Launch in the pharmaceutical sector - innovation with niche formulations applying lean startUPs models
Jesús Nieva Sánchez
Laboratorios Avanceutics, Tomares, Seville, Spain
DOI: https://doi.org/10.35466/RA2021n6406
Keywords: Lean StartUPs Models, Laboratorios Avanceutics, Phytotherapy
Abstract
Research, development and application of entrepreneurship models based on the methodology described by Eric Ries, an entrepreneur and businessman who, after several experiences of failure in startUP project development in Silicon Valley (USA), understood that for his business model works, it had to evolve; firstly, optimizing costs in the product development phase and secondly, concentrating time using a 3-phase wheel: I. Prototype launch II. Collecting customer experience and satisfaction metrics, answering the question “Does it meet the customer's need?” III. Learning and improving the final product adapting it to the experience collected. This business model makes business projects viable in the early stages of development, which must evolve to adapt to the market.
Laboratorios Avanceutics is an entrepreneurial project led by María Moreno - Pharmaceutical and CFO, and Jesús Nieva Pharmaceutical and CEO. This project is focused on the formulation, development and manufacture of phytotherapeutics, nutraceuticals and functional supplementation for the pharma sector. Through market research and after cost evaluation, we understood that the investment in both fixed and variable costs at the beginning of the project in Pre-Seed phase, was very high. Therefore, in order to make the project economically viable, we had to look for alternatives that do not increase the financial burden but to optimize it. For this reason, we managed to adapt the Lean StarUP method to the different phases of laboratory development, carrying out a cost optimization that made possible to develop the first formulations to launch on the market.
The methodology used in the optimization of resources was applied, adapted, and divided into: Phase 1: Elimination of intermediaries. Focused on research and learning in conducting: market studies, marketing, regulatory and National (Aecosan) and European (Efsa) legislation, graphic design, die-cutting, web design (html - wordpress) for ecommerce development. Phase 2: Stock adaptation, negotiation with supplier laboratories to adapt the minimum purchases to the needs, making consumption agreements.
Within the product development methodology, we have subdivided 4 stages that help us to optimize the management of the formulation from its origin, these phases are F.1 discovery, F.2 Pre-formulation, F.3 Development (phase A) and F. 4 Development (phase B) and launch.
As a result of the adaptation of this model and of our own research, it has been possible to develop 7 formulations in a short space of time and making the first phases of implementation and market access of the project viable, all within one of the most important and competitiveness sectors such as the pharmaceutical market.