Fast Tracking Product To Market: Beware Of FOMO!

Living in our new pandemic environment we are confronted with companies wanting to fast track their “response products” to market.

While the TGA has a fast track for their assessment procedures for products that contribute to community health there has not been a relaxation in Australian regulation rules.

The TGA have pre-approved hand sannitisers that meet specified formulation, manufacturing, labelling and advertising requirements.

Any new products are still regulated and must comply with TGA standards of safety. The Fear Of Missing Out is causing some businesses to make risky short term decisions.

Some manufacturers and distributors are ignoring regulation in a belief that they are benefiting the community and thus will not feel any ill affects of ignoring the rules. This is a very short term view.

The current crisis has similarly not suspended product liability rules, which allow consumers who suffer harm as a result of exposure to a defective product to recover compensation.

The risks of a product not performing as expected may be higher where manufacturers are producing unfamiliar products and producing them at a faster pace.

While this is a fast-moving area for manufacturers and distributors, businesses must continue to ensure that their products are safe, effective and comply with regulatory standards. In the long run the risks of ignoring regulation are far greater than the short term benefit of being in the hot market.