Development of bio-active dietary supplement for Asia market (Q4297710)
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Project Q4297710 in Latvia, Estonia
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Development of bio-active dietary supplement for Asia market |
Project Q4297710 in Latvia, Estonia |
Statements
306,962.7 Euro
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466,312.0 Euro
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65.83 percent
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15 August 2019
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14 April 2022
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BioCC LLC
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56°57'58.64"N, 24°8'54.60"E
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58°23'7.69"N, 26°42'5.90"E
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Background: Bio4ASIA is a cooperation project between two similar companies working in the same industry - producing of food supplements - and based on similar needs and ambitions: to expand and diverse market of their products in order to develop companies and make them competitive in long terms. However, both companies are having different competences and strenghts in different areas of producing and distribution. BioCC is focused on work with high qualitative lactic acid bacteria cultures and LotosPharma is producing wide assortment of dry forms of medicine and food supplement. The region of South-East Asia has always been attractive for partners because of its high consuming potential rised by increasing life quality, consumers trust to the EU produced products and other aspects; in case of Bio4ASIA partners, one of aspects is already created business contacts. It's important considering business traditions in South-East Asia region: before conclusion of any cooperation contract there, it's expected to meet potential partners several times and develop relationship based on trust which is a challenge for small companies considering the distance between regions. To enter such market companies should consider that in case of success they have to be able to provide a high qualitative and regular production volumes to satisfy the market demand OR - to offer a niche product. On the base of experience gathered during early stage marketing activities in 2016, 2017 partners created an idea to develop a new product especially for South-East Asia market using local raw materials and specific additives making product better recognizible and attractive for the target market. To sell row materials is always less profitable as to sell a product with added value and there is a good opportunity for new type of dietary supplement combining lactic acid bacteria (the core area of the Estonian partner) with fiber produced by Latvian partner offering digestive stimulant against metabolism and nutrition which is becoming a worldwide problem. Considering development of the new dietary supplement is already complicated process, one of the challenges is time to ensure that the new product is qualitative enough to be interesting for potential consumers and the quality is stabil so giving time necessary for distribution. Distribution time of the product is one of the main aspects regarding export. Cross-border nature: Cooperation between Estonian and Latvian partner provides following benefits: share of competences, because both companies are similar by nature and interests, still having specific competences in related area, share of resources as much as it's possible (experts, data, equipment) because joint activities make investments more efficient, less time-consuming comparing with individual activities, attraction of resources so sharing risks of the product development process, two of three Baltic States together already have an opportunity to position both partners as reprsentatives of the wider region of Europe and Europe as producing region is considered as advantage comparing with local producers or producers of North Asia regions, fixed cooperation rules also works as a tool to limit local competition. The main objective of the Bio4ASIA project is to increase competitiveness of the Project partners in order to expand and diverse the market and ensure long term stability of the production and growth of the turnover. In context of this, the specific objectives of the project are: to create a new dietary supplement on the base of local row materials as well as in-house competences of the both partners, to make the product and also producers - project Partners - recognisable in South-East Asia market.The main activities of the project can be divided into three main groups: project management, development of the new dietary supplement - digestive stimulant which corresponds to the requirements of the South-East Asia region (zone 3 and zone 4). It's planned to develop the product on the base of Partners' competences and local row materials - fiber and lactic acid bacteria including development of formula, pre-tests, development of prototype, stability tests (the minimum - 12 months to have rights to register the product in target market), joint marketing activities including development of product's design, marketing materials and joint participation into the 4-5 international fairs of pharmaceuticals and nutritional supplements in South-East Asia in order to overcome barriers of the distance, different business culture and environmental requirements. The main expected outcomes are: a new dietary supplement - digestive stimulant for South-East Asia market ready to be registered (full documents package including at least 12 months stability results (the minimum lenght of shelf-life)),new contacts, developed existing contacts during participation in 4-5 international fairs, signed intention letters or similar agreements on the (English)
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