January 29, 2018 Changed the Future of Nutritional Supplements

February 6, 2018

When wealthy men decide they have had enough, radical change occurs, think John D. Rockefeller, Andrew Carnegie, Bill Gates and John Pierpoint Morgan. Two recent critical announcements from world renown leaders are notable events with potential significance for the nutrition supplement industry — possibly a break that the industry deserves. On January 29, 2018, three billionaires, Warren Buffet, Jeff Bezos and Jamie Dimon of Berkshire Hathaway, Amazon and JP Morgan Chase respectively, publicly stated they had enough of the U.S. healthcare system. They stated that the current system burdens their companies and their employees with insufficient returns, announcing their decision to create a new healthcare system for their employees.

The three companies are forming a non-profit organization designed to support more than one million employees. Warren Buffett stated the reason behind the triad’s decision “The ballooning costs of healthcare act as a hungry tapeworm on the American economy.” Can this action be a bellwether for nutritional supplements? A 2015 Frost and Sullivan report indicated dietary supplements said that in the U.S., 75% of healthcare dollars go to the treatment of chronic disease with only 3% spent on prevention. That same report indicated dietary supplements could save billions of healthcare dollars by reducing the number of medical events in chronic disease conditions. Nutrition Business Journal 2017 Supplement Business Report stated an expected continuing double-digit growth for the internet nutritional supplements sales channel for the foreseeable future. Amazon knows better than many, the popularity of the supplement market as they command approximately 50% of that category.

This acceleration is likely to receive a boost with another major announcement that also occurred on January 29th. Jack Ma, another billionaire and founder of e-commerce giant Alibaba, announced a partnership with Kroger and is expected to take on the Amazon giant in the U.S. retail market. Alibaba will help Kroger build out its tech platform, and additionally, one of Kroger’s more recent acquisitions, Vitacost.com, will directly benefit from the Alibaba experience. Vitacost.com has been operating under the radar in many respects over recent years, but this partnership will enable more light to shine on the dietary supplement supplier.

With cost savings for the healthcare market a possibility and a receptive market and message, it makes sense that the new paradigm should consider a proactive approach to our healthcare system which embraces the dietary supplement market that has proven itself to be an effective partner in total health care.

Jack Ma, Jeff Bezos, Warren Buffet and Jamie Dimon are all intelligent, innovative and determined billionaires who remain committed to improving the retail market and now, in varying degrees, the healthcare market. Embracing a proactive prevention-based component to our current healthcare system can be a positive change adopted by other global healthcare systems, and it is time for that change in the United States. It will take time before we know the actual importance and impact to the nutritional supplement industry of the announcements made on January 29, 2018. What we do know, is that when billionaires decide to create change, it happens.

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Lori Diez

Lori Diez combines compassion and excellence to lead organizations to their next level. A small-town Texas childhood taught her the value of hard work and relationships, which she uses to foster teamwork that brings results that have transformed cultures and programs to their highest potential. Her successful career in pharmaceutical and nutraceutical sales leadership and event hosting has prepared her to deliver results as the COO of TrustTransparency, where she uses her industry knowledge to ensure that the company’s operations run smoothly as they support nutraceutical companies in their mission to help others. Lori’s passion for charity reflects her belief that individuals working together can change the world, no matter how small their contribution to the effort. This year, she looks forward to continuing over a decade of service at the Houston Livestock Show And Rodeo, where she will be the Chairman of the Livestock Committee.

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Glynnda Steinford, Trust Transparency Consulting’s Director of Customer Relations, brings over four decades of healthcare experience to her vital role in client engagement and relationship building. Her diverse background spans from administering medical groups to impactful stints in pharmaceutical and nutraceutical sales, all underlined by her degree in Healthcare Administration.

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Caiti Dowden stands as a crucial pillar at Trust Transparency Consulting, bringing invaluable insight and expertise to her role as Senior Executive Assistant’ since her start in 2018. With an academic background from Sam Houston University and a career shift from education to the nutraceutical sphere in 2010, Caiti has cultivated a sharp acumen for dissecting industry trends and bolstering strategic decision-making.

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Scott Steinford, a trailblazer in strategic leadership, boasts a certified M&A background, having navigated companies from their genesis to industry prominence. His brainchild, Trust Transparency Consulting, born in 2007, stands as a testament to his dedication to ethical business practices and strategic foresight, offering industry stakeholders invaluable guidance.

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Notably, Scott’s influence is a driving force in the CoQ10 market, where his leadership has significantly bolstered the ingredient’s global presence. His roles in various capacities, including as a New Hope Ambassador, keep the community informed, providing in-depth industry reports and insights.

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