1
A novel product needs to be identified that has the potential to be efficacious and safe for use on bananas. It could be already registered for another crop ora completely new active. This can take years to develop.
2
Once a novel product is identified, the chemical company needs to be supportive of working with the banana industry to bring a new product to market. The potential market is relatively small and therefore doesn’t, on its own, offer good return on investment.
3
If this can be overcome, a full suite of efficacy and residue trials is required on bananas. Trials must be conducted by an independent testing company across multiple seasons and geographical regions. There is a shortage of chemical testing companies in Australia. This step can also take years.
4
Upon completion, the product must be registered through the Australian Pesticide and Veterinary Medicines Authority and may take a couple of years to complete.
5
The product can be released to growers.
COSTS INVOLVED – TIME AND MONEY
For chemical companies, identifying and bringing a new, innovative crop protection chemical to market, costs over US$286 million (approximately AUD$430m+) and takes about 11 years of research and development. This is driven by strict regulatory, safety, and environmental data requirements, all of which require comprehensive and varied trials.
Regulatory compliance is a significant contributor to the cost, with APVMA registration fees ranging from thousands to over a hundred thousand dollars depending on the application complexity.