India is recognised as one of the world’s largest repositories of medicinal herbs and herbal drugs. Yet the country accounts for a meagre 2 per cent of the world’s organised herbal drugs market, which is reckoned to be as much as $ 63 billion and growing annually by 7 per cent. The country’s share in the global exports of herbal medicines is also low, at around 10 per cent, and takes place largely in the form of herbs or their extracts and not as value-added products. As a result, the herbal drugs sector, including the ‘nutraceutical’ sector, remains a poor cousin of the thriving pharmaceutical industry. This state of affairs prevails notwithstanding the documentation of nearly one lakh plant-based medicinal formulations in the country’s ‘traditional knowledge digital library’, created to provide intellectual property protection to this valuable wealth. It is evident that most of the formulations developed under the ancient medicinal systems of Ayurveda, Siddha and Unani, and described in classical texts, remain outside the purview of the organised drug manufacturing sector.
Read the remaining article at source: Business Standard
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