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Dietary Supplements - Industry Outlook
By Themedica on October 27, 2008 6:32 AM |
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The dietary supplements industry is expected to experience changes in consumer activity and more emphasis on manufacturing standards within the coming 18 to 24 months.

dietary-supplements.jpg These projections were recently put forward by panel experts attending the "Future View from the Top: Industry Leaders Forum on the Supplement Industry," CRN's annual conference on dietary supplements.

Here's what they predict:

Prevention will be profitable

The dietary supplements industry could gain momentum in consumer growth as the emphasis by presidential candidates on preventative healthcare continues till November. Also, a growth in the nutraceuticals market over the next couple of years has a good probability, partly because of the high cost of pharmaceuticals.

At present dietary supplements to some extent are still looked upon as "alternative," than mainstream. Experts believe that helping consumers and the medical community recognize that dietary supplements are mainstream carries with it the greatest opportunity. It's already happening though, as medical professionals become more comfortable with them.

The number of companies would decline with the slumping economy

Dietary supplements business manufacturing is costly and entails commitment of millions of dollars to maintain a laboratory to test the product ingredients. The economic downturn depleting the availability of financial capital, coupled with the new good manufacturing practices (GMPs) and other financial pressures will render many companies unable to handle the stress, causing the industry as a whole to shrink in size. Mergers, acquisition and other consolidation measures will continue within the industry.

Quality will be a concern

Despite the efforts by the supplement industry to help ensure quality throughout the supply chain (e.g final GMPs rule and for the new adverse event reporting (AER) law) more needs to be done in the direction. Often, simply because of an individual company's irresponsible conduct, the image of the whole industry is tarnished. Quality is still a challenge because some still think that you can still get away with any stuff.

Communication will be the key

During the next 18 to 24 months there will be challenges and changes, as all industries adjust to a newly elected Congress and President. At the same time communicating the benefits of dietary supplements products to consumers, media and healthcare industry professionals, needs to continue.

Further, according to the results from the 2008 CRN Consumer Survey on Dietary Supplements, about 81 percent of American adults indicated that they were confident in the safety, quality and effectiveness of dietary supplements compared to 80 percent last year. On the whole the dietary supplement industry might do well if itcan adroitly meet the challenges before it.
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