Jamaica Wants Share Of Billion Dollar Nutraceutical Industry

KINGSTON, Jamaica, CMC – Jamaica says it wants a significant share of the fast growing global nutraceutical industry, estimated at US$270 billion.

“I am a firm supporter of the nutraceutrical industry in Jamaica. My firm belief in, and unshakable support for this industry, is anchored in the view that it has the potential to transform the fortunes of our economy and society,” Prime Minister Portia Simpson Miller has said.

She told the launch of the National Nutraceutical Industry, on Thursday, that with the recent thrust to develop the local nutraceutical sector, the possible economic benefits for Jamaica are tremendous.

The global nutraceutical industry is considered one of the fastest growing sectors worldwide. It is projected that by 2018, the sector will be worth US$600 billion with the opening of the Asian markets.

“Thousands of new jobs can be created through mass cultivation and employment in labs and processing plants. There is the potential for increased revenue from greater earning power of new workers and there will be more foreign exchange through greater exports and the development of medical tourism,” Prime Minister Simpson Miller said.

She cited Jamaica’s rich tradition in folk medicine and its abundance of plants with proven medicinal properties, adding there is no reason why the country cannot attract significant investments in this area.

Prime Minister Simpson Miller said the country is “sitting on a gold mine”, and that of the 160 plants declared as having medicinal properties worldwide, there are over 80 that are endemic to Jamaica.

Mrs. Simpson Miller said with this in mind, her administration will be moving in a serious way to develop the local nutraceutrical industry, noting that this will form an integral part of a national strategic approach for ensuring economic growth, development, and job creation.

She pointed out that the National Commission on Science and Technology has been charged with the mandate to regularise and develop a sustainable nutraceutical industry in Jamaica.

She said the “launch heralds the start of a system to encourage, regulate and monitor production locations, processes, and products to ensure that they meet national and international standards.”

She told the ceremony that moving forward, Jamaica must attract and engage large investors to maximise the wealth potential of the industry, adding that the National Nutraceutical Industry, through a Board, will facilitate, nurture, monitor, assist, and empower businesses, large and small, in realising the tremendous potential of the sector.

“We want to move from the production of samples, to large scale operations,” she said.

The Prime Minister hailed the work of local scientists, such as Dr. Henry Lowe, Dr. Manley West, and Dr. Albert Lockhart, for their pioneering role in the nutraceutical business and their enormous contributions to Jamaica.