New production lines for Medical Devices and Food Supplements
Project title | New production lines for Medical Devices and Food Supplements
Project code | ALT20-01-0853-FEDER-046348
Objectives of the operation | Strengthening research, technological development and innovation; Enhancing the competitiveness of SME.
Intervention region | Portalegre, Portalegre, Alentejo
Beneficiary | FINAO Biotech, Lda
Incentive System | European Regional Development Fund
Start date | 2020-01-31
Conclusion date | 2022-01-31
Total eligible cost | 544 527,30 euros
European Union financial support | 326.716,38 euros Objectives, activities and expected results The project foresees the creation of a new productive unit, with two production lines: one for the manufacture of medical devices (creams and emulsions) and another for food supplements (in the pharmaceutical form of capsules). In terms of process, this is innovative for the company, since FINAO Biotech does not currently have a production unit. In terms of product innovation, it is planned to create and manufacture its own product lines. Having its own products, the company can together with the products produced by third parties, expand the areas of therapeutic intervention, benefiting from already established commercial relationships. As new products, we have, on the one hand, food supplements, which will be a drinkable solution based on açaí and capsules that induce the ketosis process for weight loss; and on the other hand, medical devices, namely a gel, a hydrogel (for jelly dressings) based on honey and healing polymers (hyaluronic acid) for the treatment of wounds, and an emulsion of hyperoxygenated olive oil for the treatment of pressure ulcers (in bedridden patients or elderly people). At the organisational level, the acquisition of management software is planned, in the amount of 50,000 euros. The company will implement an intelligent/automated Production Management System, integrated in partnership with suppliers and clients, making it possible to monitor production in real time. In this way, there will be an in-time supply and stock management, with a view to maximising production efficiency and reducing waste. Production is carried out according to orders, in an autonomous way and resorts to decentralised decisions. In terms of marketing, namely e-commerce, FINAO Biotech foresees the opening of a virtual shop for the online sale of the new products. The digital platform will allow the expansion of the company’s sales and communication channels, and the reaching of new clients at a reduced cost. After a period of adaptation, it is foreseeable that for some segments, a large part of the sales will be processed through that platform.