AI Accelerating Innovation in a Booming Nutraceutical Industry Leave a comment
The process of developing a label claim in a nutraceutical product, from data mining to putting down a label claim that can goto lab for prototyping, can take anywhere from 3 to 6 months. With numerous products in development simultaneously, timelines can stretch further, and the challenge of selecting the right ingredients for label claims becomes increasingly complex. The growing library of potential ingredients, in-depth research papers, and regulatory compliance requirements add layers of complexity to the nutraceutical product development process.
Mr. Pankaj Bhat, GM R&D Piramal Pharma Limited, believes that a single product formula targeting a less complicated disease area can ideally be developed in 4-6 months, provided it is based on comprehensive scientific research, regulatory compliance, and thoroughly screened intellectual property data.
According to Shriram Balasubramanian, Director of Zuventus, companies need dedicated teams to expedite new nutraceutical product development, potentially launching 2-3 products per year. Although, Arun Misra, Global Head of Regulatory Affairs at Unilever, highlights the challenges of regulatory compliance and ingredient rationalization, as new ingredients are introduced regularly.
Given the enormous Indian nutraceutical industry potential of $100 billion, companies face a conundrum: how can they create multiple products quickly to meet the growing demand? The answer lies in artificial intelligence (AI) and the NutrifyGenie AI engine, which is transforming the global supply chain in nutraceuticals, allowing companies to swiftly commercialize their innovations across key markets.
The NutrifyGenie engine uses sophisticated algorithms to mimic the new product development process in a company. It aids in commercial decision-making, label claim validation, and real-time regulatory compliance for India and 11 other countries. The advanced convergence version of NutrifyGenie is slated to launch in June 2023 at the Nutrify C Suite Summit.
Vishrut Srivastava, MD of Yodaplus, a leader in AI, states that the complexities of generating differentiated nutraceutical label claims can only be addressed through a well-mapped global database and AI application. Rakshit Mehta, Chairman of Euroalliance, has used NutrifyGenie to create 36 nutraceutical products in a short period, has wholly adopted the platform and the AI engine’s power and capability.
Raktim Chattopadhyay, CEO of Esperer Nutrition, highlights the challenges in creating scientifically advanced products, as documentation and rationalization increase exponentially with the complexity of the product. Esperer used NutrifyGenie to launch a high-tech nutraceutical portfolio for oncology.
Arvind Shukla, VP & Business Head of Nutrition & Nutraceuticals at Dr. Reddy’s Labs, says that the main reasons for slow product launches in the nutraceutical industry are the vast information accessibility, validation, and supply chain scrutiny. Companies must ensure their products are differentiated, safe, effective, and sustainable. Arvind believes that AI technologies shall be able to assist in addressing these challenges.
Dhawal Katkar; Vice President & Business Head – Consumer Products; Glenmark believes that Nutraceuticals is the new OTC in the pharmaceutical industry. To harness the power of responsible nutrition and offer a substantial portfolio that follows principles of responsible nutrition, there is a need for curated AI ( AI plus professional’s intelligence intervention ). This combination has a very critical role in curating and assisting in choice of precision ingredients and products.
Amit Srivastava, Founder of NutrifyGenie, has worked with a team of data scientists, pharmacologists, biochemists, and IT professionals to create a world-class AI engine for nutraceutical product design, development, and commercialization. In the last 10 months, NutrifyGenie has commercialized dozens of products, with plans to launch hundreds more this year.
NutrifyGenie designs validated, differentiated formulas, mechanism of action diagrams, and showcases intellectual property data, enabling companies to explore patent filing for their unique formulas. The AI engine also connects supply chains and distribution networks in 11 countries, with plans to expand to 9 more in the coming quarters.
AI-driven solutions like NutrifyGenie are revolutionizing the nutraceutical industry, speeding up the new product development process and helping companies bring innovative, differentiated products to market faster than ever before. By leveraging AI technology, companies can navigate the complex landscape of ingredient selection, research analysis, and regulatory compliance more efficiently, ultimately delivering safe and effective nutraceutical products to meet the growing global demand.
Moreover, AI engines such as NutrifyGenie are not only reducing time-to-market for new products but also ensuring that companies can access a broader range of ingredients and research data, leading to more innovative and targeted nutraceutical solutions. This has significant implications for the industry, as it enables businesses to better address the diverse health needs of consumers worldwide.
As the nutraceutical industry continues to grow, it is expected that AI will play an increasingly significant role in shaping its future. The integration of AI in nutraceutical development promises to streamline processes, improve product quality, and enable companies to better respond to market trends and consumer demands.
The advent of AI in the nutraceutical industry marks a significant turning point for the sector. As more companies adopt AI-driven solutions, we can expect to see a new era of innovation and growth in nutraceuticals, leading to a healthier and more vibrant global population.
Disclaimer: Content Produced by GMO Media
