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Daily Archives: July 31, 2022
Multiverse Collaborating with Bosch to Optimize Quality, Efficiency, and Performance in an Automotive Electronic Components Manufacturing Plant -…
Posted: July 31, 2022 at 8:36 pm
Multiverse Collaborating with Bosch to Optimize Quality, Efficiency, and Performance in an Automotive Electronic Components Manufacturing Plant
Multiverse and Bosch will be working to create a quantum computing model of the machinery and process flow in at one of Boschs manufacturing plants in a process known as digital twin. This is a technique where a model of the activities in the facility will be created inside the computer and then enable various simulations and optimizations to be performed which can predict how the plant will perform under different scenarios. The companies will be using both customized quantum and quantum inspired algorithms developed by Multiverse in order to model an automotive electronic components plants located in Madrid, Spain. The companies hope to have first results of this pilot implementation by the end of the year with a goal of finding ways to enhance quality control, improve overall efficiencies, minimize waste, and lower energy usage. Bosch has a total of 240 manufacturing plants that include over 120,000 machines and 250,000 devices which are connected together to provide them with digital control and sensing to optimize performance. So a successful implementation of this digital twin concept could be extended to many more factories and provide Bosch with a significant productivity advantage in the future. A news release from Multiverse about this collaboration can be accessed on their website here.
July 30, 2022
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Scientists create quantum computer that breaks free of binary system – The Independent
Posted: at 8:36 pm
Scientists have made a quantum computer that breaks free from the binary system.
Computers as we know them today rely on binary information: they operate in ones and zeroes, storing more complex information in bits that are either off or on. That seemingly simple system is at the heart of every computer we use.
Quantum computers have taken on that same system. They use qubits, which replicate the bits of a classical computer but using quantum technology.
But they are built with more than just those ones and zeroes. Quantum computers are not necessarily restricted to binary, and scientists hope that breaking them are from that system can add extra complexity without using more quantum particles.
Now scientists say they have succeeded in building a quantum computer that works in that way. It can do calculations not with qubits but instead with qudits quantum digits that could allow for vastly more computing power.
Most quantum computers have the access to more quantum states than are actually used when they are doing computation. In the new study, scientists used a computer at the University of Innsbruck that stores information in trapped calcium atoms that can exist in eight different states, for instance but of which generally only two are used.
Researchers were able to show that they could make use of that full potential of the computer, and do so in a way that does not make the computer less reliable, as it does with a traditional computer.
Whats more, scientists typically want to use quantum computers to work on problems that are already naturally expressed in audits. Working with more than zeros and ones is very natural, not only for the quantum computer but also for its applications, allowing us to unlock the true potential of quantum systems, said Martin Ringbauer, an experimental physicist and member of the team from Innsbruck.
The work is reported in a new paper, A universal qudit quantum processor with trapped ions, published in Nature Physics today.
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Scientists create quantum computer that breaks free of binary system - The Independent
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Quantum computing and the Australians on the cutting edge – 9News
Posted: at 8:36 pm
Fans of Marvel movies know the word 'quantum' too well.
It's the name of the realm the Avengers used to time travel and fantastical as that is, the concept of quantum mechanics is far from fiction.
Scientists have toyed with the idea since the 1920s in an attempt to explain the mysteries of our universe that can not be explained by traditional physics.
The University of Sydney (USYD) and University of New South Wales Sydney (UNSW) are among Google's new partners, which already included Macquarie University (MQ) and the University of Technology (UTS).
Associate Professor Ivan Kassal, from USYD believes advancements in quantum chemistry could develop life saving medicines and help predict the impact of atmospheric matter on our climate.
"Simulating chemistry is likely to be one of the first applications of quantum computers, and my goal is to develop the quantum algorithms that will allow near-term quantum computers to give us insights into chemical processes that are too complicated to simulate on any classical supercomputer," Kassal said.
Those are very physical problems to solve, but the potential of quantum computers could also speed up solving systems, crack cryptography and enable new applications of machine learning.
Australia's Chief Scientist, Dr Cathy Foley said Google's interest in Australia is "testament to the world class research that has been supported by the Australian Research Council for over two decades".
"I am delighted that Google sees Australia as somewhere to do quantum research. A step in building Australia's quantum industry here," said Dr Foley.
Google is building its quantum research team in Sydney, including its newly-appointed quantum computing scientist, Dr Marika Kieferova.
Professor Michael Bremner of UTS said one of this biggest challenges in quantum computing "is understanding which applications quantum computers can deliver performance that goes beyond classical computing."
"In this project, my team at UTS will work with Google on this problem, examining the mathematical structures that drive quantum algorithms to go beyond classical computing," Professor Michael Bremner, UTS
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Quantum computing and the Australians on the cutting edge - 9News
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IQT Research Predicts Blockchain and Quantum Threat Will Quickly Spread Beyond Cybercurrencies; Surge in New Product and Services Opportunities to…
Posted: at 8:36 pm
NEW YORK, July 27, 2022 /PRNewswire/ --IQT Research foresees major commercial opportunities arising to protect blockchain against future quantum computer intrusions and agrees with the White House National Security Memorandum NSM-10, released on May 04, 2022, which indicates the urgency of addressing imminent quantum computing threats and the risks they present to the economy and to national security in our latest report "The Quantum Threat to Blockchain: Emerging Business Opportunities."
Although primarily associated with cryptocurrencies, blockchain has been proposed for a wide range of transactions, including in insurance, real estate, voting, supply chain tracking, gaming, etc. These areas are all vulnerable to quantum threats, which lead to operations disruption, trust damage, and loss of intellectual property, financial assets, and regulated data.
More details on this report can be found at https://www.insidequantumtechnology.com/product/the-quantum-threat-to-blockchain-emerging-business-opportunities/.
For a sample of this report, click on Request Excerpt.
About the Report:
Quantum computers threaten classical public-key cryptography blockchain technologies because they can break the computational security assumptions of elliptic curve cryptography. They also weaken the security of hash function algorithms, which protect blockchain's secrets. This new IQT Research report identifies not only the challenges, but also the opportunities in terms of new products and services that arise from the threat that quantum computers pose to the "blockchain" mechanism. According to a recent study by the consulting firm Deloitte, approximately one-fourth of the blockchain-based cybercurrency Bitcoin in circulation in 2022 is vulnerable to quantum attack.
This report covers both technical and policy issues relating to the quantum vulnerability of blockchain.
From the Report:
About IQT Research:
IQT Research is a division of 3DR Holdings, and the first industry analyst firm dedicated tomeeting the strategic information and analysis needs of the emerging quantum technologysector. In addition to publishing reports on critical business opportunities in the quantumtechnology sector, Inside Quantum Technology produces a daily news website on business-related happenings in the quantum technology field. (https://www.insidequantumtechnology.com/)
3DR Holdings also organizes the Inside Quantum Technology conferences. The next conference is dedicated to quantum cybersecurity and will be held October 25-27 in New York City.
For more details on the report, contact:
Lawrence Gasman[emailprotected]Telephone: 434-825-1311
Press contact:Barry Schwartz[emailprotected]212-677-8700 ext. 118
SOURCE IQT Research
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An overview of data in 2022: Privacy, policies, and regulations – ETCIO South East Asia
Posted: at 8:36 pm
The importance of Data Protection and Privacy can be gauged from the rising coverage and popularity of the World Data Privacy Day. 25 years after the signing of Convention 108 in 1981: the first international treaty to deal with privacy and data protection, it was in 2006, when the Committee of Ministers of the Council of Europe decided that Data Protection Day would be observed on January 28 each year. This is internationally known as World Data Privacy Day outside of Europe. The last few years and especially during the pandemic, have highlighted the importance of Data Security, Privacy and Regulatory Compliances, besides leveraging Data, Analytics, Business Intelligence and Data Sciences for business.
What were the tenets of Data Privacy, Policies and Regulations in the Pre-Pandemic world?
The early days of computerisation were typically based on on-premise computing and data centres. CIOs had the responsibility of data policies, storage, privacy along with design of Information Technology Architecture and its constituent servers, personal computers, software, networking and security systems. Parallel to the rising usage of the Internet, the late 1990s also saw the advent of the EU Data Protection Directive (EU GDPRs predecessor), HIPAA Health and Privacy Act for healthcare establishments, the COPPA Childrens Online Privacy Act, the Gramm Leach Bliley Act for Financial Institutions, the Privacy Officers in Federal Governments and the E-Government Act of 2002 in the US. Cyber Security was evolving as well in the early 2000s with Anti-Virus, Data Leakage Prevention, Database Security, Firewall Management, Web Application Security, Intrusion Detection and Prevention solutions safeguarding against external and internal threats.
The 2nd decade of the 2000s saw the rapid adoption of Cloud with its IaaS, PaaS and SaaS systems coupled with mobility, Bring-Your-Own-Device (BYOD) and IoT device revolution thus causing a paradigm shift in the whole IT landscape impacting data privacy, policies, compliances and cyber security. As workloads and systems shifted out of the Trusted Organisational Network, CISOs were managing privacy and security aspects in the world of cloud, mobility and IoT, handling increasingly sophisticated hackers and insider threats, and managing the more stringent privacy and security guidelines especially related to sensitive data. Data encryption, anonymisation, robust Password management have been some of the fundamental tenets of this evolution in cybersecurity.
Parallelly, from the governance perspective, there has been a rising importance of acts such as Federal Information Security Management Act of 2002, the Department of Defense Strategy for Operating in Cyberspace guidelines of 2011, NIST IT standards, the Homeland Security Act and the Cybersecurity National Security Action Plan (CNAP) of the United States, ENISA, the NIS Directive and the EU GDPR. Cloud Security Frameworks encompassed those covering governance (COBIT), architecture (SABSA), management standards (ISO/IEC 27001) and NIST's Cybersecurity Framework. Rising globalisation also led to dealing with different regulations, compliances and policies across geographies with added nuances of managing intra and intercompany data sharing.
The Pre-pandemic period also saw significant penalties and fines for customer and sensitive data breach especially the cases of Uber, Marriott, Equifax, Home Depot, Capital One, Morgan Stanley, Yahoo, Microsoft, British Airways and several others. This research by Deloitte in 2017 estimated compliance costs to be a significant 10% of a typical banks overall operating costs.
What was the impact of the pandemic on Data Privacy, Policies and Regulations?
The COVID-19 induced digital transformation accelerated the already rising growth in data generation speed, volume and variety. Against the global population of under 8 billion in 2021, the corresponding number of mobile devices and IoT Devices is 15 and 22 billion respectively. As per this research by Statista, the total worldwide data amount rose from 9 Zettabytes (1 Zettabyte = 1 trillion gigabytes) in 2013 to over 27 Zettabytes in 2021, and the prediction is this growing to well over 180 Zettabytes in 2025. Web 3.0 and Metaverse along with 5G and Edge Computing will also contribute their share to this growth along with IoT, Mobility and rise in decentralised and distributed cloud computing.
CISOs and CIOs have now embraced a culture of Cyber Resilience basis Zero Trust Architecture. This is due to the rising breadth and volume of attack surfaces emanating from rapid adoption of cloud, mobility, IoT devices, IT penetration in automotive, consumer durables, telecoms, smart cities, utilities, healthcare and other verticals also covering customers and supply chains, along with the proliferation of 5G and Edge Computing. Moreover, the rise of gig and remote/ hybrid working has also added to the mass of attack surfaces and vulnerabilities.
Despite advances in Cybersecurity measures, cyber-attacks have increased by 3 X in some countries covering Work From Home endpoints, Video Conferencing services, malware, ransomware and the Dark Web as mentioned in this research by Deloitte. Some of the notable high-profile breaches and data leakages were the Sunburst SolarWinds attack, the Estee Lauder customer database leakage, the discovery of Facebook and MGM Resorts confidential data on the Dark Web, the resurgence of WannaCry, Revil and other ransomware attacks, along with the Mozi BotNet. Additionally, there have been widely publicized attacks on critical infrastructures as mentioned in this World Economic Forum Article as well. Ransomware-as-a-Service (RaaS) has also crystallised as a serious ongoing threat. Besides attacks on customers and critical infrastructures, there have been incidents across the digital supply chain, especially leveraging vulnerabilities such as Log4j.
According to a Gartner prediction, by 2025 45% of organisations worldwide will have experienced attacks on their software supply chains, a three-fold increase from 2021. Besides these high-profile external attacks, in 2020, Gartner had reported a close to 50% increase in insider incidents and an 85% more likelihood of employee file and data leakage compared to the pre-COVID era. This point has also been stressed upon in this research by McKinsey which states that 50% of cyber breaches are attributed to accidental and intentional insider threats.
Resilience Frameworks such as FISMA, The Cyber Resilience Review (CRR), the National Institute of Standards and Technology (NIST) FIPS 199, 200 and especially the 800-160 Volume 2 publications treat adverse cyber events as both resiliency and security issues and identify 14 techniques to enhance resilience. These frameworks also encompass Insider Risk Management, as this article by Deloitte highlights. In May 2021, as a response to the SunBurst SolarWinds breach, the Biden Administration in the US issued an executive order mandating strict adherence by the U.S. Federal Agencies to NIST 800-207 as a fundamentally required step for Zero Trust implementation. Another example is of Zoom during the early days of the pandemic in which it had agreed to enhance its security and privacy aspects, on direction from the Federal Trade Commission (FTC)
Artificial Intelligence, Machine Learning, Cyber Data Lakes, Security Information and Event Management (SIEM), Security Orchestration and Response Systems (SOAR), Extended Detection and Response (XDR) and other technologies are playing their part in adhering to the Zero Trust Architecture, Proactive threat hunting and monitoring, minimising false positives and ensuring the already overworked and stressed cyber security teams are handling apt and real incidents and optimising their time.
This article by McKinsey highlights that Data Protection and Privacy and adherence to regulatory compliance enhances organisational reputation, customer trust and builds a solid business advantage. Data Mapping and Classification is the cornerstone of this ethos of proactive customer privacy and data protection steps.
What are the important aspects that companies are considering in 2022?
This research by Gartner states that three fourths of all organizations will restructure risk and security governance for digital transformation in the light of the imploding cyber security threats, insider activity, and increase in attack surfaces and vulnerabilities. This research by EY states that Fortune 500 companies will be together shelling out close to USD 8 billion annually for GDPR compliance.
CISOs, CROs, CDOs, Legal, Risk and Governance Teams have been working together along with business in a cross functional approach to draw up detailed risk categories and assessments across data, people and other ecosystems, estimating cost of breaches and damages, implementing cyber security frameworks and technologies, and crystallising cyber insurance policies. This is even more important for companies who have underage customers such as those in the gaming, retail and entertainment verticals. Technologies such as Artificial Intelligence and blockchain and cybersecurity mesh architecture are being harnessed by companies to have more automated, intelligent and stringent adherence to compliance regulations.
It is of paramount importance for CISOs and leaders to have an in-depth knowledge of country specific data privacy laws, especially for Multinational enterprises and those handling sensitive end customer and employee data. Aspects such as customer/ employee/ stakeholder consent and rights, data storage, retention and transmission policies, clear guidelines in case of infringement, and others must be carefully comprehended. Leaders must keep abreast of all developments across the world, especially across the states in the US, the AI Act, Digital Services and Market Acts of Europe, the new regulations across the Middle East, Japan, Thailand and so on and so forth
Irrespective of company size, it is critical to have a clear privacy policy explaining to users of data across the extended enterprise as to the type of information collected, its usage and purpose, shareability and security. This should also cover agreeing/ blocking/ disabling online cookies. This applies equally in cases organisations are sharing data with each other including those of 3rd party vendors. CIOs and CDOs are working together to balance risk, transparency, customer/ stakeholder satisfaction as well as compliance. Needless to mention, the policies must balance risk, prioritisation, failure/ breach/ damage cost, management commitment and operational and reporting costs. Some companies have appointed Chief Privacy Officers who are custodians and responsible for this important function. Enlisting services of privacy and compliance consultants vis--vis full or partial insourcing are also active and ongoing considerations of management.
A very critical aspect to be considered is organisational culture. Leadership teams must clearly communicate and involve their teams with the goals, privacy policies, operational and compliance aspects, besides deploying technologies and checks. Clear communication, collaboration, gamification, training, rewards and recognitions are some of the tools by which CHROs in Asia and worldwide are assisting the CIOs/ CDOs/ CPOs in this area
What are the trends for 2022 and beyond?
There is little doubt that data focussed and driven enterprises have huge competitive advantages. This research by McKinsey highlights that some organisations which are already seeing contributions of AI to be amounting to 20% of their earnings, are highly likely to have robust data practices. With co-existence of humans and Artificial Intelligence in Super Teams, organisations which imbibe data literacy as well as leverage data and AI driven automation across low risk and daily processes, will have human intelligence focusing on higher risk, value and critical decisions. Focus on Data driven architectures, decisioning, fabrics, lifecycle management, automation driven compliance, and top management focus shall be the keys to unlocking value.
This research by Gartner highlights the 5 top data privacy trends throughout 2024, and anticipates 3/4th of Earths population shall have its personal data covered under a modern privacy and compliance regulation. With hybrid and remote working here to stay, Data Localization and Privacy Enhancing Computational Strategies, Robust AI Governance, and Self-Service UI for Privacy are expecting to be critical for the future. This article by Gartner predicts that by 2024, organisations will spend over USD 15 Billion in Data Protection and Compliance Technology on account on Privacy compliances.
With data, assets, users and entities across on-premise data centres and the hybrid/ multi- cloud across the extended enterprise, the trends of globalisation, decentralised risk and decision making, moving from Compliance and Security functions to Security Behaviour and Culture programs (SBCPs), consolidation and convergence of cyber security solutions and of vendors along with Cybersecurity Mesh Architecture (CSMA) help provide a proactive, uniform and integrated data and security framework and posture.
There shall be continuing threats on account of ransomware and its emerging models along with the increased attack surfaces on account of Metaverse and the Web 3.0. As far as IoT devices go, Governments, Institutions and Enterprises will continue to work on governance frameworks of uniform baseline standards for consumer and industrial IoT devices across users, supply chains and the extended enterprises incorporating shared security principles, certifications and regulations. It is expected that these guidelines shall encompass hardware encryption, software architecture and design and to also be taken into account during supplier compliance and assessment exercises as well.
Although commercial Quantum Computing is some distance away, CISOs are already considering future proofing and working on algorithms that are opaque to Quantum Computers and the threat to public key cryptography by incorporating Confidential computing, quantum safe cryptography, and fully homomorphic encryption. The National Institution of Standards and Technology (NIST) is already working on encryption and other resources and tools to ensure security and cyber resilience in the Quantum Computing era, as this article indicates. Also, the World Economic Forum has recently published the principles of quantum computing governance to minimise data theft, ensure compliance and mitigate risk. Proactively addressing Data Privacy, Policies and Regulations shall most certainly ensure in resilient, competitive and differentiated organisations with great reputations.
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An overview of data in 2022: Privacy, policies, and regulations - ETCIO South East Asia
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The boots on the ground stomping out insurance fraud – ITIJ
Posted: at 8:35 pm
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Phil Peart, Senior Investigations Manager (APAC), World Travel Protection, says you just need to know where to look and what to look for when it comes to unmasking fraudulent travel
Trends differ according to the part of the world in question, and looking at the impact of Covid-19, it is apparent that fraud hasnt lessened as a result of the pandemic; quite the opposite. Indeed, Simon Cook, Head of Specialist Investigation Services, Charles Taylor Technical Services, explained to ITIJ how Covid has presented new opportunities for fraudsters. One of the trends weve seen is policyholders fabricating accommodation costs when they extend stays abroad after contracting Covid and they are in fact staying for free with friends or relatives, he said. Weve also seen individuals with Covid colluding with accommodation owners or hotels to inflate the cost of extended stays. It seems that these types of fraud, facilitated by the pandemic, will continue to rise, and Cook confirmed that as global travel increases, Charles Taylor Technical Services is anticipating and prepared for a rise in both opportunistic and organised fraud. For instance, policyholders wanting to go on holiday but not being able to afford it may try to recoup some of their costs by submitting fraudulent claims for medical expenses or lost possessions, he told ITIJ.
Dan Kaine, Partner, Risk & Crisis Advisory, Inherent Risks, has also seen instances of financial hardships caused by the pandemic motivating fraudulent claims. Families want to travel and return to normality, but dont necessarily have the disposable income to do so. The fraudsters dont see it as committing a crime, more as stretching the truth. This mentality is costing the insurance industry millions per year. Inherent Risks identifies, investigates and interrupts travel insurance fraud trends in different parts of the world, particularly in lower-income regions and Kaine has observed other recent trends in light (or dark!) of the pandemic. As Covid brought the travel industry to its knees for the best part of two years, it caused a ripple effect through all of the ancillary industries that rely heavily on tourism, including hospital and clinics, private ambulance companies and helicopter rescue providers. As a result, we are already seeing a worrying trend of predatory practices to recoup lost revenues, enabling fraudulent travel insurance claims to be submitted, and enabling fraudsters to profit from insurers.
Kaine and his team have also seen, first hand, collusion between fraudsters and providers. This includes fake doctors notes, fabricated hospital admissions with elaborate medical bills, and even real police reports about incidents that never happened, he told ITIJ. These types of cases are occurring in typically less-developed countries, arguably where local micro economies created by tourism were affected the most during the worldwide lockdowns. We have seen increasing trends of various types of travel insurance fraud occurring already this year in Mexico, Guatemala, Caribbean, Turkey, Greece and Nepal.
Smith, too, is acutely aware of a range of types of fraud, including intentional inflating and a worsening of the situation due to the pandemic. Conservative estimates suggest between 10 to 20 per cent of all insurance claims submitted contain some aspect of fraud. This ranges from completely false claims to intentionally misstating or inflating claims, he told ITIJ. All indications are that the Covid-19 pandemic, and the ensuing economic impact, have fueled a rise in insurance fraud both in the US and globally.
Further underlining the severity of the issue, Smith stated that the pandemic has demonstrated that insurance fraud is no longer a national, but a global, issue. He shared some startling statistics with ITIJ: Organisations such as the United Nations have reported a 600-per-cent increase in malicious phishing attempts to secure personal data. Interpol reported cybercriminals are boosting attacks at the most alarming rate ever seen, and leaders in Spain reported fake insurance scams soared by 21 per cent in 2020 compared to 2019. All of this points to a dramatic rise in insurance fraud crimes around the globe. Smith said that many of these scams relate to stolen identities which in turn result in fraudulently secured insurance policies and submitting of bogus claims.
Concerning the processes and protocols in place for investigating travel and health claims, Phil Peart, Senior Investigations Manager (APAC), World Travel Protection, said that with easing of Covid restrictions, insurers are taking a new and strategic approach to managing claims. He provided an insight on World Travel Protections work to this end: We have established a new Special Investigation Unit (SIU), staffed by experienced ex-military personnel and claim investigation specialists. It provides an all-encompassing travel risk management solution, combining security, intelligence and investigations, all within the SIU, delivering a complete value proposition for all clients across all disciplines.
Kaine told ITIJ that a one-size-fits-all approach to investigation processes wont suffice. What works in one region, will certainly fail in another. There are many factors to consider, including the geographic location, and culture of the people where the incident (real or fake) happened. This can make a claim much more difficult to validate, especially when corrupt officials, including doctors, police, hotel and airline staff are involved in the fraud, and are profiting in some way, he said. At Inherent Risks, claims teams undergo rigorous training, as Kaine describes: Our claims teams are trained to identify key indicators in conjunction with our technology claims platform, which flags a case to be investigated further. If required, assistance from ground agents and region-specific network providers is also requested to investigate cases further, through an on-the-ground approach.
Pandemic-induced lockdowns may have brought a halt to travel, but theyve been no barrier to fraud. Sarah Watson investigates the effect of Covid-19 on travel insurance fraud trends
In line with evolving types and methods of fraud, the tools at insurers disposal are levelling up. For example, Charles Taylor has developed a new social media and open source investigation tool, as Cook explained: It uses algorithms to search over 220 open source and social media sites for impactful claims intelligence, which can then be acted on by our investigators. Its a great example of uniting IT and human expertise to protect insurers bottom lines. Importantly, by using algorithms to search for intelligence, it also removes unconscious bias from the claims validation process. The company has also invested in an automated fraud detection and machine learning business. This will help segregate fraud risk and enhance Charles Taylors claims validation toolbox, Cook told ITIJ.
World Travel Protection uses its database management application, Atlas, which delivers a total claims solution from risk analysis, claim trends and outcome reporting. Atlas utilises some of the most advanced technology for internet security available today, said Peart. All data is hosted in a secure server environment that uses a firewall and other advanced technology to prevent interference or access from outside intruders.
Inherent Risks has developed machine learning technology that uses pre-populated parameters to alert the team to potentially fraudulent cases. Kaine explains more: This technology improves its accuracy and increases its alerts based on the amount of data thats added. The best way to think of it is that the system gets smarter every time we add a new case to it. It also anonymises the traveller data, enabling us to share data securely, internally, and externally with our clients, and our network providers.
Insurance fraud is rampant and law enforcement is stretched, so are sufficient resources devoted to catching and punishing fraudsters? In the context of extremely high levels of insurance fraud, the [UK] police do well with the limited resources at their disposal, said Cook. He also highlighted the importance of the ongoing campaign for the development of a database of incidents called CUE (the Claims and Underwriting Exchange). This will enable the travel industry to share claims data and proactively prevent fraud.
Smith argues that law enforcement needs to do more and said that there is also work to be done to change perceptions of fraud, as well as improving understanding of its far-reaching impact. There is a tremendous need for local, national and international law enforcement agencies to both learn more about, and increase efforts to prevent, all forms of insurance fraud, he told ITIJ. Too often, many law enforcement agencies view insurance fraud as a victimless crime or one where only the insurance company is impacted. Such beliefs are misplaced. Insurance crimes from arson fires which dramatically rose during the pandemic to staged accidents both injure and kill innocent people. Let alone the economic damage that insurance fraud inflicts on consumers worldwide.
For several years now, Kaine has privately and publicly advocated for law enforcement to take more action against both individuals and international organisations who actively target British insurers. He told us more about this effort: This has included reaching out several times to associations who portray themselves to be targeting insurance fraud. We have offered to share data, for no fee, with the intent of targeting, and reducing insurance fraud on a global scale. However, Kaine told ITIJ, these actions have not been well received. Unfortunately, these efforts have been met not only with a lack of interest, but in some cases, their responses were in fact extremely hostile. Its a typical silo that we have experienced time and again between private [firms] and government where the attitude is that we couldnt possibly know more than them. It shouldnt be about that. Crimes are being committed and assistance companies have the evidence needed to build an intelligence picture that can lead to arrests, and sanctions. That should be seen as a valuable asset to any law enforcement organisation committed to tackling these types of crimes.
It is apparent that the Covid-19 pandemic has ushered in a new era in which financial struggles are motivating people to commit fraud without a true understanding of the severity of their actions and consequences. Additionally, the pandemic has provided new opportunities for insurance fraud, including collusion between holidaymakers and accommodation owners or hotels, and provided the setting for new demographics of fraudsters who dont necessarily view their actions as insurance fraud. In light of this, mitigation and detection optimisation strategies are more important than ever before, and companies are placing renewed emphasis on travel risk mitigation along with training and awareness for claims teams. As Cook stated: In this climate of need and greed, its especially important for travel insurers to ensure they have mitigated risks efficiently and optimised their fraud strategies, not least through enhanced training, risk assessments and awareness building for frontline claims teams.
It seems that what may have once become a national issue has now reached global status. Such a prominent issue that costs the industry so much in time and money cannot be resolved with a one-size-fits-all approach. New tools, algorithms and technologies such as machine learning are, and should continue to be, used by the industry in the fight against fraud. Unfortunately, fraud is pervasive and insidious and, in addition, there are many misconceptions on this topic. There is a clear need to improve understanding and awareness of insurance fraud and for law enforcement to take more notice and action on an issue that is not just about rising premiums, but is causing economic damage and even loss of life. With continued and enhanced efforts to mitigate and spread awareness of fraud, as well as by organisations that are exposing, building evidence and determined to stamp out this criminal practice, the insurance industry and its partners remain one step ahead.
Lauren Haigh is a writer and copy-editor for ITIJ. She writes features and articles across the company's suite of publications.She has worked in publishing for over seven years, the past three of which she has dedicated to learning the ins and outs of travel and health insurance. She likes cats.
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The impact of Brexit on food supplements and specialized food products – Regulatory Focus
Posted: at 8:34 pm
| 27 July 2022 | By Sam Jennings, BSc, FIFST | 3499 This article examines the impact of diverging regulations and practices for food supplements and specialized food products since the UK left the EU market in 2020.Keywords Brexit, divergence, food supplements, UK, Northern IrelandBackground and introductionOn 23 June 2016, the UK, comprising England, Northern Ireland, Scotland, and Wales, held a referendum on whether the UK should remain in the EU or leave. Based on an overall majority of 51.9% on a turnout of 72.2%,1 the UK government decided to leave the EU (Table 1). This move became known as Brexit, a term derived from Britains exit (England, Scotland, and Wales, form Great Britain).After almost 5 years of discussion and negotiation between the UK and the EU, the UK officially left the EU on 31 January 2020, with a subsequent 11-month transition period ending on 31 December 2020. The UK had to implement all EU legislation published during those transitional 11 months but had no input into its preparation.Part of the negotiations with the EU focused on resolving the issue of Northern Irelands border with the Republic of Ireland, which would remain an EU member state. Neither country wanted to create a hard border between them and risk a recurrence of the decades-long conflict in Northern Ireland, known as "the Troubles and which had ended with the Good Friday agreement in 1998.2 To prevent a recurrence of the conflict, the UK and EU signed the Northern Ireland Protocol,3 which situated a border running roughly north-south through the Irish Sea, between Northern Ireland and GB, rather than having a hard border between the two countries.At the time of writing, in terms of most laws, including those relating to food, Northern Ireland has to continue to follow EU rules, but with no say in their production, whereas GB can follow its own rules. This means that businesses in GB that want to market their goods across the whole of the UK must comply with EU rules for the products that are shipped to Northern Ireland. Similarly, businesses from countries outside of the UK and EU that want to market their goods in the UK, must check their products compliance across two sets of rules, those for GB and those for the EU.When the transition period ended the EU legislation that had applied since 31 December 2020 was kept in GB and is referred to as retained EU law. This retained EU law continues to apply in GB, but future amendments can be made to it under UK rules. Although any such amendments apply only in GB, Northern Ireland has a voice in what the amendments will be. To add to the complications, food safety and standards are devolved matters in the UK, which means that each of its 4 member nations sets its own laws in these areas. The member nations have agreed upon the UK Common Frameworks4 to limit the potential for divergence within GB. However, the frameworks are nonlegislative arrangements for co-operation between the nations, so future internal divergence cannot be completely ruled out. Any EU laws that came into effect before 31 December 2020, but which applied from 1 January 2021 or later, do not apply in GB. Similarly, any amendments to EU legislation that have been made since 1 January 2021 do not apply in GB. However, all these laws apply in Northern Ireland.The immediate impact of BrexitThe effects of Brexit were felt by food businesses based in GB from day one, 1 January 2021, when foods that were to be exported to the EU, or moved to Northern Ireland, had to demonstrate compliance with all of the EUs sanitary and phytosanitary (SPS) controls5 and the label of the food product had to include a food business address based in Northern Ireland or one of the EUs 27 member states.Although the UK had been following all the SPS rules and moving their goods to the EU with no barriers until 31 December 2020, the EU border controls implemented full physical checks on all applicable consignments from GB from 1 January 2021. In terms of food (dietary) supplements and specialized food products, every product that contained an ingredient of animal origin that is, for which an ingredient, or the starting material for the ingredient, was originally sourced from an animal was affected. This had a direct impact on products containing ingredients such as milk powders, collagen, fish oils, or glucosamine, for example. The exporters of those products had to obtain a health certificate for the products being shipped and pre-notify the consignment to the border control post, where the consignment was stopped and checked at the EU border. The same system of health certification, prenotification, and checks at the border occurred for products shipped from GB to Northern Ireland. In the early days of 2021, there were numerous problems with certification; border rejections occurred regularly, owing to documentary errors; and the supply of some goods to Northern Ireland as well as to the EU was affected.6,7GB did not implement reciprocal border controls on goods entering from the EU after the transition period ended. Various dates were given, and subsequent postponements made, for GB border controls on EU goods during the nearly 16 months following Brexit, then, on 28 April 2022, the UK government announced8 that the entire system for GB border controls for all imports (EU and non-EU) would be revised. A target operating model is to be published in the fall of 2022, setting out the intended new regime of border import controls. The end of 2023 currently targeted as the revised introduction date for the new controls. Thus, at the time of writing, more than 18 months on from the UK leaving the EU, food products continue to enter GB from the EU with no barriers at the border.Regarding the food business address, within the UK and EU, the label of a food product must carry the address of the food business or importer who takes full responsibility for placing the product on the market. It has to be a physical address to which mail can be delivered. To market a food product in GB, the address can be based in any of the four UK member nations. However, as already noted, to market a food product in Northern Ireland, the address must be based in Northern Ireland or an EU member state. The UK put in place a transition period for the business address on food labels for products in GB, which comes to an end on 30 September 2022. Until that date, food products can be marketed with just an EU address on the label, but from 1 October 2022, food labels must also include a UK business address.9 However, the requirement for a Northern Ireland or EU member state address on the label for foods entering Northern Ireland or the EU from GB applied from 1 January 2021.Global impact of Brexit The impact of Brexit is also being felt globally as international businesses realize the rules for the UK and EU are no longer the same. There is divergence across a number of laws affecting food supplements and specialized food products, including the composition and labelling of those products and differences in the import requirements.One of the areas of divergence is in novel foods. Legislation on novel foods has been in force in the UK and EU for more than 25 years and requires that food ingredients entering the market after May 1997 must have official approval before they can be sold. The novel food Regulation (EU) 2015/228310 covers all products marketed under food law and differs from those in many countries outside the UK and EU, whereas Regulation (EU) 2017/247011 established the list of novel foods. At the time of writing, there had been 32 amendments to Regulation (EU) 2017/2470 since 1 January 2021, authorizing new novel foods, extending the permitted use of previously authorized foods, or revising other aspects relating to previously authorized foods (e.g., labelling requirements, specifications, etc.). During that time, the UK has made just one revision to the retained list,12 modifying one previously authorized novel food and adding four new novel foods to the list. Novel foods that have been authorized by the EU since 1 January 2021 can be included in foods intended for the EU market or for the Northern Ireland market. They cannot be used as ingredients in foods intended for the GB market until such time as authorization occurs also for GB. Thus, when marketing food supplements or specialized food products in the UK and EU, food businesses must ensure the ingredients they select are permitted in both regions and are used and labelled appropriately for the intended markets.Another area of divergence, which currently has most impact on food supplements, but where the impact is likely to extend into specialized food products, is that relating to the restriction or prohibition of certain nonmicronutrient ingredients used for nutritional or physiological purposes and known as other substances. These substances are controlled under Article 8 of Regulation (EC) 1925/200613 on the addition of vitamins and minerals and of certain other substances to foods, known as the fortified foods regulation. Most of this regulation does not apply to food supplements, but the controls on other substances apply to all foods including food supplements. Article 8 provides a procedure by which EU member states can submit to the European Commission for any substance for which there are safety concerns, supported by accompanying data demonstrating such concerns. Before Brexit, two substances, Ephedra species and Yohimbe (Pausinystalia yohimbe), had been prohibited for use in foods under the Article 8 procedure, and those prohibitions applied in GB, Northern Ireland, and the EU. However, since 1 January 2021, the EU has implemented prohibitions on the presence of hydroxyanthracene derivatives (HAD) in aloe preparations, and restrictions on the use of monacolins from red yeast rice. These prohibitions and restrictions apply in Northern Ireland and the EU, but not in GB. A number of other substances are currently going through the Article 8 process in the EU, with restrictions anticipated later in 2022 on the use of green tea catechins in foods. Meanwhile, GB is undertaking its own risk analyses of HAD, monacolins and green tea catechins, and the outcomes of these risk analyses will be seen in due course.Remaining with active ingredients, divergence has already occurred in relation to the vitamin and mineral sources that may be used in food supplements and in those permitted for use in certain specialized food products.Within the UK and EU, there are lists of vitamins and minerals that are allowed to be incorporated in food supplements and of the approved sources for those vitamins and minerals.14,15 If a vitamin or mineral is not on the list, it cannot be included in a food supplement (e.g., vanadium). In addition, if the source of a vitamin or mineral is not on the permitted list, it cannot be used. The EU has added two new sources to its permitted list since the UKs departure (nicotinamide riboside chloride and magnesium citrate malate),16 although they are yet to be added to the GB permitted list. Thus, food supplements containing these sources can be marketed in the EU and in Northern Ireland, but not currently in GB.There are similar lists of permitted vitamins, minerals, and their sources for general foods other than food supplements,17 but, at the time of writing, divergence had not yet occurred in those lists. However, certain specialized food products (i.e., food for infants and young children, for special medical purposes, and total diet replacement for weight control) have their own list of permitted vitamins and minerals, with their permitted sources.18 Divergence has occurred in the latter list regarding the permitted foods in which calcium-L-methylfolate can be used, with the EU extending its use to include infant and follow-on formula, baby food, and processed cereal-based food.19 This extension of use applies also in Northern Ireland, but within GB, this folate source can be used only in food for special medical purposes and for total diet replacement for weight control.Foods for infants and young children are not the only specialized food products for which Brexit has had a direct impact on the composition. When considering food products that replace the total diet for weight control, Delegated Regulation (EU) 2017/1798 implements some compositional changes and is due to apply in the EU and, thus, in Northern Ireland, from 27 October 2022. It will not, however, apply in GB. That said, because the UK government was fully involved and committed to the introduction of these changes while the UK was a member of the EU, the intention is to make legislation across GB that will mirror this delegated regulation as closely as possible. At the time of writing, it was not clear whether this GB legislation would be published by 27 October 2022.Increasing divergence is being seen in other compositional areas, with perhaps the highest profile being the recent EU ban on the use of the technological food additive E 171 titanium dioxide in foods.20 The transition period for implementation of the ban ends on 7 August 2022, after which no new food products containing titanium dioxide can be placed on the market in the EU or in Northern Ireland. However, the UK scientific committees did not agree with the European Food Safety Authoritys (EFSAs) conclusions about the risk titanium dioxide poses to consumers,21 and the UK is undertaking its own risk assessment of this food additive. The outcome of this assessment is expected in the first quarter of 2023. Meanwhile, foods containing titanium dioxide can continue to be placed on the GB market. There have been other revisions made by the EU to Regulation (EC) No 1333/200822 on food additives and to Commission Regulation (EU) No 231/2012,23 which presents specifications for food additives listed in Annexes II and III to Regulation (EC) No 1333/2008. At the time of writing, no revisions had been made to the retained versions of these regulations for GB.Divergence is also being seen in regard to: authorizations of genetically modified organisms (GMOs) or substances produced from GMOs;24,25 permitted flavoring substances for use in foods;26 the chemical contaminants for which controls are laid down and the maximum permitted levels for those contaminants in foods being placed on the market;27 and in the maximum residue levels for pesticides in food.28 Since the UK left the EU, numerous revisions have been made in all these areas by the EU, which apply also to Northern Ireland, but similar extensive revisions have not been occurring in relation to GB.Another area of compositional divergence that will be seen in coming months and years is the control of enzymes used for technological purposes in foods. Such enzymes are controlled by Regulation (EC) No. 1332/2008,29 but there is currently no list of authorized food enzymes. Applications for the EU list of enzymes are in the process of undergoing risk assessment by EFSA, whereas the European Commission has published an interim EU Public Registerof all food enzymes for which a valid application has been submitted.30 This register applies also in Northern Ireland. Meanwhile, the UK authorities have yet to issue a call for applications for a GB list, thus it is expected that the EU list of authorized food enzymes will be published long before that for GB. Once the EU list is in place, only food enzymes on that list will be permitted to be used for technological purposes for foods intended for the EU and Northern Ireland markets.In addition to compositional divergence, some of which has already been addressed in this article, divergence is starting to occur in the areas of food labelling and claims, affecting food supplements and specialized food products.The units that must be used for declaring the amounts of vitamins and minerals in food supplements are laid down in law.31,15 These are very similar to those for other foods, but one point of difference has been for copper, for which the designated unit was micrograms for food supplements, but milligrams for all other foods. After Brexit, the EU revised the legislation relating to food supplements, changing the unit for declaring copper to milligrams, so it is in line with all other foods.32 The UK has undertaken a limited technical consultation on changing the unit for copper, but the proposed legislation for implementing this change has yet to be published for public consultation. Thus, food supplements containing copper that are marketed across GB, Northern Ireland, and the EU currently require dual labelling, with the quantity declared as both micrograms and milligrams.In the health claims arena, the EU authorized a health claim for carbohydrate solutions in April 2021, stating, Carbohydrate solutions contribute to the improvement of physical performance during a high-intensity and long-lasting physical exercise in trained adults.33 This claim can be used on carbohydrate solutions that comply with the relevant conditions and restrictions of use and are marketed in the EU and in Northern Ireland. However, it cannot be used on such products in GB. To be used within GB, an application for the claim would have to be submitted to the UK authorities for assessment by the UK Nutrition and Health Claims Committee.34 If the application receives a positive opinion from the committee, it will then be discussed and agreed to by the four UK nations, then published as an official statutory instrument. At the time of writing, the original submitter of this health claim has not applied for its use within GB.Both the EU and the UK are looking at various issues that could affect the labelling of food supplements and/or certain specialized food products in the future. These include topics such as front-of-pack labelling, sustainability (eco) labelling, and precautionary allergen labelling. If any eventual proposals become mandatory, as opposed to voluntary, in either region, it will become increasingly difficult to have the same label on a product that is marketed across the whole of the UK and in the Republic of Ireland, even if the areas of compositional divergence can be resolved.ConclusionThe success of Brexit is currently open ended. There are numerous complexities associated with Brexit and its impact in some areas is only just becoming known. It is clear that divergence began on day one of Brexit and is increasing rapidly.Acronymns and abbreviationsGMOs, genetically modified organisms; HAD, hydroxyanthracene derivatives; SPS, sanitary and phytosanitary.
About the authorSam Jennings, BSc, FIFST, has worked at Berry Ottaway & Associates Ltd for more than 20 years. She provides advice to industry and governments globally on scientific, technical, and regulatory aspects of food, particularly supplements, specialized foods, and their ingredients. Jennings is a Fellow of the Institute of Food Science & Technology in the UK. She is chair of the UK governments Office for Product Safety & Standards Business Expert (Food Standards & Labelling) Group, and has been advising the Council for Responsible Nutrition UK on technical and regulatory matters for more than 15 years. Jennings can be reached at spj@berryottaway.co.ukDisclaimer This article reflects the personal opinion and experience of the author. It should not be construed as an official position by any organization with which the author is affiliated.Citation Jennings S. The impact of Brexit on food supplements and specialized food products. Regulatory Focus. Published online xx July 2022.ReferencesAll references were accessed and/or verified on xx July 2022.
2022Regulatory Affairs Professionals Society.
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The impact of Brexit on food supplements and specialized food products - Regulatory Focus
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Im an RD and These Are the Supplements You Can Feel Good About Spending Your Money On – Well+Good
Posted: at 8:34 pm
If you feel like the drugstore's vitamins and supplements section is constantly expanding, you're not imagining it. The global dietary supplements market is expected to grow about nine percent between 2021 and 2028 to be worth a whopping $128 billion. With so many options to choose from (fish oil! omega-3s! vitamin A!), it's getting harder and harder to be a discerning consumer. Are those green horse pills hocked by your friendly neighborhood influencer actually life-changing? Do you really need to supplement all of the B vitamins?
While supplement labels may lure you into buying purchasing with big promises like "stress reduction" and "better sleep," it's important to be skeptical and do some preliminary research to see if a certain ingredient actually delivers on said promises. The U.S. Food and Drug Administration (FDA) does not approve vitamins and supplements; it simply inspects manufacturing practices and steps in if a certain supplement becomes a public health concern. So some companies make dubious claims and get away with it. One recent consumer review found that 46 percent of supplements don't keep their lofty promises.
Basically, it pays to be a Skeptical Susan when you're perusing the supplement aisle of the drugstore. But to make things a bit easier, we talked to registered dietitian and supplement researcher Anne Danahy, RDN, founder of Craving Something Healthy, and Kelly LeVeque, CN, a holistic nutritionist and best-selling author, to spill on what supplements you should consider adding to your cartand how to determine whether a product is actually right for you.
Dietitians are a big fan of telling you to "eat your vitamins," and Danahy is no exception. "[Everyone] should consider whether there are gaps in their diet that can be filled with food before turning to supplements," says Danahy. "The nutrients in whole foods are present in balanced amounts and as part of a whole package with protein, carbs, healthy fats, fiber, antioxidants, etc. All of these work synergistically in your body, so always start with a well-balanced diet." Basically, most people should try upping their intake of certain foods before resorting on a pill to make up the difference.
That said, certain people might struggle to meet their needs through diet alone, whether it's due to a health condition (like Celiac disease) or their particular eating plan. Vegans, for example, have more limited sources of brain-boosting B12 since it's most commonly found in animal foods. In cases like these, supplementation can be incredibly helpful to close nutritional gaps. Pregnant people should also take a folic acid supplement and other prenatal vitamins to support their baby's development and reduce the risk of birth defects.
Maybe you've heard that5-HTP can help you calm the heck down when you'remajorlystressing or that melatonin can support a good night's sleep. While there often is some evidence to support these touted benefits, it's essential to make sure you're addressing lifestyle factors that may also contribute to these issues, says Danahy. If work keeps you busy around the clock, for instance, can you try stress-management strategies like exercise, meditation, gardening, or reading before reaching for a supplement? If the answer is "no," that's totally finebut the question is worth asking.
"Even if someone is in good health, I'd recommend assessing their risk for certain health conditions because of their lifestyle or family history," says Danahy. "For example, someone with a family history of heart disease and blood pressure that's starting to creep up may want to think about omega-3 fish oil, beetroot powder, or certain antioxidants."
If this sounds like you, ask your doctor what they think about supplementation based on your personal family history. This isn't a one-size-fits-all situation.
According to Danahy, most folks could benefit from vitamin D. "It's hard to get enough from your diet unless you eat a lot of salmon, egg yolks, and fortified milk," she says. "This is also a vitamin that most people aren't deficient in, but many people have suboptimal levels."Vitamin D has many essential functions, including helping your body absorb calcium (which is critical for bone health), reducing inflammation, and promoting mental well-being. In other words, it's pretty darn importantand worth thinking about.
Daily recommended intake:600-800 IUs per day (15-20 mcg).
If you're living and breathing right now, you've probably heard the hype surrounding omega-3s. "Omega-3 or fish oil is another one I often recommend for middle age-plus. It can help reduce blood pressure and triglycerides, but I also like it because it supports cognitive health and has anti-inflammatory effects," says Danahy. She caveats that eating food sources of omega-3slike salmon, sardines, and fatty fish two to three times per weekwill still be a better option than supplementation.
Daily suggested intake: 1.1 grams for women; 1.6 grams for men (for reference, a 2-ounce serving of farmed salmon contains about 1.5 grams of omega-3s)
"[Magnesium] is involved in more than 300 biochemical reactions in your body, so it helps support everything from bones and muscles to glucose and blood pressure to DNA and RNA synthesis," says Danahy. "You can take it anytime, but some people feel it helps them relax in the evening if they take it after dinner." The mineral is also essential for heart health because it supports nerve, cell, and muscle health. She recommends magnesium glycinate, a form of magnesium that's slightly easier for the body to absorb. (FYI, magnesium appears in foods including spinach, black beans, and almonds.)
Daily suggested intake: 310-360 milligrams per day for women (depending on age and pregnancy), and 400-420 milligrams for men (depending on age).
LeVeque, for one, is a big fan of the multivitamin to cover all your bases. They can be a good way of consuming a variety of macro and micronutrients without paying for individual vitamins.
There's a caveat, though: Multivitamins come in many varieties, so you will need to consult a doctor, dietitian, or other trust health professional about which blend makes sense for you based on factors like your age, diet, current medications, and whether or not you're pregnant. Harvard Health recommends reading the label and choosing one that contains your daily recommended allowance of its various vitamins and minerals and features the United States Pharmacopeia (USP) seal of approval on the label (an indication of the purity and strength of a given vitamin).
Daily suggested intake:Varies per vitamin.
Long story short: Supplements aren't nearly as straightforward as they seem. So if you have lingering questions, make sure to check in with your primary care doctor. There's no use in spending big at the drugstore if it's not making a significant impact on your everyday health and well-being.
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Im an RD and These Are the Supplements You Can Feel Good About Spending Your Money On - Well+Good
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Widespread Use Of Collagen Hydrosylate In Nutritional Supplements Is Expected To Support The Growth Of The Market By 7.8% CAGR During Forecast Period….
Posted: at 8:33 pm
South Korea, Seoul, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Fact.MR A Market Research and Competitive Intelligence Provider: The global collagen hydrosylate market is currently valued at US $ 1.09 Billion and expected to witness a CAGR of 7.8% to reach $ 2.34 Billion by the end of the forecast period.
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Widespread use in nutritional supplements and surge in need for nutritious diets is expected drive the sales of the market. Besides this, climatic shifts and altered dietary patterns are contributing to various health issues for the people. Health-conscious consumers are predicted to have a good impact on the market.
Moreover, as per the Council for Responsible Nutrition, 68 percent of Americans use dietary supplements that include collagen hydrosylates. Also, consumption of collagen hydrosylate has increased throughout the region, especially in developed regions.
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In addition to this, demand for hydrolyzed collagen in the personal care sector is rising and consumers are inclined towards various ingredients including collagen hydrosylate to achieve glowing skin. Moreover, collagen hydrosylate is also widely used in anti-ageing products due to its hydrating and skin-healing properties.
Besides this, collagen hydrosylate is easy to combine with food products. Its easy to use feature is providing suppliers with significant market opportunities.
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Posted in Food Supplements
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Dietary Supplements Market Size is Anticipated to turn up USD 220.8 billion by 2027 – Yahoo Finance
Posted: at 8:33 pm
Market Leaders in Dietary Supplements Market are Increasing their Market Share Steadily Through Investments and Expansions.
CHICAGO, July 28, 2022 /PRNewswire/ -- According to MarketsandMarkets, the "Dietary Supplements Market by Function (Sports Nutrition, Additional Supplements, Medicinal Supplements), Target Consumer, Mode of Application, Type (Enzymes, Botanicals, Probiotics, Vitamins, Minerals, Amino Acids), and Region - Global Forecast to 2027", is estimated at USD 155.2 billion in 2022 and it is expected to reach USD 220.8 billion by 2027 growing at a compound annual growth rate (CAGR) of 7.3%.
Dietary Supplements Market
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Increasing awareness about nutrition and healthy lifestyles is driving the market for dietary supplements. It is widely known that having a healthy immune system can help reduce the risk or severity of diseases and infections. When combined with proper nutrition, dietary supplements can enhance the body's natural defenses and immunity. As people become more conscious of holistic wellbeing, the demand for immunity-boosting products is expected to increase in the coming years.
Browse in-depth TOC on"Dietary Supplements Market"
372 Tables 66 Figures348 Pages
The dietary supplements market consists of a few globally established players such as Amway Corp (US), Herbalife International of America, INC. (US), ADM (US), Pfizer INC (US), Abbott (US), Nestle (Switzerland), Otsuka Holding Co, LTD (Japan), H&H Group (China), Arkopharma (France), Bayer AG (Germany), Glanbia Plc (Ireland), Nature's Sunshine Products Inc (US), Fancl Corporation (Japan), Danisco (Denmark), Bionova (India), American Health (US), Pure Encapsulations LLC (US), GlaxoSmithKline, PLC (UK). Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments.
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Herbalife Nutrition is a global nutrition firm that offers weight management, sports nutrition, and health & wellness products to people across the world. They distribute and advertise various nutrition products to and through a network of independent members, using a direct-selling business model. It offers dietary supplements under the Weight Management and Targeted Nutrition product categories. Herbalife Nutrition offers a wide range of high-quality and science-backed products, including meal replacement protein shakes, teas, aloes, protein bars, nutritional supplements, sports hydration, and outer nutrition products. Till now, the company has marketed and sold approximately 120 types of product. The company's manufacturing facilities, known as Herbalife Innovation and Manufacturing Facilities or HIMs, include HIM Lake Forest, HIM Winston-Salem, HIM Suzhou, and HIM Nanjing.
The Archer-Daniels-Midland Company (or ADM) harnesses the power of nature to offer nutrition to people all over the world. The corporation is a global leader in human and animal nutrition. ADM's breadth, depth, insights, facilities, and logistical expertise give it unparalleled capabilities to address food, beverage, health & wellness, and other needs. The company owns trademarks, brands, recipes, and other intellectual property, including patents, with a net book value of USD 903 million as of December 31, 2020. The company runs through four business segments: AG Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Others. It offers dietary supplements under its Nutrition segment. The company's Nutrition segment engages in the manufacturing, sales, and distribution of a wide array of dietary supplements and nutrition products, including probiotics, prebiotics, enzymes, botanical extracts, and other specialty food & feed ingredients. The segment also includes activities such as the manufacturing of contract and private label pet treats and foods, as well as the processing and distribution of formula feeds and animal health and nutrition products. The company works through 46 innovation centers, 345 processing plants, 480 crop procurement facilities, and 200 bulk storage facilities in around 200 countries across the regions. ADM runs through numerous subsidiaries, such as Ab Mauri (UK), ABF Ingredients (UK), etc.
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Pfizer Inc. is a research-based, global biopharmaceutical company. Through the research, development, manufacturing, marketing, sale, and distribution of biopharmaceutical medicines around the world, the company employs science and its global resources to offer therapies to people that extend and significantly improve their lives. The company looks to promote wellness, prevention, treatments, and cures for the world's most feared diseases in both developed and emerging markets. On June 2, 1942, the company was incorporated under the laws of the State of Delaware. Pfizer manufactures medicines, vaccines, and consumer healthcare products, among others. The company works through two business segments, namely, Biopharma and Pfizer CentreOne. It offers consumer healthcare products, including multivitamins and calcium supplements, through brands Centrum and Caltrate, respectively, under the Consumer Healthcare segment. In 2019, Pfizer and GSK combined their respective consumer healthcare businesses into a JV that runs globally under the GSK Consumer Healthcare name. Some of the major subsidiaries of Pfizer are Pharmacia & Upjohn (Sweden), Pfizer Japan Inc. (Japan), Medivation (US), and Hospira (US).
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Dietary Supplements Market Size is Anticipated to turn up USD 220.8 billion by 2027 - Yahoo Finance
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