In 2006, global sales in the cosmetics and toiletries sector grew 10% to more than $253 billion, according to Euromonitor International. The potential for profit in this sector has drawn biotech startup companies as well as major cosmetics firms to manufacture cosmetics with purported pharmaceutical effects, commonly called cosmeceuticals. Biotech startups are drawn to the financial possibilities of making products without the cost or concern of clinical trials; for example, only two skin creams on the market have FDA approval. Testing is only required if a product proves to be unsafe after it comes to market. Frequently, the components of cosmeceuticals include growth factors, bioactive peptides and DNA repair enzymes, and most cosmeceuticals on the market claim to have antiaging and antiwrinkling properties. Some of the biotech companies involved in this business segment are NuLastin, AGI Dermatics and DermaPlus.

Source: Nature Biotechnology

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