In a submission to the Department of Health on reducing regulation in the health portfolio, Complementary Medicines Australia has reiterated its support of the Government’s commitment to foster a regulatory environment that is more supportive of innovation and competitiveness.
“To achieve an appropriate regulatory regime – one that is supportive of innovation and competitiveness but that doesn’t undermine the current high standards for Australian complementary medicines – CMA recommendations are focused on those areas where the system could be simplified without risking product safety and quality,” says Carl Gibson, CEO of CMA.
“Removal of excessive regulatory burden, and a greater focus on international harmonisation, will assist the complementary medicines industry to bring innovative new products to the Australian market.”
As Australia reviews its framework around the regulation of complementary medicines, it provides the perfect opportunity for greater international streamlining of regulatory requirements, he says.
“It is highly desirable that the Therapeutic Goods Administration, which already works closely with regulatory counterparts in Canada, Switzerland and Singapore, strengthens and broadens such relationships,” says Gibson.
“In a supportive business environment, the complementary medicines industry is one industry that has the ability to grow exponentially, to support local innovation-rich manufacturing, and Australian-based research and development.
“The complementary medicines industry also holds enormous potential to contribute to a sustainable healthcare system, one that focuses on prevention of chronic disease and on keeping people healthy.”
CMA’s submission to the Department of Health can be found here.