TGA action sees record payout by Aust Government
TGA’s ‘vengeful’ action sees record $50 million payout by Australian Government
The Therapeutic Goods Agency (TGA) which wants to take control of New Zealand’s natural health products sector has been found guilty of destroying a multi-million dollar business illegally – seeing 400 jobs and $350 million of shareholders funds lost.
Jim Selim, the founder of Pan Pharmaceuticals, has been awarded a record $50 million payout in the Australian courts plus costs of $5 million from the Federal Government.
The shocking judgement found the Australian regulatory agency illegally persecuted Pan Pharmaceuticals and after closing it down officials shredded documents which said there was not enough evidence to close it.
New Zealand Health Trust spokesman Dave Sloan said New Zealand had only narrowly escaped being subject to the same regime.
Annette King signed up for the new even more powerful TGA and tried to push legislation through parliament despite multi-party opposition. Mr Sloan said New Zealand businesses had known for years how bad the system was in Australia, and were terrified Government would drag the local industry into it.
“The judgement out of Australia shows the industry’s fears were completely justified. The transcripts paint a picture of an organisation which is totally out of control and we want no part of it.”
“Thank goodness for the Health Select Committee and the support the industry has had from National, The Green Party, The Maori Party, United Future and New Zealand First, Mr Sloan said.”
“The industry has been forced to fight for more than five years to stop the Government feeding us to the lions of the TGA at a cost of millions of dollars. Surely now it is time for the Government to put the ill-conceived joint-agency plan to rest once and for all.”