A recent regulatory ruling by the European Union (EU) presents an opportunity for UWS researchers at the Centre for Complementary Medicine Research (CompleMED).The herbal medicine market is in shock after new EU regulations were introduced that only allow medicines that are licensed, well established or prescription-based to be sold. The new regulations are a result of growing concern about how some remedies interact with conventional drugs, as well as the detrimental effects a number of them may have when taken on their own. For example, much attention has been paid to evidence that shows ginkgo and ginseng can interfere with blood-thinning drugs, while St. John's Wort has been shown to undermine the effects of oral contraceptive medications.
The Australian market for complementary medicine has an estimated value of AUD$3.1 Billion per annum, while the international market presents even greater opportunities, with international sales of herbal remedies alone estimated at US$83 Billion per annum. While it could be perceived that the recent EU rulings may hinder growth of the market, it should be noted that they also present an opportunity to those best able to adapt to the changes.
As part of a pilot innovation and technology partnership program, CompleMED will receive funding of AUD$75,000 from the NSW Government to provide expert advice to Australian and Chinese herbal medicine companies. Importantly, the team will look at the evidence-base of products making high-level therapeutic claims against the regulatory requirements of international markets. The importance of this is made clear by the recent EU regulatory changes, with UWS now well positioned to be at the leading edge in this field.
If you have any inquiries about harnessing UWS research for your business, please contact UWS Innovation & Consulting on (02) 9685 9742 or by email at ip@uws.edu.au
