New Products Rushed To Market Before Deadline
If you’ve recently seen a wave of new vaping products hit the market, you can thank the FDA for that. It’ll be at least two years before any new vape devices or juices become available for public consumption.
FOX News is reporting that vape manufacturers have rushed deadlines in order to put new products on the market before the FDA regulations went into effect. You’ll remember that these regulations were implemented just this past week, and the consequences of the law can’t be measured quite yet.
But you can bet that if vape companies are pushing products into the market before the implementation date, that means they’re expecting a lot of trouble in the future.
We’ve previously covered the fact that under the new regulations, no new vape products will be allowed on the open market until they pass the pre-market review process, which you can take a look at here. These regulations also have the added frustration of requiring the same process for any vape products that are already out on the market, which can easily cost $500,000 for every individual product and nicotine level.
So what did vape companies do about this regulation? They forced new products out onto the marketplace. At the very least, it’s thought that the profit from these products will help cover the costs of the laborious process they’ll have to go through to keep their businesses afloat.
Negative aspects of rushing products to the shelves abound, however. Not taking the time to test a flavor or a mix of ingredients could lead to a fall-off of engagement from consumers, leading to lower sales. Also, when companies take the time to do something right, it takes time, something these vape companies did not have.
But these companies are doing what they can in order to keep their shops open. And while rushing new products to the market may have been a thought on a lot of companies’ minds, only a select few have actually quietly released new vape devices and e-liquids.
So don’t expect to see any more launches for new vape juices, because the market is now closed until after a vape company gets approval from the FDA. The current estimated wait time for the release of new products is two years.
Still, the new regulations are expected to close many vape shops, including ones who mix their own e-liquids. Small companies just don’t have the legal team, or the extra disposable cash, to spend on pre-market reviews.
Big Tobacco, however, does. They have legal teams and pipelines in place that can force through their own products, leaving the majority of the vape businesses in the dust. They also have a relationship with the FDA that has made them comfortable with the review process.
If you think about it, Big Tobacco is the big winner when it comes to vape regulations. After all, vape companies are actively competing with the tobacco industry, turning people to safer ways to quit smoking. And it’s not like that industry is in any rush to support vaping, even if they do have vape products on the market.
Putting an umbrella over tobacco and vape products serves just two purposes. The first is to put strict regulations on vaping, which contains nicotine. This is understandable because public health is paramount. However, most of the regulations put forth are common-sense practices that most of the vape industry already practices.
The second purpose is just conjecture but a point worth mentioning. Pairing vape companies, which have only begun operating in the last decade, with massive tobacco conglomerates is favorable to Big Tobacco.
There’s no getting around this fact. Big Tobacco has all of the advantages in this scenario, especially when you realize that about 20 sitting members of Congress have received campaign contributions from the tobacco lobby, including the Democratic Vice-Presidential nominee, Senator Tom Kaine (D-VA). And by placing vape companies under the same regulations, the FDA is trying to ban vaping by holding them up to standards that didn’t exist for ten years.
It appears that Big Tobacco believes that if you can’t beat a competing product with actual facts, bury them under bureaucratic red tape and lawyer’s fees.