Word: marketization
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Dates: during 1990-1999
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...years of tests--as pharmaceutical firms typically do to check out new medications. Unlike drugs, most herbal preparations cannot be patented, so the testing company would not be rewarded for its efforts. The FDA, meanwhile, would have to prove that a supplement is unsafe before yanking it off the market, yet it has no authority to test nutritional supplements. "The result is that there are a lot of products on the market that little is known about," says FDA deputy commissioner for policy William Schultz...
...labor have been relatively inexpensive. Utah's free-enterprise culture has nurtured characters like Tom Murdock, an Arizona entrepreneur who in 1969 started what is now Murdock Madaus Schwabe, whose Nature's Way line is the top-selling herbal brand in health-food stores. Murdock founded the company to market the chaparral herb, which he had used to treat his cancer-stricken wife...
With the invasion of pharmaceutical companies, the entire supplements industry is braced for a shake-out. In the long run, the new arrivals could bring more testing and standardization to the market. But in the interim, their presence may prompt more corner cutting by companies that are pressured on price and that may respond by diluting potency and quality. The new arrivals "are bringing marketing dollars and something very important to the industry--consumer awareness and legitimacy," says Matthew Patsky, managing director of the investment bank Adams, Harkness and Hill. "What you're going to see is a dramatic increase...
This schizophrenic stock market keeps offering us the chance to buy great companies at good prices, as one sector after another rapidly rotates from favored to hated. Now in the doghouse, for no good reason, are the banks. Two weeks ago, mutual funds and other big investors decided these stocks had become "must owns," given the Federal Reserve's new bias toward easier credit. Shares of the Chases and Citigroups were flying out the door. An index of bank stocks peaked in July at 932, then plummeted to 592 in early October before vaulting back...
...that smacks of opportunity. If we step away from the transient worry about whether the Fed will cut rates further when it meets this week, we can see that bank stocks are selling for substantially less than almost any other sector of the market. Tech, drugs and even oil shares trade at a much higher valuation, relative to expected earnings. Why? Because many bank loans have gone bad in Asia, Russia and Latin America, not to mention the Long Term Capital hedge fund...