UK’s Bioniq enters KSA with strategic partnership
CEO shares insights into company’s strategic objectives and expansion
Personalized supplements based on blood test data are set to become available in key Saudi cities as Bioniq brings its patented algorithm to the Kingdom.
Through a partnership with Al Borg Diagnostics, a provider of diagnostic health services in Saudi Arabia, Bioniq has set 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 goals in Saudi Arabia include establishing a strong presence in key cities, enhancing access to personalized health solutions, fostering strategic partnerships, and consistently delivering exceptional customer experiences,” he said.
The advantage
Looking ahead, Fedotov explained Bioniq’s long-term vision in the Saudi market, focusing on product efficacy and transparency.
“We believe it’s crucial to showcase the benefits of a quantifiable product that demonstrates how it works and its effectiveness,” he noted. He criticized the 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 space that we have not announced yet. Moreover, we have already started integrating our solutions in some of the most prominent athletic organizations of Saudi Arabia,” he revealed, indicating an aggressive approach to embedding Bioniq’s solutions into key health and sports ecosystems.
Although specifics were not disclosed, Fedotov hinted at future collaborations that could involve governmental bodies. “Unfortunately, I cannot disclose details at the moment, but the plans are indeed significant,” he mentioned, suggesting potential engagements that could influence policy or regulatory frameworks within the health sector.
Regarding growth objectives for the next year, Fedotov said: “Strategic partnerships with nationwide medical institutions as well as 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 across global markets. Discussing the partnership with Al Borg, Fedotov further detailed how this alliance would enhance Bioniq’s operational capabilities. “We plan to leverage our partnership with Al Borg to enhance our presence by expanding accessibility to personalized health solutions,” he explained.
“We aim to collaborate closely with Al Borg to optimize customer experience and provide seamless healthcare solutions to individuals throughout the country,” he added.
Legal standards
Fedotov highlighted Bioniq’s approach to navigating the regulatory environment in Saudi Arabia indicating it is a crucial aspect of their operations.
“We’re working closely with strategic partners in the region who have been established for decades, including nationwide partners who guide us in ensuring compliance with current and new regulations,” he explained.
“We’re fully committed to adhering to these guidelines. As our strategic partners include government entities and medical institutions, we’re confident that our offering is and will be in line with all current and future regulations,” the CEO added.
When asked about the significance of the Saudi market in Bioniq’s global strategy, Fedotov’s response underscored the strategic importance of the region.
“The Saudi market is pivotal for Bioniq’s expansion strategy due to its significant growth potential and its position as a key player in the healthcare industry within 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 health solutions and contribute to advancing healthcare standards in the region,” he explained. He added: “Additionally, by establishing a strong presence in Saudi Arabia, we can leverage our strategic partnerships and innovative technology to further solidify our position as a leader in personalized nutrition and supplementation across the Middle East market. Regarding the timing of Bioniq’s entry into the Saudi market, Fedotov shared that the company had already made its debut.
“Our partnership with Borg AI marked our launch in the region in April of this year,” he noted.
This launch introduced Bioniq’s products, including Bioniq GO and Bioniq PRO, to the Saudi marketplace, marking a significant milestone in their regional strategy. “We are certainly considering establishing an office in the Kingdom,” he said, hinting at a significant operational expansion. “Currently, we have over 80 employees globally, including headquarters in London, offices in Berlin, Dubai, and New York. Saudi Arabia appears to be a very promising option for one of our future locations. Regarding key members for the region and global expansion, we will be based 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 industry,” Fedotov stated.
He highlighted that the collaboration with Al Borg is set to boast personalized health across the Kingdom, making Bioniq’s blood test panel available in 28 cities across Saudi Arabia.
“Now, consumers from Riyadh, Jeddah, Alkhobar, or any other cities across the country, can achieve optimal health levels much easier.” The partnership allows consumers to utilize 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 metrics related to customer satisfaction, such as feedback scores and testimonials. We aim to deliver the most personalized supplements, so we are a super consumer-centric company,” he said.
“Of course, as a business, we also focus on revenue growth, customer retention rates, market penetration, and the number of personalized supplement formulas delivered,” the CEO added.
The Saudi market is pivotal for Bioniq’s expansion strategy due to its significant growth potential and its position as a key player in the healthcare industry within the Gulf region. Vadim Fedotov
CEO and founder of Bioniq