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This is Fred Ball for Zions Bank, speaking on business.
Herbs and other types of plants are at the root of modern medicine, so it's no surprise that in the past 10 years, more and more Americans have been compelled to return to these herbal roots. This herbal migration has created a boom in nutraceuticals, a term used to describe natural compounds with medicinal properties that promote health and prevent disease.
With the growth of the nutraceutical industry came increased opportunity for nutraceutical producers, such as Cornerstone Nutritional Labs, located in Farmington. Steve Hatchett, general manager of Cornerstone Nutritional Labs, tells me the company was formed five years ago as a result of a merge between two established nutraceutical manufacturers, Modern Health Strategies and Excellent Foods. Since the merge, the company has grown to become an industry leader in contract nutraceutical manufacturing.
Cornerstone has adopted an innovative "nutra-pharma-hybrid" model. Steve tells me this model combines the discipline and high manufacturing standards exhibited by the pharmaceutical industry with the responsiveness found in the dietary supplement industry to create a superior product.
Cornerstone covers every aspect of nutraceutical production. This includes blending products in-house, putting them in capsule or tablet form, and then packaging and shipping the finished product all over the world. Cornerstone produced 1.4 billion capsules last year alone and was one of the largest suppliers of encapsulated dietary supplements imported to Japan. That is one massive amount of supplements.
Steve says Cornerstone has experienced a 25 percent compounded growth for the past five years and is expected to continue that same kind of growth for at least five more years.
For Zions Bank, I'm Fred Ball. I'm speaking on business.