Supply, material costs drive up price of beauty products
NEW YORK Amid fears of inflation, customers in the beauty-products aisle are seeing prices increase as the cost of raw materials grows.
Dow Chemical, a major supplier, announced last month that it will increase costs for raw materials by as much as 20 percent. Meanwhile, product manufacturers such as Japan’s Kao and Germany’s Henkel have announced that shelf prices would likely increase. Pantene, Procter & Gamble’s hair-care line, has already increased in price.
Most of the increases come from rising petroleum prices, but natural and organic products have not been immune. For example, French brand Florame has had to deal with supply shortages and is responding by growing some of its own ingredients.
President calls for additional $275 million for FDA
WASHINGTON The Food and Drug Administration was ceded an additional $275 million in funds by the Bush Administration for fiscal year 2009, the agency announced Monday.
Health and Human Services Secretary Michael Leavitt called on Congress to act quickly on this budget amendment and pending Administration legislative proposals to strengthen FDA.
“Today’s action supports the fundamental change in strategy currently underway at FDA to adapt to the demands of the rapidly growing and changing global economy,” the agency stated. The agency plans to allocate the funds toward expediting implementation of the strategy outlined in the Action Plan for Import Safety and the complementary Food Protection Plan, both released in November 2007.
“Last year we outlined important changes in how this nation deals with imports,” Leavitt stated. “We are moving from an intervention strategy—where we stand at the border and try to catch things that are unsafe—to an integrated strategy of prevention with verification. We are rolling the borders back and seeking to build safety and quality into products at every step of the way before they reach American consumers.”
“We commend President Bush for his leadership in announcing an amendment to his 2009 budget proposal with additional funding for the FDA in the amount of $275 million,” said Grocery Manufacturers Association president and chief executive officer Cal Dooley today. “The FDA has been under-funded for far too long. This increase provides for a significant down payment toward FDA’s critical budgetary needs and is a good step in the right direction.”
The increase brings the Administration’s total proposed increase in the FDA’s budget for FY 2009 to $404.7 million—a 17.8 percent boost in funding from FY 2008.
The budget amendment proposes the following increases for core FDA programs:
• Protecting America’s Food Supply (+$125 million)
• Safer Drugs, Devices and Biologics (+$100 million)
• Modernizing FDA Science and Workforce (+$50 million)
Coty adds Home Skin Lab to its portfolio
PARIS A division of beauty and fashion giant Coty will add another brand to its portfolio, the company has announced.
On Friday, Coty Prestige introduced Home Skin Lab by the Dr Pastorek Institute, a brand inspired by plastic surgeon Dr. Norman Pastorek.
“Given Dr. Pastorek’s experience and the utmost respect he and his wife have earned throughout the medical community, Coty could not have partnered with a more appropriate team to create top-of the line Skin care products,” said Michele Scannavini, President, Coty Prestige.
The product is available in five protocols, each comprising a 28-day treatment: Ageless, which guards against the signs of aging; Wrink’less, which reduces wrinkes; Firmness, which increases skin density; Brightness, to improve dull complexions; and Pureness, which reduces skin oils.
“Home Skin Lab by Dr Pastorek Institute is an opportunity for Coty Prestige to enter the cosmeceutical segment which is growing at a tremendous pace in the United States and is starting to make significant inroads in the rest of the world,” Scannavini said.
Home Skin Lab will become available in the U.S. and Europe in September.