- Former Governor General, the Most Honourable Sir Kenneth Hall and Lady Hall
- Minister of Health, the Honourable Dr. Fenton Ferguson
- Executive Chairman, Bio-Tech R&D Institute, Dr. Henry Lowe
- Ladies and gentlemen
The Jamaica Manufacturers’ Association is pleased to participate in the launch of the Bio-Tech R&D Institute Nutraceutical Product Line and Herbal Tea Blends. The Institute was only established a year ago but is already making waves in a tremendous way by introducing CARICOM’s first Nutraceutical Industry.
Nutraceuticals, cosmeceuticals and pharmaceuticals offer a huge investment opportunity and the products being developed by Bio-Tech R&D Institute will help Jamaica to tap into this niche and complement products already being produced by our manufacturers as well as the Scientific Research Council.
Innovation is key to our competitiveness as a country and so we must utilise our indigenous medicinal plants and other natural resources to create a demand for health and wellness products made in Jamaica.
The Nutraceuticals 2002 World Report revealed that the global market for functional foods was estimated at US$57 billion with an annual growth of approximately 10%. The expansion of our nutraceutical industry will therefore have implications for Jamaica’s socio-economic development because of its huge earning and employment potential.
There is a shortfall in jobs in Jamaica particularly for our young people and I can testify to this because of the influx of resumes that come into the JMA from job seekers. Developing this non-traditional industry will therefore serve to close the unemployment gap and ensure that Jamaicans are gainfully employed.
The products being launched today are truly pioneering; particularly the Alpha Prostate Formula 1, as prostate cancer affects not only Jamaican men, but millions of people across the world, and I commend Dr. Lowe who continues to make strides in bio-technology. The onus is now on us as Jamaicans to exercise faith in our brands and to support these products, as there is no better way to build our industries than buying Jamaican.
Strategic partnerships are required for the growth; I therefore pledge my commitment on behalf of the JMA to collaborate in whichever way, shape or form to support and develop this critical industry and improve the socio-economic health of the country.
On behalf of the 300+ members of the JMA I wish the staff and management team of Bio-Tech R&D Institute all the very best.