Vitamin Industry in the Us
FDA Regulation of Vitamins & Dietary Supplements in the U.S
Course: International Business Management BICG 9702
Instructor: Dr. Carmen Dima
Date: December 4, 2012
Done By: Nolwazi Dhliwayo and Hasnain Akber Ali
EXECUTIVE SUMMARY
Vitamins and dietary supplements are non-drug and non-hormone based products that can be consumed orally in the form of pills, powders, liquids or intravenously by injection. Their function is to supplement the diet, affording consumer’s added nutritional value to maximize the amount of beneficial elements in their diet, including amino and fatty acids, vitamins, minerals and fibre. In the US, supplements or Vitamins are classed as a category of food and are subject to regulations imposed by the Food and Drug Administration (FDA) with the obligation to state the potency of the product and the ingredients used. Dietary supplement/Vitamin firms must report to FDA any serious adverse events that are reported to them by consumers or health care professionals. Because dietary supplement manufacturers do not have to get the agency 's approval before producing or selling these products, it is not legal to market a dietary supplement product as a treatment or cure for a specific disease, or to alleviate the symptoms of a disease. There are limitations to FDA oversight of claims in dietary supplement labeling.
The purpose of this research paper is to evaluate the vitamin industry in the U.S and If the market and industry of vitamins growing, or slowly depleting. More importantly are the consumers of these aware of the implications that may be faced by the intake of non-regulated drugs. The global vitamin and supplement market to date is worth $68 billion according to research from Euromonitor. Though competitive, the industry has been showing slower growth in recent years due to the economic crisis, regulation difficulties and an overabundance of products in more mature markets. Specific market segments, however, are showing
Course: International Business Management BICG 9702
Instructor: Dr. Carmen Dima
Date: December 4, 2012
Done By: Nolwazi Dhliwayo and Hasnain Akber Ali
EXECUTIVE SUMMARY
Vitamins and dietary supplements are non-drug and non-hormone based products that can be consumed orally in the form of pills, powders, liquids or intravenously by injection. Their function is to supplement the diet, affording consumer’s added nutritional value to maximize the amount of beneficial elements in their diet, including amino and fatty acids, vitamins, minerals and fibre. In the US, supplements or Vitamins are classed as a category of food and are subject to regulations imposed by the Food and Drug Administration (FDA) with the obligation to state the potency of the product and the ingredients used. Dietary supplement/Vitamin firms must report to FDA any serious adverse events that are reported to them by consumers or health care professionals. Because dietary supplement manufacturers do not have to get the agency 's approval before producing or selling these products, it is not legal to market a dietary supplement product as a treatment or cure for a specific disease, or to alleviate the symptoms of a disease. There are limitations to FDA oversight of claims in dietary supplement labeling.
The purpose of this research paper is to evaluate the vitamin industry in the U.S and If the market and industry of vitamins growing, or slowly depleting. More importantly are the consumers of these aware of the implications that may be faced by the intake of non-regulated drugs. The global vitamin and supplement market to date is worth $68 billion according to research from Euromonitor. Though competitive, the industry has been showing slower growth in recent years due to the economic crisis, regulation difficulties and an overabundance of products in more mature markets. Specific market segments, however, are showing
References: United States Pharmacopeia, Quality Assurance for Sterile Drug Compounding An Educational Source, 1998. Frieben, W. R., "Control of the Aseptic Processing Environment," American Journal of Hospital Pharmacy, 40:1928-1935, 1983 Recall D-119/122-9 (Class I)