Health supplement sector eyes one ASEAN market

SINGAPORE - IN ANTICIPATION of the ASEAN Economic Community (AEC), the global health supplement sector last week celebrated the major steps taken to establish an ASEAN single market in health supplements. Senior government officials from across ASEAN and the world, and senior executives from the regional and global supplement sector gathered together to celebrate efforts geared toward strengthening ASEAN’s position in the market.

The AEC aims to build a single market and production base. Under the priority integration sector of healthcare by the ASEAN political leaders in 2004, the health supplement sector was identified as a priority area for harmonisation.

Nearly 90% of the initial targets for agreement have been achieved. These cover requirements for labelling and communication, manufacturing standards, and type and levels of ingredients that can be used in health supplements across Southeast Asia.

According to Daniel Quek, chairman of the ASEAN Alliance of Health Supplement Associations (AAHSA) and president of the Health Supplements Industry Association of Singapore (HSIAS), “This is a significant step forward for ASEAN and now creates one of the world’s largest integrated markets estimated at US$6 billion in 2014 and growing rapidly.”  

 “This week, we have been celebrating this significant step towards ASEAN becoming a global powerhouse in this area. We would like to thank all those in government in Singapore and across ASEAN who have made this achievement possible,” added Mr Quek.

IADSA chairman Ric Hobby said, “We expect the creation of the Single Market in health supplements to stimulate further increases of investment and employment in ASEAN countries through the activities of health supplement companies. In addition, we expect that through the agreement of common standards consumers across ASEAN can increasingly gain the health benefits that supplements can provide.”