Conducting business globally is an essential piece to many business strategies. However, we often see clients fail to realize the depth of planning required for geo-expansion of a product or brand. From getting the product registered and making on-pack claims, to meeting labeling standards – it’s all treacherous territory without a proper strategy.
We’ve seen businesses waste millions of dollars entering markets, only to discover a lack of appetite for the product. We’ve also seen businesses start down the geo-expansion path, only to make a U-turn, when they realize the complexity of international regulations.
To avoid making one of those all-too-common mistakes, here are four steps to consider before determining where in the world to sell your product.
RegAsk uses artificial intelligence to answer regulatory questions, including inquiries about path-to-market, path-to-claim, product registration and regulatory strategy.
SINGAPORE, January 15, 2019
RegAsk, a company that uses artificial intelligence to help healthcare firms manage regulatory compliance in global markets, announced today a seed funding round led by TKS 1, a venture capital fund investing in early-stage healthcare technology companies. The financing allows the RegTech firm to carry out its ambitious growth strategy, and its product development plan.
“With the increasing complexity of regulatory standards, companies are forced to exhaust resources to stay competitive in markets around the world,” said Caroline Shleifer, president of RegAsk’s Board of Directors. “The time is ripe for a smart disruptor to transform the regulatory market. Our platform revolutionizes the process for our customers, using a unique approach in providing proprietary, dynamic data with more efficient research, analysis and monitoring technologies.”
RegAsk offers a full scope of regulatory services including compliance, path-to-market, path-to-claim, product registration and regulatory strategy for the food, dietary supplement, cosmetic, personal care and medical device industries. Using artificial intelligence, the platform, which will reach full automation within three years, reduces time and costs involved in regulatory research, allowing companies to focus on core competencies.
RegAsk is financially backed by TKS 1, a venture capital collaboration between SPRIM and Tikehau Capital (TKO.FP), an alternative asset management and investment company. TKS1 provides early stage capital to innovative companies offering solutions that move science forward in the health sector, contribute to the transition from intervention to prediction, diagnosis and monitoring while enabling life science companies globally to develop therapeutics faster and more economically.
SPRIM is a life-science consulting agency for the full lifecycle of a product. Multi-nationals, startups, institutions and governments around the world turn to SPRIM for expertise in developing relevant, fresh and meaningful health innovations. From traditional categories like nutrition, cosmetics, personal care, prescription and medical devices, to the new health frontier of digital-connected devices and algorithm-based diagnostics, we work to bring together game-changing science and winning commercial results. SPRIM employs 500 people in 19 offices across 4 continents.
Tikehau Capital is an alternative asset management and investment group with €15.9 bn of assets under management (as at 30 September 2018) and shareholders’ equity of €2.3 bn (as at 30 June 2018). The Group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiary Tikehau IM, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs 260 staff (as at 30 September 2018) in its Paris, London, Brussels, Madrid, Milan, New York, Seoul and Singapore offices.
RegAsk is a digital platform that automates regulatory research and compliance strategy for the food, dietary supplement, cosmetic, personal care and medical device industries. RegAsk is a newly created company by the founders of SPRIM, after more than 17 years of consulting on geo-expansion strategies and researching regulatory guidelines around the world. The company operates globally out of Singapore.
RegAsk is backed by TKS 1, a healthcare and life science-focused venture capital fund formed by a partnership between SPRIM and Tikehau Capital.
For more information, visit http://www.regask.com.