Supplements, vitamins, minerals to come under price control
In the coming months, attempts are on to make supplements more affordable, as they have very quickly become part of our daily lives.
Hyderabad: A concerted effort is underway to regulate the cost of dietary supplements, vitamins, minerals and micronutrients, which have in the last few years become a must have among individuals who are increasingly looking to improve their overall health status and well-being.
In the coming months, attempts are on to make such supplements more affordable, as they have very quickly become part of our daily lives.
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The sector of dietary supplements that falls under the broad umbrella of nutraceuticals has skyrocketed in India. However, due to no regulation on their pricing and quality, the sector has become quite expensive, making it affordable for a very few.
To address these imbalances, according to reports, multiple agencies under Ministry of Health and Family Welfare (MOHFW) have launched efforts to bring the nutraceuticals sector under the price control regime.
To this effect, a panel consisting of senior officials from multiple healthcare institutions of the Central Government including Department of Pharmaceuticals (DoP), Indian Council of Medical Research (ICMR) and other drug regulatory authorities, has been set-up to chalk-out the nitty-gritty of bringing nutraceuticals sector under the regulatory authorities.
Nutraceuticals consist of vitamins, minerals, dietary supplements etc that are usually retailed in powder, pill, liquid and capsule form.
The demand for such supplements, which are usually bought over-the-counter without prescription, is huge but the costs too have increased, as the entire sector is unregulated.
As a sector, the nutraceuticals is skyrocketing in the country with multiple estimates suggesting that industry is projected to hit 10 billion US dollars in India by 2026, with the vitamins and minerals segment alone reaching 2.63 billion US dollar by 2024.
With even doctors not hesitating the prescribe such supplements to patients, the sector, which till now is under the regulatory ambit of Food Safety and Standards Authority of India (FSSAI), is expected to be brought under appropriate drug regulatory authorities.
About nutraceuticals:
• Diet supplements that deliver concentrated form of biologically active compound of food
• Demand is huge as people want to maintain good health and well-being
• Promotes good health, reduce chronic disease, increase life expectancy, maintains balance in human body
• Sector has skyrocketed and will hit 10 billion US dollars by 2026 in India
• Pricing, however, continues to remain unregulated and expensive
• To regulate pricing and maintain standards, sector expected to be brought under regulatory authorities
