British Bioniq enters Saudi Arabia with a strategic partnership

CAIRO: Personalized supplements based on blood test data will become available in key Saudi cities as Bioniq brings its proprietary algorithm to the Kingdom.

Through a partnership with Al Borg Diagnostics, a provider of diagnostic healthcare services in Saudi Arabia, Bioniq has established a strategic expansion plan into the Kingdom.

In an interview with Arab News, Vadim Fedotov, CEO and founder of Bioniq, shared insights into the company’s strategic objectives and expansion plans in Saudi Arabia and the broader Middle East and North Africa region.

“Our immediate objectives in Saudi Arabia include establishing a strong presence in key cities, improving access to personalized healthcare solutions, fostering strategic partnerships and consistently delivering exceptional customer experiences,” he said.

The advantage

Looking ahead, Fedotov explained Bioniq’s long-term vision for the Saudi market, focusing on the product’s efficacy and transparency.

“We believe it is critical to demonstrate the benefits of a quantifiable product that demonstrates how it works and its effectiveness,” he noted.

He criticized prevailing market trends where companies fail to substantiate their claims. “Many companies in the market promise results without concrete evidence, essentially selling a dream. Bioniq, on the other hand, delivers tangible results.”

“We have already established strategic partnerships in the medical and wellness areas that we have not yet announced. Furthermore, we have already begun integrating our solutions into some of Saudi Arabia’s most prominent athletics organizations,” he revealed, signaling an aggressive approach to embedding Bioniq’s solutions into key health and sports ecosystems.

Although no details were disclosed, Fedotov hinted at future collaborations that could involve government agencies.

The Saudi market is crucial to Bioniq’s expansion strategy due to its significant growth potential and its position as a key player in the Gulf region’s healthcare sector.

Vadim Fedotov, CEO and founder of Bioniq

“Unfortunately, I cannot reveal details at this time, but the plans are indeed important,” he said, suggesting potential commitments that could influence policy or regulatory frameworks within the health sector.

Regarding growth goals for the coming year, Fedotov said, “Strategic partnerships with national medical institutions and leading athletic organizations are already in place to build brand awareness and trust.”

Fedotov stated that the company does not plan to offer exclusive products for the Saudi market and that all its products are shipped worldwide, emphasizing a unified product strategy for global markets.

Fedotov discussed the partnership with Al Borg and further explained how this alliance would enhance Bioniq’s operational capabilities.

“We plan to leverage our partnership with Al Borg to grow our footprint by expanding the accessibility of personalized health solutions,” he explains.

“We aim to work closely with Al Borg to optimize the customer experience and provide seamless healthcare solutions to individuals across the country,” he added.

Legal standards

Fedotov highlighted Bioniq’s approach to navigating the regulatory environment in Saudi Arabia, indicating that this is a crucial aspect of their operations.

“We work closely with strategic partners in the region that have been around for decades, including national partners who guide us in ensuring compliance with current and new regulations,” he explains.

“We are fully committed to adhering to these guidelines. As government agencies and medical institutions are among our strategic partners, we are confident that our offering is and will be in line with all current and future regulations,” the CEO added.

When asked about the importance of the Saudi market in Bioniq’s global strategy, Fedotov’s answer underlined the strategic importance of the region.

“The Saudi market is crucial to Bioniq’s expansion strategy due to its significant growth potential and its position as a major player in the healthcare sector in the Gulf region,” he stated.

“With its large population and substantial healthcare expenditure, Saudi Arabia presents a ripe opportunity for Bioniq to introduce its personalized healthcare solutions and contribute to improving healthcare standards in the region,” he explained.

He added: “Additionally, by building a strong presence in Saudi Arabia, we can leverage our strategic partnerships and innovative technology to further our position as a leader in personalized nutrition and supplementation in the Middle East market to further strengthen.

Regarding the timing of Bioniq’s entry into the Saudi market, Fedotov said the company had already made its debut.

“Our partnership with Borg AI marked our launch in the region in April this year,” he noted.

This launch introduced Bioniq products, including Bioniq GO and Bioniq PRO, to the Saudi market, marking a major milestone in their regional strategy.

“We are certainly considering establishing an office in the Kingdom,” he said, hinting at a significant operational expansion.

“We currently have more than 80 employees worldwide, including the head office in London, offices in Berlin, Dubai and New York. Saudi Arabia seems to be a very promising option for one of our future locations. In terms of key members for the region and global expansion, we will be located there, given the strategic importance of Saudi Arabia and the Middle East,” he added.

Business fundamentals

“Our primary mission in the region is to address the challenge of personalized health and wellness in Saudi Arabia’s healthcare sector,” Fedotov said.

He emphasized that the partnership with Al Borg will deliver personalized healthcare across the Kingdom, making Bioniq’s blood testing panel available in 28 cities in Saudi Arabia.

“Now consumers from Riyadh, Jeddah, Alkhobar or other cities across the country can achieve optimal health levels much more easily.”

The partnership will allow consumers to take advantage of a 50-parameter blood test offered by Al Borg Diagnostics, after which they can opt for a personalized supplement formula created by Bioniq, based on their specific health data.

“We closely monitor customer satisfaction metrics such as feedback scores and testimonials. We aim to provide the most personalized supplements, so we are a super consumer-oriented company,” he said.

“As a company, we are also naturally focused on sales growth, customer retention, market penetration and the number of personalized supplement formulas delivered,” the CEO added.

“Specifically in the Saudi market, we pay close attention to statistics related to market penetration and customer acquisition. Given the strategic importance of this region to our expansion efforts, we are monitoring the number of customers using our personalized supplement solutions,” he said.

The CEO further elaborated on how this approach uses comprehensive blood testing and customized supplement formulas to meet individual health needs and optimize overall well-being, representing a significant advancement in personalized health management.

Founded in 2019, Bioniq offers Bioniq PRO and Bioniq GO, which are based on algorithms developed from a large and diverse biochemical database.

Bioniq PRO, as Fedotov described, offers personalized supplements derived from extensive biochemical data and combined with health questionnaires and blood tests.

Bioniq GO, on the other hand, offers more general personalization based solely on health questionnaires. “The cost of Bioniq supplements varies depending on the package the customer chooses,” Fedotov added, with Bioniq GO costing $75 per month and Bioniq PRO $199 per month.

On the financial front, Fedotov shared insights into the company’s profitability. “After five and a half years, we have achieved market profitability in all our priority markets,” he revealed.

The beginning of Bioniq

“The idea for Bioniq came from my sports background and a subsequent career in business that left me burned out at the age of 30,” Fedotov explains.

Despite being medically healthy, he felt unwell, which led him to realize that “well-being goes beyond the mere absence of disease.”

He identified a gap in the market for personalized healthcare solutions, noting: “In 2018, there were no companies offering personalized solutions for people like me.” This revelation prompted him to establish Bioniq in London in 2019.

The company has raised $15 million since inception and Fedotov revealed: “Given that the Middle East is one of our key regions, there is a high level of commensurate investment in the Middle East, including Saudi Arabia, to develop partnerships on board. key opinion leaders and share and demonstrate the key benefits of a personalized approach.”

He added: “In addition, we are leveraging our investments to enhance our technology platform and data analytics capabilities so we can ensure our personalized supplement formulas are supported by the latest scientific research and insights.”

A growing market

“We see significant opportunities for growth and innovation in Saudi Arabia and that is why we are entering this market,” he stated.

Turning to broader trends in the healthcare technology industry, Fedotov shared his company’s forecasts and strategic plans.

“Our forecasts indicate continued growth and increasing demand for personalized healthcare solutions in our operating markets,” he noted.

Bioniq wants to respond to these trends by investing in research and development to further improve its products and services.

In addition, the company plans to expand its strategic partnerships with healthcare providers and technology companies and continue to innovate in precision health.

Fedotov also emphasized the importance of consumer education in Bioniq’s strategy. “We will continue to focus on educating consumers about the benefits of personalized nutrition and wellness, empowering them to take control of their health journey,” he explains.