Jamaica needs to take full advantage of nutraceutical industry

Director General in the Ministry of Industry, Commerce, Agriculture and Fisheries, Mr. Vivian Brown says that there is clear need for more to be done if Jamaica is to take full advantage of the nutraceutical industry, which can bring in up to US$2 billion and capture around 5% of the world market.
He noted that, “Jamaica is in a very good position to establish an avenue for long-term foreign exchange earnings by producing and exporting more nutraceutical products, and also with more of our entrepreneurs entering the industry, so this is undoubtedly achievable”.
The director general, representing the Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda was speaking at a special announcement ceremony on the award of the Food and Drug Administration (FDA) Orphan Drug Status for the Novel Drug Chrysoeroil for the treatment of leukemia, to the Bio-Tech R &D Institute, held at the Eden Gardens Wellness Resort and Spa on Wednesday, July 12, 2017.
According to the director, general, there is real long term value to be derived from the growth of this market, which is expected to exceed US$250 billion globally by 2018.
Mr. Brown also spoke of the need for the nutraceutical industry to be properly regulated for Jamaica to maximize its full potential.
“The current lack of regulation, standards and formalized structures has limited the extent to which our local products and services can be developed and marketed to achieve global appeal and optimal market penetration. It is against this background that the government is seeking to effectively regulate the sector through legislative amendments and enactment of new legislation,” he stated.
This designation by the Food and Drug Administration is the first to be awarded to Jamaica or any Caribbean national or country. The Chrysoeroil drug has been developed from a species of Jamaican cannabis (ganja).
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