//
you're reading...
...Other Thoughts

Vitamin Supplements ‘One of the Safest Industries’: GNC CEO

By: Margo D. Beller
Special to CNBC.com

The vitamin supplements industry is “one of the safest industries that exist,” despite lack of Food and Drug Administration oversight of its products, GNC Holdings CEO Joseph Fortunato told CNBC Tuesday.

“We hope GNC leads the way” for the industry with its own good manufacturing practices, Fortunato added.”There have been roughly 4,000 ‘adverse event’ reports under the reporting system in the last four years” against the industry selling vitamin, mineral, and other supplements, he said, “and if you look at the pharmaceuticals industry, they’ve had 475,000 in just one year…We have many, many ways to control the industry [and] the FDA has many ways to control the industry.”

GNC [GNC  36.80    0.60  (+1.66%)   ], which went public a year ago at $16 a share, has continued to focus on growth in its Internet-based business, its international expansion and its consumer stores in the U.S., said Fortunato.

 

Competition comes from everywhere, he said, including specialty chainVitamin Shoppe [VSI  53.60   0.28  (+0.53%)   ] and more Main Street pharmacies such asWalgreen [WAG  35.65   -0.01  (-0.03%)   ].

But they don’t have a “global brand,” he said.

“You can go to Walgreen and get a single commodity vitamin,” he said. But customers at GNC are “high-end premium consumers, very passionate, very lifestyle driven,” and generally “skew younger,” he added, although Fortunato said he takes about 15 different supplements, including protein shakes and multivitamins.

 

______________

Source: CNBC.com

Advertisements

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: