The Role of Guires FRL in co-innovation for R&D and Manufacturing of Nutraceuticals and Food Supplements

1. The Role of Guires FRL in co- innovation for R&D and Manufacturing of Nutraceuticals and Food Supplements A presentation by Dr. Nancy Agnes, Head, Technical Operations, FoodResearchLab Group: www.foodresearchlab.com Email: info@foodresearchlab.com

2. Co-innovation in the Nutraceutical and Food Supplement Industry In today’s day and age, businesses must be innovative so that they can have a competitive edge, lest they may risk being left behind. Throughout history, companies tended to focus internally when seeking new developments in food, nutraceuticals or pharmaceuticals. However, this approach was limited and did not yield long-term results. Presently, businesses are recognising the value of an outward approach, involving end users and leveraging external resources like contract R&D, which proves to be more effective in fostering innovation, leading to co- innovation.

3. What exactly is co-innovation? Co-innovation represents a different type of innovation that merges various ideas and methods from internal and external channels, creating new values both for the organisation and shared among stakeholders. Advantages of co-innovation Co-innovation offers numerous advantages for nutraceutical and food supplement sector. The following section discusses the advantages of co-innovation:

4. 01 OPENS NEW PERSPECTIVES FOR NEW PRODUCT DEVELOPMENT Since co-innovation involves external stakeholders, such as end-users and contract R&D, nutrition and nutraceutical companies can gain different insights and formulate innovative products. Guires FRL supports co-innovation for developing new products or reverse-engineering existing products. An example of a new idea for developing an innovative product is chia oil capsules as an omega-3 supplement, as suggested by a novice in Guires FRL.

5. 02 CO-INNOVATION REDUCES THE RISKS ASSOCIATED WITH PRODUCT DEVELOPMENT A key advantage of co-innovation is that it significantly reduces the economic risks associated with new product development. Involving multiple stakeholders can help address the challenges involved in developing a new product, like market insights and product pricing.

6. 03 CO-INNOVATION FOSTERS TRUST, TRANSPARENCY AND BRAND AUTHENTICITY Co-innovation often involves gaining consumer feedback, and including consumers ensures that the products meet their preferences. Consumers are more likely to be loyal to a brand that addresses their concerns than those which have transactional and impersonal relationship.

8. OUTSOURCING AS A TYPE OF CO-INNOVATION Since co-innovation involves external stakeholders, outsourcing to a contract R&D has gained importance. In recent years, nutraceutical industries are gravitating to a leaner business model that depends on contract R&D. WHEN CAN OUTSOURCING BE DONE? Outsourcing nutraceutical and food supplement can be done at the following stages:

9. 01 WHILE TARGETING A NEW MARKET Market research is crucial to know about the preferences of a target audience in a location. Outsourcing helps in gaining consumer insights and preferences of that place.

11. 02 WHILE ENHANCING A PRODUCT Outsourcing to an R&D and CDMO helps nutraceutical companies with the latest trends they can implement to improve an existing product. 03 SPEEDING UP DEVELOPMENT PROCESS A CDMO helps in identifying bioactive compounds that can be used to formulate nutraceuticals.

12. Conclusion Innovation is essential for businesses to succeed in today's competitive landscape, especially in the nutraceutical and food supplement industries. In the past, internal concentration hindered advancement, but co-innovation involves external insights that bring different concepts that, in turn, boost creativity and stimulate the creation of innovative products. By utilizing outsourcing as a component of co-innovation, companies gain access to outside knowledge for product improvement, market research, and expedited development, giving them a competitive advantage in this dynamic sector.

13. HOW GUIRES FRL GLOBAL CONTRACT R&D CAN HELP At Guires FRL, we have a team of scientists and technologists who offer new product development services. We assist manufacturing companies with developing products that fulfil consumers’ requirements. Moreover, we help with cost analysis and obtain certification for the product. Our product development services include: Food Product Development, Beverage formulation, Nutraceutical formulation, Animal Food Product Development, Cosmeceutical Product Development, Herbal Product Development, Agriculture Crop Innovation, and Reverse engineering

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