Why Kerecis's Business Model is so successful?

Kerecis is a pioneering biotechnology company that is globally recognized for its innovative approach in the field of regenerative medicine. Founded in 2009 and headquartered in Isafjordur, Iceland, Kerecis is committed to developing and distributing fish skin-based solutions to heal human wounds and repair tissue damage. The company's proprietary product, Kerecis Omega3, is a fish skin graft that is rich in naturally occurring Omega3 polyunsaturated fatty acids. These grafts are used in the treatment of various conditions such as chronic wounds, burns, and surgical wounds. Kerecis' mission is to extend and enhance human life by tapping into the regenerative power of fish skin and fatty acids. Kerecis operates on a business model that revolves around the development, manufacture, and distribution of its innovative fish skin-based products. The company focuses on extensive research and development to create products that provide superior solutions for tissue repair and healing. Kerecis collaborates with healthcare professionals and institutions, ensuring that its products are accessible and beneficial to a wide range of patients. The company also invests in educating the medical community about the advantages of its fish skin technology. The revenue model of Kerecis is primarily based on the sales of its fish skin graft products. The company markets its products to healthcare facilities, hospitals, and clinics globally. Kerecis also generates revenue through strategic partnerships with other healthcare companies and institutions, providing them with their patented technology for various therapeutic applications. Additionally, Kerecis has a significant focus on continuous product innovation, which allows the company to introduce new products into the market, thus diversifying its revenue streams.

Social impact:

Life changing: affiliation/belonging

Emotional: wellness, therapeutic value

Functional: quality, informs

Biopharma:

A firm assumes complete control of the biopharmaceutical model's research, development, and commercialization (DDC) operations. Under this approach, the firm develops the product internally and retains commercial skills to deliver the product to patients.

Corporate innovation:

Innovation is the outcome of collaborative creativity in turning an idea into a feasible concept, accompanied by a collaborative effort to bring that concept to life as a product, service, or process improvement. The digital era has created an environment conducive to business model innovation since technology has transformed how businesses operate and provide services to consumers.

Data as a Service (DaaS):

Data as a Service (DaaS) is a relative of Software as a Service in computing (SaaS). As with other members of the as a service (aaS) family, DaaS is based on the idea that the product (in this instance, data) may be delivered to the user on-demand independent of the provider's geographic or organizational isolation from the customer. Additionally, with the advent[when?] of service-oriented architecture (SOA), the platform on which the data sits has become unimportant. This progression paved the way for the relatively recent new idea of DaaS to arise.

Mobile first behavior:

It is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices. The term is “mobile first,” and it is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices.

Licensing:

A formal agreement in which the owner of the copyright, know-how, patent, service mark, trademark, or other intellectual property grants a licensee the right to use, manufacture, and sell copies of the original. These agreements often restrict the licensee's scope or area of operation, define whether the license is exclusive or non-exclusive, and stipulate whether the licensee will pay royalties or another kind of compensation in return. While licensing agreements are often used to commercialize the technology, franchisees also utilize them to encourage the sale of products and services.

Sustainability-focused:

Companies that manufacture fast-moving consumer goods and services and are committed to sustainability do ecological impact assessments on their products and services. While research-based green marketing needs facts, green storytelling requires imagination and location. Employees responsible for the brand definition and green marketers collaborate with product and service designers, environmental groups, and government agencies.

Healthcare:

The prevention, treatment, and management of disease and maintaining mental and physical well-being via the medical and allied health professionals' services. It includes diagnostic, preventative, remedial, and therapeutic service providers such as physicians, nurses, hospitals, and other private, public, and volunteer organizations. Additionally, it comprises producers of medical equipment and pharmaceuticals, as well as health insurance companies.

Product innovation:

Product innovation is the process of developing and introducing a new or better version of an existing product or service. This is a broader definition of innovation than the generally recognized definition, which includes creating new goods that are considered innovative in this context. For example, Apple launched a succession of successful new products and services in 2001?the iPod, the iTunes online music service, and the iPhone?which catapulted the firm to the top of its industry.

Solution provider:

A solution provider consolidates all goods and services in a particular domain into a single point of contact. As a result, the client is supplied with a unique know-how to improve efficiency and performance. As a Solution Provider, a business may avoid revenue loss by broadening the scope of the service it offers, which adds value to the product. Additionally, close client interaction enables a better understanding of the customer's habits and requirements, enhancing goods and services.