Industry Likes Introduction Of Natural Health Products Bill
7 September 2011
Industry Welcomes Introduction Of Natural Health Products Bill
The New Zealand natural products industry welcomes the Natural Health Products Bill introduced to Parliament today.
Michelle Palmer, Executive Director of Natural Products New Zealand says that the industry has worked together with the Government on the development of the proposal for a NZ regulatory system for natural health products.
“We are very pleased with the direction the regulation is taking and believe it will bring benefits to both manufacturers and consumers. Regulation that allows the industry to inform and protect New Zealand customers and at the same time facilitates innovation and export growth, is desperately needed,” says Mrs Palmer.
“A strong and sensible regulatory scheme will ensure quality, safety and efficacy for consumers and manufacturers alike. The public can be confident that products are safe and are true to what is stated on the label.
“A recognised regulatory system will also be hugely beneficial to NZ manufacturers in both their domestic and export markets. While most of the manufacturers of natural health supplements in New Zealand already meet stringent regulatory standards enforced by their export markets, we need our own internationally recognised regulatory system to create a level playing field on the home ground and facilitate our thriving industry,” says Mrs Palmer.
Natural Products New Zealand looks forward to working with the government on the next level of detail required to develop effective regulations and will be making a submission on the Natural Health Products Bill once it has had its first reading in Parliament and the Select Committee has called for submissions.
The natural products industry is made up of mainly small to medium sized companies, over half of which are less than 12 years old and employing less than 10 people.
At the other end of the spectrum there are around a dozen companies employing at least 50 people and generating over $10m annual revenue each.
The natural products industry is a significant contributor to the New Zealand economy with earnings at a conservative valuation of NZ $1billion, making it a larger industry that the New Zealand wool industry ($500m) and potentially larger than the New Zealand wine industry.