Formula milk companies received a thumbs-up from Vice Premier Jiang Yi-huah for pledging to freeze prizes and offering promotional discounts on products. Jiang, who also spearheads the Executive Yuan's price stabilization task force, reaffirmed the government's commitment to easing the public's economic burden and encouraged other companies to join the drive.
Following recent news reports of impending powdered milk price hikes, the vice premier on October 11 instructed the Department of Health and the Executive Yuan's Department of Consumer Protection to keep close tabs and work out a satisfactory solution with vendors. Efforts were met with positive responses as many importers agreed to keep prices level in the short run and absorb cost increases from their overseas suppliers.
NutriHome cancelled planned hikes to its Platinum Infant Formula-1, Platinum Growing-up Formula-3, Platinum Gold HA Infant Formula-1 and Platinum Gold HA Growing-up Formula-3 products. Other companies freezing prices include Abbott, Standard Foods (Quaker), Mead Johnson, Orient Europharma and Uni-President (Meiji).
As for newer products, Pfizer Nutrition subsidiary Wyeth will soon offer distributors a Buy 24 Get One Free deal—or a 4-percent discount—on the S-26 Progress Gold formula for toddlers and the S-26 Promise Gold for young children. This will allow distributors to acquire new products at the same average cost as the old, the DOH pointed out, passing on savings to consumers. Wyeth also pledged to send out promotional notices asking distributors to price the lowered acquisition cost into products.
Nestlé, similarly, will be offering a Buy 12 Get One Free promotion on their new NAN HA-3 Super Premium Growing-up Formula for toddlers. In cooperation with the government's price stabilization policy, Nestlé said this will be its first ever sales promotion in Taiwan in 25 years.
According to the Executive Yuan, consumer protection inspectors will be dispatched as soon as today to supermarkets and pharmacies across Taiwan to ensure that businesses are cooperating and that consumers reap the benefits.