By Sheldon Baker12.04.20
He is considered an industry leader with extensive experience in supplement ingredients and medical foods, in domestic and global markets. Srivastava took on Nutrify India (www.nutrifyindia.com) as a part of his commitment in building a responsible nutrition ecosystem to help boost the industry through innovator clusters spread across India and other countries. He has recently launched an ambitious project: HI BHARAT (Health Ingredients-Bio-Harmonized Applications in Rejuvenation and Therapeutics) under which he brings innovators together to deliver high tech well documented clinically tested ingredients and formulations. To serve the commitment to HI BHARAT and Nutrify India, he resigned his prestigious position as chief executive officer and board member of mega nutraceutical, biotech and MedTech convergence incubation hub, Biovalley Incubation Council, an initiative from the government of India. Under the HI BHARAT and Nutrify India program, Srivastava has created a foundation of start-ups with a growth potential of $133 million by 2023.
Health E-Insights: Provide a little background about Nutrify India.
Srivastava: Nutrify India was founded to focus on the unaddressed gap of connecting nutra innovators to large commercialization channels with curated knowledge and finance. Since its inception in February 2020, it has successfully commercialized nutra innovations of over $8 million, making an average monthly commercialization value of $1 million. We took two Indian companies to the U.S. We also brought one U.S., and two Swiss companies to India with marketplace access. Nutrify India is a platform that enables responsible nutrition businesses by connecting innovators with curated access to knowledge, markets, and financial opportunities. Nutrify India assists innovators and start-ups through a process to develop a quality product that has a price serving an ecosystem including the market itself. Nutrify India promotes evidence-based nutraceutical science to catalyze better and more efficacious health outcomes. Nutrify India dreams of a healthier India by helping nutraceutical innovators reach their maximum potential.
Health E-Insights: You personally have quite a distinguished nutraceutical background.
Srivastava: I founded the Responsible Nutrition Association of India and am an advisor to the NutraIngredients Asia Pacific committee. I have developed and launched new products across the globe, enhanced sales and profitability of established product lines, and managed acquisitions and corporate alliances, plus driving the licensing of proprietary technologies and augmented start-up businesses in nutraceutical ingredients, and formulations.
Health E-Insights: That alone could be an entire career.
Srivastava: There is more. Under my belt I have been instrumental in forming six start-ups, four at mega corporations (Apollo hospitals-emedlife, Fresenius Kabi entry in India, Rapid Nutrition entry in China, and Dr. Reddys Labs foray into nutraceuticals), and two of my own successful start-ups in the U.S. with edesigntree Inc. and in Singapore/China, Primedsys Pte Ltd.). I like to think of myself as a key industry opinion leader in the field of responsible nutrition, plus holding patents in quantifying nutraceutical quality standard ratings. With six successful commercialization start-ups delivered in five months of joining Nutrify India, and three start-ups featured in international nutraceutical media, I am seeking to deliver 20 successful responsible nutrition start-up commercialization’s in 2021. While building capacity in high tech nutraceuticals, I envision India to become the nutraceutical hub of the world.
Health E-Insights: What segments of the health and wellness community do you work with?
Srivastava: We focus on outcome driven nutraceutical ingredients or formulations that are making claims. This is one segment where consumers are susceptible to being misinformed and exposed chronically to an ingredient that may have long-term adverse impact.
Health E-Insights: Is venture capital along with go-to-market strategy two of your key services?
Srivastava: We work with the government of India venture grants programs as well as venture capital representatives for deserving start-ups in nutraceuticals. Yes, we work on go-to-market strategies, and hand hold on commercialization as well as market access deals. For example, we mentored Esperer Onco Nutrition in India, and helped shape their product offerings, organized clinical trials, got it launched, assisted in raising funds and now taking them to key global markets.
Health E-Insights: What advice do you normally give a nutraceutical start-up company?
Srivastava: In this heightened nutra awareness market fueled by the pandemic, I always motivate and guide start-ups to focus on problem solving and not following trends as trend followers often fade away quickly. For instance, protein and its formulations are a fast-growing and large category in India. I would not spend time with start-ups who are heavily involved in hot demand categories with their me-too formulas, rather a company such as Esperer Onco Nutrition which is focused on Indian gut cancer nutrition products to address cachexia.
Health E-Insights: Do nutraceutical companies wanting to expand into the U.S. market realize they must make a huge investment to be successful and success will not happen overnight?
Srivastava: I always guide nutra start-ups in India entering the U.S. to treat the market as modular. Perfect the business in one module and then go to the next module. I have seen two success stories in one year. The concept of modular certainly nullifies the thought of overnight success. It should be a three-year focused plan to see a qualitative return.
Health E-Insights: Is Nutrify India able to help companies coming into India with regulatory issues?
Srivastava: Yes. We are currently working with several global companies entering India with regulatory clearances for their product launch.
Health E-Insights: Where do you see the most significant growth occurring in India’s nutraceutical industry in the next few years?
Srivastava: Herb-based nutrition has skyrocketed in its growth by 25% to 80% in some cases. One year from now, the growth is expected to stay stable at approximately 22% per annum. This is an excellent number when compared to 12% growth pre-pandemic. The market has been polarized from aspirational nutrition to preventive nutrition driven by fear. The categories that have seen maximum growth are immunity and weight management with reference to lifestyle diseases, diabetes care, as well as age-related nutrition, mostly centered around systemic needs like antioxidants and gut health.
Health E-Insights: What are the most important decisions you make as a leader of your organization?
Srivastava: Change management, which is something I referred to earlier. Change in organizational direction is highly inevitable in today’s pandemic business world. Nutrify India has evolved from a mere commercialization company to a full-blown services company addressing concepts that lead to commercialization and provides knowledge as well as the important financial investment. This is high-speed change management when it all happens within 12 months, especially considering the pandemic. Nutrify India has not only survived the pandemic, it has struck deals at the rate of $1 million per month.
Health E-Insights: What do you consider your greatest achievement?
Srivastava: Creating India’s first and only bridging platform that enables and empowers both Indian and the global nutraceutical industry access to the overall Indian health and wellness market. We are endorsed by Indian and international nutra industries, as well as government bodies. By this achievement, we have catalyzed industrial growth speeding up market entry by at least 50%.
Sheldon Baker is a senior member of Baker Dillon Group LLC and has created numerous nutraceutical brand marketing communications and public relations campaigns for many well-known supplement and food industry companies. For Health E-Insights interview consideration or brand marketing consulting, contact him at SBaker@BakerDillon.com.
Health E-Insights: Provide a little background about Nutrify India.
Srivastava: Nutrify India was founded to focus on the unaddressed gap of connecting nutra innovators to large commercialization channels with curated knowledge and finance. Since its inception in February 2020, it has successfully commercialized nutra innovations of over $8 million, making an average monthly commercialization value of $1 million. We took two Indian companies to the U.S. We also brought one U.S., and two Swiss companies to India with marketplace access. Nutrify India is a platform that enables responsible nutrition businesses by connecting innovators with curated access to knowledge, markets, and financial opportunities. Nutrify India assists innovators and start-ups through a process to develop a quality product that has a price serving an ecosystem including the market itself. Nutrify India promotes evidence-based nutraceutical science to catalyze better and more efficacious health outcomes. Nutrify India dreams of a healthier India by helping nutraceutical innovators reach their maximum potential.
Health E-Insights: You personally have quite a distinguished nutraceutical background.
Srivastava: I founded the Responsible Nutrition Association of India and am an advisor to the NutraIngredients Asia Pacific committee. I have developed and launched new products across the globe, enhanced sales and profitability of established product lines, and managed acquisitions and corporate alliances, plus driving the licensing of proprietary technologies and augmented start-up businesses in nutraceutical ingredients, and formulations.
Health E-Insights: That alone could be an entire career.
Srivastava: There is more. Under my belt I have been instrumental in forming six start-ups, four at mega corporations (Apollo hospitals-emedlife, Fresenius Kabi entry in India, Rapid Nutrition entry in China, and Dr. Reddys Labs foray into nutraceuticals), and two of my own successful start-ups in the U.S. with edesigntree Inc. and in Singapore/China, Primedsys Pte Ltd.). I like to think of myself as a key industry opinion leader in the field of responsible nutrition, plus holding patents in quantifying nutraceutical quality standard ratings. With six successful commercialization start-ups delivered in five months of joining Nutrify India, and three start-ups featured in international nutraceutical media, I am seeking to deliver 20 successful responsible nutrition start-up commercialization’s in 2021. While building capacity in high tech nutraceuticals, I envision India to become the nutraceutical hub of the world.
Health E-Insights: What segments of the health and wellness community do you work with?
Srivastava: We focus on outcome driven nutraceutical ingredients or formulations that are making claims. This is one segment where consumers are susceptible to being misinformed and exposed chronically to an ingredient that may have long-term adverse impact.
Health E-Insights: Is venture capital along with go-to-market strategy two of your key services?
Srivastava: We work with the government of India venture grants programs as well as venture capital representatives for deserving start-ups in nutraceuticals. Yes, we work on go-to-market strategies, and hand hold on commercialization as well as market access deals. For example, we mentored Esperer Onco Nutrition in India, and helped shape their product offerings, organized clinical trials, got it launched, assisted in raising funds and now taking them to key global markets.
Health E-Insights: What advice do you normally give a nutraceutical start-up company?
Srivastava: In this heightened nutra awareness market fueled by the pandemic, I always motivate and guide start-ups to focus on problem solving and not following trends as trend followers often fade away quickly. For instance, protein and its formulations are a fast-growing and large category in India. I would not spend time with start-ups who are heavily involved in hot demand categories with their me-too formulas, rather a company such as Esperer Onco Nutrition which is focused on Indian gut cancer nutrition products to address cachexia.
Health E-Insights: Do nutraceutical companies wanting to expand into the U.S. market realize they must make a huge investment to be successful and success will not happen overnight?
Srivastava: I always guide nutra start-ups in India entering the U.S. to treat the market as modular. Perfect the business in one module and then go to the next module. I have seen two success stories in one year. The concept of modular certainly nullifies the thought of overnight success. It should be a three-year focused plan to see a qualitative return.
Health E-Insights: Is Nutrify India able to help companies coming into India with regulatory issues?
Srivastava: Yes. We are currently working with several global companies entering India with regulatory clearances for their product launch.
Health E-Insights: Where do you see the most significant growth occurring in India’s nutraceutical industry in the next few years?
Srivastava: Herb-based nutrition has skyrocketed in its growth by 25% to 80% in some cases. One year from now, the growth is expected to stay stable at approximately 22% per annum. This is an excellent number when compared to 12% growth pre-pandemic. The market has been polarized from aspirational nutrition to preventive nutrition driven by fear. The categories that have seen maximum growth are immunity and weight management with reference to lifestyle diseases, diabetes care, as well as age-related nutrition, mostly centered around systemic needs like antioxidants and gut health.
Health E-Insights: What are the most important decisions you make as a leader of your organization?
Srivastava: Change management, which is something I referred to earlier. Change in organizational direction is highly inevitable in today’s pandemic business world. Nutrify India has evolved from a mere commercialization company to a full-blown services company addressing concepts that lead to commercialization and provides knowledge as well as the important financial investment. This is high-speed change management when it all happens within 12 months, especially considering the pandemic. Nutrify India has not only survived the pandemic, it has struck deals at the rate of $1 million per month.
Health E-Insights: What do you consider your greatest achievement?
Srivastava: Creating India’s first and only bridging platform that enables and empowers both Indian and the global nutraceutical industry access to the overall Indian health and wellness market. We are endorsed by Indian and international nutra industries, as well as government bodies. By this achievement, we have catalyzed industrial growth speeding up market entry by at least 50%.
Sheldon Baker is a senior member of Baker Dillon Group LLC and has created numerous nutraceutical brand marketing communications and public relations campaigns for many well-known supplement and food industry companies. For Health E-Insights interview consideration or brand marketing consulting, contact him at SBaker@BakerDillon.com.
