Industry : Healthcare & Life-Sciences
Munity Labs aims to develop an innovative iron formulation with minimum side effects so that people can take iron to overcome iron deficiency. Our formulation is based on a combination of modern science and ancient knowledge. The iron requirement in pregnant women is higher compared to normal women because of foetal development. Additionally, the supply of oxygen to a foetus is accomplished by iron only, thus appropriate iron content must be adequate for the proper development of the baby and mother as well. Despite the low cost and easy availability of iron supplements, more than 57 % of Indian pregnant women have iron deficiency (anaemia). The major problem with this high number is the undesirable side effects of currently available iron supplements. Thus, women can not tolerate the symptoms of currently available iron so they avoid taking it. We have developed an evidence-based novel iron formulation containing the most suitable iron salt, Ferrous bisglycinate, folic acid, and herbal medicine, a validated ayurvedic medicine known to attenuate undesirable symptoms caused by iron. Our product will be sold in sachet form. One sachet can be mixed in 100 ml water, juice, or any other drink and can be taken once a day. So, there are two unique features of the proposed product; (i) a lower dose of iron (because of the high absorption of Ferrous bisglycinate) and (ii) a natural ayurvedic formulation to overcome the side effects of iron. The inclusion of herbal medicine in iron brings originality to the product and it may solve the iron-mediated side-effects problems in pregnant women. The novelty of our formulation has further been assessed by the patent agent using a patentability search report. We will file a patent on this formulation in due course. This product is being developed to target pregnant women in particular; therefore, the application will be primarily in healthcare settings including hospitals and clinics. Once MVP will be ready, we plan to distribute around 500 samples free of cost through gynaecologists free of cost to get customer feedback. These free samples will be distributed to 100 customers (5 sachets/customer) in return we will collect their feedback about this product. This feedback will be used to devise our further strategy for branding and marketing and subsequently for scaleup business. We plan to sell this product across the platform including B2C (e-commerce platforms like 1mg.com, amazon, flipkart, and Apollo Pharmacy), B2B (distributor, pharmacy, clinics, and hospitals), B2G (participation in the government’s bind on GEM portal). Central and state governments provide iron supplements through various schemes and programs and the government is giving preference to startups during bidding. Therefore, we have several opportunities to sell our product in the market. Iron supplements are very essential for pregnant women because of healthy foetal development; thus, every pregnant woman has to take an iron supplement in any form. In India alone, approximately 3 crore women experience pregnancy every year, so, 3 crore potential customers are available in the market only in India. Since, our product, iron sachet is indent for one per day, and iron is required from the second trimester to the first three months of the lactation period. Roughly 270 sachets per customer may bring 2,700/ rupees as per sachet retail cost 10/ rupee. Therefore, there is a huge potential market for our product in India only. According to National Family Health Survey (NFHS-5) by the Government of India, more than 50 % of pregnant women are anaemic. It means that 50 % market is open for our product without competition. In terms of statistics also, the Data Bridge Market Research report published in Business Today states that in 2021, the iron supplement market is valued at around 3166 million USD in 2021 and is expected to grow at 16.9?GR. Altogether, we not only plan to generate revenue but also, we will help to build a healthy generation for our country.
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Year of Establishment2023