Russian nutraceutical market getting organized.

Press-Release

December 6, 2007 saw an event in Moscow that may have a major impact on the now $2 bln Russian market of dietary supplements.

Key supplements producers from Russia and several major Western players in the rapidly growing Russian nutraceutical market, together with Russian government regulators and directors of IADSA (International Alliance of Dietary/Food Supplement Associations) met at the Moscow World Trade Center to discuss the urges of the market and ways to secure its stable growth.

All those present, including directors of  Russian domestic industry leaders such as Evalar, Diod, Ecomir, Leovit, V-Min, Ecomir and NaturProdukt, as well as directors of Amway, Capsugel, DSM and Herbalife, 31 people altogether, unanimously agreed that prompt joint efforts should be taken to enhance the image of dietary supplements with the consumers and professionals; have an on-going pro-active dialogue  with the government regulatory bodies; establish   constructive interaction among the market participants in order to self-regulate the market; work out and maintain high quality standards of nutraceutical products offered to Russian consumers.

All voiced their interested in forming a strong Russian Nutraceutical Alliance open to reputable international companies with quality products.

Addressing the meeting, the IADSA Executive Director Simon Pettman stressed the importance of international trade associations and voice IADSA’s preparedness to closely interact with and provide assistance to such a trade association in Russia.

Dr. Ludmila Simkalova, Head of the Regulatory Department of Rospotrebnadzor, told the participants that the setting up of a representative trade alliance would be an important step in the interests of all parties involved, resulting in more efficient regulatory provisions better reflecting the needs of both consumers and producers.   

The meeting, chaired by one of its initiators Gregory Temkin, President of a US-based consulting company Russian Standard, Ltd., resolved to commence forming such an Alliance and authorized the ad-hoc organizing committee to prepare drafts of bylaws as required by Russian law on forming non-profit organizations.