Nutritional products, compositions, pharmaceutical preparations and methods of use are disclosed for the prevention, suppression and treatment of anemia and/or diabetes and its various associated comorbidities. Uses of Ergothioneine to neutralize free radicals and/or cytokines, reduce oxidative stress, prevent inflammation, stimulate red blood cell production with increased levels of hemoglobin, and/or stabilize iron in its normal 2+ charge for proper oxygen binding and carrying are further disclosed. The extraction of Ergothioneine from whole food sources and bacterium for use in nutritional products, compositions, pharmaceutical preparations and treatments is also disclosed.