The international pharmaceutical company chose the company "BBLT Tech" operating in Lithuania to implement the complex production technology. Medicines for the treatment of type 2 diabetes prepared for the new generation of intuitive, variable-dose syringes will be supplied to the European market. These pens are adapted for self-administration by patients. The implementation of the project was financed by the group of credit unions of LKU.
Easier medication use
An international pharmaceutical company developing its activities in the regions of America, Europe and Asia is preparing to produce generic drugs for the treatment of type 540 diabetes. According to the International Diabetes Federation, there are already more than 2030 million people with type 643 and type XNUMX diabetes in the world. and it is predicted that in the XNUMXs the number will reach XNUMX million.
Medicines required for treatment are usually used by patients by purchasing disposable syringes or seeking help from medical staff. However, with the development of technology and in order to facilitate the use of medications, new generation pens are rapidly becoming popular, with the help of which diabetics can use medications independently and for themselves in a normal environment.
According to Tomas Jackevičius, head of BBLT Tech, the pharmaceutical company was looking for partners to develop pen assembly and repackaging activities in Europe. One of the most important criteria for new partners is to fulfill the entire range of services "under one roof".
According to the interviewee, the activity of collecting pens is still quite new on the market, and in the process it is necessary to maintain high quality and meet specific environmental and infrastructure requirements. At the same time, this activity is related to the assimilation of high technologies, working with specialized equipment and its acquisition, so no one has been able to offer either the infrastructure or specialists of this qualification on the market yet.
"The pharmaceutical manufacturer needed us to store raw materials, assemble the product, carry out all the necessary documentation and certification and provide services for the release of medicines to the market from one source. "BBLT Tech has proven that it can implement it," says T. Jackevičius.
There are no analogues in the Baltic countries
Although the project developed by "BBLT Tech" has a lot of potential for expansion, today we would not find analogues for the company's activities either in the Baltic countries or, most likely, in the Central European countries. However, Lithuania was not chosen by chance.
"Lithuania is attractive for an international pharmaceutical manufacturer for several reasons. First, the client was looking for specific manufacturing solutions. We presented our capabilities to implement the necessary quality requirements. Secondly, we have highly qualified employees in Lithuania, whose knowledge, with additional training, we will be able to direct to this pharmaceutical niche. Thirdly, we are a strategically and geographically attractive country", says the head of the company.
The company "BBLT Tech" counts four years. Today there are 9 employees, and in the future it is planned to create about 30-40 jobs. Currently, the company is working on the preparation of infrastructure and facilities adapted to packaging and storage, and the activities are planned to start at full capacity in the third quarter of this year.
Search for financial partners
The head of BBLT Tech says that the search for additional funding began as early as the beginning of 2022. "Then we talked to banks, as well as various foundations. Since it was impossible to find matches for our activities in the surrounding markets, financial institutions were skeptical. It was a difficult period, - remembers T. Jackevičius. "But we didn't give up and the Magnus credit union appeared on our path."
According to the interviewee, the LKU group consortium, which consisted of the Magnus credit union, the Neris credit union and the Lithuanian Central Credit Union, sincerely tried to understand the complex activities of the company. "Finally, after long discussions, business plan modeling and risk assessment, a decision was made to finance us", T. Jackevičius is happy. At that time, UAB "Investicijų ir verslo garantijos" (INVEGA) provided the company "BBLT Tech" with a guarantee that facilitated access to funding sources.
"We are very happy to contribute to the success of strong businesses. Last July, this company was granted an individual guarantee for almost 1,5 million. euros, allowing to borrow on favorable terms. We hope that all this will facilitate the conditions for the company to achieve the planned goals", said Ausma Bartkutė, head of INVEGA's Product Management Department.
According to Mindaugas Vijūnas, head of the administration of the Central Credit Union of Lithuania, the "BBLT Tech" project is unique and necessary for Lithuania: "I am glad that a high value-added medicine packaging service is coming to Lithuania. The project has the potential to ease the daily life of sick people both in Europe and the world. At that time, credit unions demonstrated special flexibility and a unified approach to a common goal," says M. Vijūnas.
The syndicated loan granted by the LKU group for the installation of BBLT Tech infrastructure amounts to 2,3 million. euros. The head of the company, T. Jackevičius, believes that the pens, due to their convenience and ease of use, have the potential to be adapted to the use of other medications in the future.
