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Neutroplast is undoubtedly one of Europe's foremost producers of pharmaceutical packaging. The company was founded 20 years ago and since then, has built a reputation in the sector as a trusted supplier of standard pharma containers. As with many firms, that concept has taken Neutroplast far, but to go further, other measures will need to be taken.
Enter the concept of diversification, a business strategy known to many where a company varies products or operations in order to spread risk, foster expansion, and generate new revenue streams. In modern business, diversification is a powerful tool that can take medium-sized businesses into the big leagues.
And that's just what Neutroplast is doing. First and foremost, it has expanded its facilities to over 1000m2 of work area, 700 of which are production space with full clean room capabilities. This means the company can accommodate not only larger runs, it can also manufacture new items to round out existing offerings. Neutroplast has already extended its dropper and precision dosage pump lines, and is in the process of creating new items for its Boston, Talc, Svelte, and Slender families.
By offering a wider and more diversified range of products, Neutroplast can service a wider range of clients, many of whom have extremely specific needs. A larger selection for customers means more sales opportunities. Moreover, by having defined and planned complete product lines, Neutroplast can offer better prices.
The company's move to have its innovative medical device department spin off into sister-firm BeyonDevices is also representative of its diversification strategy. By keeping business lines separate and accountable, focus is never split and growth becomes less difficult.