The problem that is being addressed and its significance
Should toxicity be over or under-regulated? Neither option is desirable. Over-regulation of chemical risks imposes costs on industry that are unwarranted, thereby weakening economies. Under-regulation, on the other hand, leads to costly health effects to consumers, citizens, and natural resources. Michabo offers help to resolve this chemical control dilemma.
The European chemicals market trades over €563 billion per year (one-third of the world market), while the chemicals industry in emerging economies are now outpacing those of Europe and the US (Chinese chemical industry traded $1.3 trillion in 2014) at a time when many countries have taken new steps at legislating toxicity reporting; i.e. laws such as REACH in Europe (Registration, Evaluation, Authorisation and Restriction of Chemicals) make industry responsible for reporting and managing chemical risks. REACH applies to all companies from around the world that sell products to the European market. Laws such as TSCA in the US imposes a new risk-based safety standard to determine whether a chemical use poses an ‘unreasonable risk’. These laws have also broadened the types of scientific evidence deemed to be useful for chemical safety assessment and regulation. Both the Lancet Commission Report on Pollution and Health (2017) and England’s Chief Medical Officer’s Annual Report (2017) recommend major future public health investments at minimising the harmful exposure to chemical products and pollutants.
Currently, regulatory testing of chemicals and pharmaceuticals is globally estimated at over $25 billion annually. Our business offers solutions that (1) ensure that future chemical products are safe by offering cost-effective alternative methods at minimising risk to customers and businesses, and (2) prioritise actions to safeguard people from existing health hazards.