Blackmores’ chief executive has said health products approved by Australian standards should not need to be approved again to be sold in China.
Fairfax reports that Christine Holgate said approval by Australia’s Therapeutic Goods Administration should be recognised in China, and this would make exporting easier.
“If Australia had harmonisation, the recognition that we have got the highest manufacturing standards in the world on making complementary medicines, then that could simplify bringing products into this [Chinese] market,” Holgate is reported as saying.
In a bad couple of weeks for Australian exporters to China, the country has announced an 11.9 per cent tax on e-commerce imports, followed by the announcement of tougher regulations coming into force from 2018 on imported infant formula.
Blackmores shares prices have taken a hit and the company’s market value dropping almost $650million since the crackdown.
According to Fairfax, approval under new Chinese laws on health food imports would cost up to $200,000 and take up to four years per item.