Periodic Reporting for period 1 - LIFEOMEGA (Innovative highly concentrated Omega 3 food supplement)
Reporting period: 2015-07-01 to 2015-12-31
The overall objective of the project was to conduct a feasibility study to determine if the innovative health products proposed by Solutex have the potential to be successful in the market. The specific objectives were:
- To analyse the potential markets, competition and regulations that could be targeted by Solutex products in order to select the best submarkets and product category and to design the products accordingly.
- To analyse the different commercialisation strategies and select the more appropriate one.
- Product; Capacities of Solutex’ technologies and competitive advantages of Solutex products were identified. Then, based on an analysis of 1) the regulations for health products in EU and USA, 2) the potential markets and submarkets that could be targeted, and 3) the existing competition, the best strategy to position the product on the market was determined.
- Price: By analysing the price and attributes of competitors we have benchmarked Solutex product and build a price structure.
- Presence: Our analysis allowed to confirm the existing market needs and trends, and to gather other information related to the commercialisation and distribution possible scenarios for Solutex products. The best option for commercialisation has been elected. A preliminary marketing plan focussing on EU and USA though specific commercialisation channels has also been elaborated. Finally, the profile of the potential commercial partners was defined.
- Promotion: We have identified the different ways to commercialise and promote Solutex Products and identified the main stakeholders for phase II of the project.
The main conclusion is that Solutex innovative product line has a great market potential. Market and data analysis have shown that there are important needs for products with the unique attributes they have. Solutex is strongly convinced of the superior technical, environmental, economic and social added value of its products and will submit an application for phase II.
The greater impacts of the products developed through the project will be for patients; they could have their treatments (as cancer chemo/radiotherapy treatments and surgeries) outcomes improved, their length of hospital stay reduced, and their quality of life during and after treatment increased. As the number of patients in EU and US that are under cancer chemo/radiotherapy treatments or have surgeries is very high, the number of patients that can see the health conditions increased by Solutex product is major.
Solutex products would also impact the government and private investments in health. By optimizing treatments and reducing length of hospital stay, the cost for treating cancer and surgery patients could be decreased.
The impact will also be great in the company’s benefit, which will achieve more than 15 million € of benefits during the first three years of commercialization. More than 14 new people will be directly recruited in the project during the firsts three years of commercialization. Also, the indirect employment, especially in sales force, will reach up to almost 600 people.
The supercritical CO2 extraction technology is eco-innovative as it provides an environmentally benign alternative to solvent chromatography since there are no residues related to concentration, either residual water, liquid solvents or steams. Solutex material used in its products is processed through the cleanest technology, without emitting any contaminants to the atmosphere. Thus, Solutex products will also positively impact the environment by being less damageable than the existing equivalent technologies.