.) are sometime not in place. Several incidents of undesirable effects due to the presence of contaminants have been reported.
It is based on the area of application. For example I experienced mass brands. This is really successful until consumers can get an access to personalized products in an easy way without waiting for a long time and having to face several limitation in the customization process. If you can provide with a solution handling with all these factors, consumers will be happy to pay more for a unique product providing with an incomparable experience.
Several have identified some of the myriad of ways in which personalized products are perceived--all of which have an impact on what and how to research.
In an increasingly consumer driven market, the traditional science-to-science research approach and focusing on just FDA approval will be disrupted.