Case 10.2: SatiMed - wellness and health products from the hemp plant - Lithuania
Name of the company: UAB SatiMed
Country: Lithuania
Size of the business: 8 employees
Website: https://www.satimed.eu
Background
SatiMed is a biotechnology R&D company that started with research ten years ago in the field of biochemistry and concentrates on natural herbal remedies such as hemp-based products. The driving force was the trend towards the integrated, personalized medicine and wellness through taking care of personal life and one’s health. The enterprise is built on international team working with molecular biotechnologies for innovative solutions. Successful discoveries have become the basis for developing intellectual property in the phyto-biotechnology niche.
Main activities
Activities include R&D and product development for a full spectrum of hemp-based products, production and distribution. SatiMed manufactures organic hemp oil-based products which comprises essential combination of non-psychoactive phytocannabinoids from hemp plant: cannabidiol, cannabidiolic acid, cannabivarin, cannabigerol and other useful compounds including terpenes, omega fattywacids and waxes. The enterprise has four patents and they license intellectual property. In addition, they have specific intellectual property rights (IPR) strategy. They are niche leaders in the specific R&D field with the goal that their inventions transfer to the market always step ahead.
Market
The customers for organic hemp oil-based products are persons with interest and knowledge in wellness and living environment. Normally, customers are acquired via affiliates. SatiMed exports most of production to the USA, so it sees that it is crucial to strengthen their position in the most significant global market further, as well as to seek new markets in the European Union and in the UK. Products and services are marketed at exhibitions, trade shows and by training of affiliates. Participation in international exhibitions is an important investment that promotes enterprise progress, technology deployment and export market development.
Challenges and solutions
The biggest problems for the business development are unsustainable business environment and regulation due to lack of expertise in public authorities. Solution would be an improvement of regulatory environment with inflow of life science expertise and knowledge on hemp products.
Funding
Financing of company has been based mostly on private investment. The public support has been utilised for the R&D, exhibitions, overseas missions and publicity.
What makes this case innovative?
Case represents R&D intensive use of local natural resources as SatiMed focuses on research and development of hemp plant-based full spectrum products, incl. hemp plant-based natural remedies to cosmetic industry, dietary supplements and functional food products that support wellness and a healthy lifestyle. High quality products are manufactured in good manufacturing practices (GMP) standards compliant facility. The company employs science to develop process innovation for extracting herbal compounds in the cleanest and most effective ways.
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