“People are worried about themselves and their health. The year 2009 has been good for the dietary supplement industry; we look forward to 2010,” added said James Hyde, CEO of Albion Laboratories told a panel discussion.
“The economy and state of healthcare has created an opportunity that our industry has never had before; it has created [an anxiousness for consumers] wanting to see dietary supplements work.”
Others on the panel were CRN president and CEO, Steve Mister; Connie Barry, president and CEO of Pharmavite LLC; and Douglas Lioon, executive chairman, Douglas Laboratories.
CRN’s Mister said companies had to take action when they perceived problems in the area of quality.
“We all need to take responsibility for, and protect, our own real estate,” he said.
Lioon agreed that if companies encounter problems in the supply chain, and “see something that doesn’t make sense” that they should, “step up and raise their hands and report it.”
All three company representatives said good manufacturing practices (GMP) rules hadn’t greatly affected their business because they were already geared up for them before their implementation in the past couple of years.
Barry observed that companies were throwing more money at consumer education, creating a broader band of people interested in, and willing to purchase dietary supplements.
Lioon added: “There is an abundance of information out there and consumers are demanding that information. We need to put out good products with clinically backed ingredients. The more science they see about supplements, the more they become believers.”