Industry partnerships prevent innovation stagnation and produce “win-win” solutions
21 Apr 2021 | Bioiberica
The pandemic has created an increasingly competitive nutraceutical market. One result is innovation stagnation, which can be avoided by seeking collaborations with other companies and organizations. Bioiberica’s healthcare director Jaume Reguant shares how industry partnerships are central to entering new markets and staying ahead of the competition.
This is Anish Leisha reporting for Nutrition Insight.
I'm here with Jiaoma Rueguan, healthcare director at BioAbaria, to discuss the benefits of creating and maintaining business partnerships throughout the COVID-19 pandemic.
So, the pandemic has created an even more competitive nutrition and nutraceuticals market.
Regardless, what is the value of striking partnerships and seeking collaborations at this time in your experience?
Yes, at Virica, we truly value collaboration.
Partnerships are key to meet our business goals, as as helping drive innovation and ensuring that we are at the forefront, of the latest science and research.
Being able to share resources, knowledge, and, and development processes with other leading life science companies means that together we can accelerate the delivery of new products and innovative solutions to unlock new possibilities in the market.
And it is mainly for that reasons that now more than ever, we, we are seeing the true value that partnerships have, have to offer.
Mhm.
Everyone likes a good win-win situation.
Can you share any examples of how companies can benefit from each other, particularly when entering new markets?
Yes, of course.
A recent example is our work with, Absen, a multinational health and, pharmaceutical expert located in Brazil.
Together with Abs and we were able to bring a new mobility product to the Brazilian market.
Our partnership started back in 2018 when we collaborated to launch Motilexx, a food supplement containing vivaricabitucul, native titu collagen.
And since then we, we are able to please, to say that, it has become, , a market leading product into the joint health business.
This was achieved through pairing our cutting edge ingredients and scientific expertise with absent local reputation and knowledge in the Brazilian market.
And, in addition to this, and following the success of Motilex, we recently collaborated with Absent again to create a new product, , the name is Motilex HA.
This time combining two of the bioerrica's leading joint health solutions, B2C native type 2 collagen and Mobili, our hyaluronic acid matrix ingredient.
Absent at the end has been able to differentiate its offering and capitalize, on rising consumer demand to launch effective science-based products, into the joint health business.
In your view, where would the nutrition industry be if it didn't seek to join forces with others or even reach out to other companies and organizations for help?
How, how high is the risk of innovation stagnation?
Yes, the, the way we see it, the nutrition industry relies on collaboration to foster innovation.
Barica, for example, is an expert in mobility and joint health, and as such, we offer our partners a comprehensive scientific and marketing support pre and post-launching to ensure long-term success.
This support, that we offer consists of.
Access to key opinion leaders such as -known doctors in the mobility field, medical consumer education content, training, as as co-branding and marketing support programs.
Collaborative, partnerships as these are, are now crucial on the industry, and by sharing expertise, assets, and capabilities, we can accelerate the, the speed and development of those projects and probably make decisions with less, less risk.
These practices allows, for a faster and safer return on investment and support long term, growth for both companies.
And of course this not only brings new ideas and innovations but also forces competitors to, to keep up too.
Mhm.
And can you share any last words of advice or lessons learned from previous partnerships?
Yeah, absolutely.
With any partnership, we look at how we can contribute to overall growth, such as whether they are sustainable competitive advantages and long-term opportunities for success.
It is also important, important to remain open-minded and flexible with any partnership you do.
And at the end, we want to create a win-win solution for both our company and our partners, enabling us to, to build trust and confidence that is essential for, for a long-standing and successful partnership.
Fantastic.
Thank you so much for joining us today.
This has been Anni Schleicher from Nutrition Insight.
Thank you so much.
Thank you.
