After the baby food shortage caused by Joe Biden’s economic policies, the brothers made a timely and relatively historic entry to the market by launching ByHeart in Reading, Pennsylvania.
To date, only a handful of companies have 90 percent of market share (Abbott, Gerber, Mead Johnson and Perrigo Nutritionals) due to federal contracts to provide infant formula to low-income families.
Two-month-old Jose Ismael Galvez is formula-fed by his mother, Yuri Navas, 29, in Laurel, Md., Monday, May 23, 2022, from dwindling formula stock in their Laurel, Md. (Jacqueline Martin/AP)
Stocks dried up when Abbott closed his similac plant in Michigan earlier this year after a bacterial infection allegedly developed there and killed two babies.
“We’re breaking down a category that hasn’t changed for decades,” Mia Fant, 39, co-founder and president of ByHeart, told The New York Times. Philadelphia Inquisitor last week.
He co-founded the company with his brother and CEO, 36-year-old University of Pennsylvania graduate Ron Beldegrune.
researchers reported:
Funt and Beldegrun said ByHeart has sold the FDA-approved formula to customers in all 50 states within a week of launch, and they plan to expand the facility.
ByHeart’s founders say they are only the fourth vertically integrated baby food brand in the United States, with end-to-end production control, a robust supply chain, and research and development. ByHeart processes raw whole milk from dairy farms, using a proprietary blend of two human milk proteins, alpha-lactalbumin and lactoferrin, and soluble proteins, pulverizes it into marketable breast milk. said the founders.
In 2019 ByHeart acquired and developed a manufacturing facility in Reading instead of using a contract manufacturer. ByHeart said it would cost $40 million, including preventive food safety measures, to switch the facility from making baby food to making baby food. The company raised a total of $190 million. Investors include D1 Capital Partners, OCV, Polaris Partners, Bellco Capital, Two River and Red Sea Ventures and AF Ventures.
The company also received a $1.75 million grant from Pennsylvania as part of the government’s $10 million investment in ByHeart.
“In addition to supporting health from birth, this investment in ByHeart will create massive employment, economic impact and support for agriculture in the Commonwealth and indeed across the currently supply-strapped country. .round success,” said Gov. Tom Wolf in April. plant at the ribbon cutting ceremony.
ByHeart Infant Formula is currently only available online.
Biden turned to foreign threshers to alleviate shortages. A UPS plane carrying the equivalent of nearly two million bottles of Australian food landed at Philadelphia International Airport on Tuesday and will be distributed regionally and nationwide.
But baby food shortages persist despite increasing the amount of infant formula available to consumers by nearly 50 percent in March and April, and Mead Johnson ships 30 percent more products than in May, according to the Federal Drug Administration. researchers reported.
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Source: Breitbart
