- Sector: ELITE
- Country: Italy
No standing still for SIIT
Founded in 1951 as a contract packager of pharmaceutical products, SIIT evolved its business model during the late 1980s. Its core business now consists of: the development of technologies for improving performances of customer products; the development of innovative healthcare products to license out where SIIT retains the IP rights; and the development and manufacture of health food supplements, medical devices and OTC products in solid and liquid dosage forms.
“Italy is the largest European market for food supplements,” says CEO Andrea Costa. “Pharma and nutrition industries have evolved widely over the past few years to overlap and nutraceutical success going forward depends on the shift from treatment to prevention, which has encouraged both clinicians and patients to think differently about health and disease.
The company attributes its success to leveraging its “know-how and product development capabilities to develop attractive new healthcare products and new technologies,” says Andrea, thus strengthening its proposition as a strategic supplier and increasing its competitive advantage over pure service providers.
“The rising cost of healthcare is a relevant consumer trend, leading to increased sales of health products. Food supplements are deemed to be viable alternatives to conventional drugs,” continues Andrea.
SIIT has capitalised on the growing demand for lifestyle over-the-counter products from foreign countries.
Despite the tough economic conditions of the past few years, the company’s strong commercial activity – aimed at increasing market share of the existing customer base, coupled with acquiring new clients – has enabled it to thrive, and it now has 350 employees.
“In the past five years, the company’s innovation group has concentrated on changing it from a contract manufacturer to a provider of solutions through innovative ideas and technologies. As of 2017, 30% of SIIT turnover has come from these activities,” says Andrea.