Phytopharmaceutical industry and emerging opportunities in the Indian market is massive. The projected global market for herbal medicines by 2023 is USD 111 Billion.
A phytopharmaceutical is defined as a purified fraction with minimum four defined bio-active or phytochemical compounds of an extract of a medicinal plant or its part. In the last two decades there has been a significant increase in the use of herbal medicines, but lack of research data is a major roadblock. In 2013, the Government of India announced a renewed set of regulations for Phytopharmaceutical drugs. These new rules lay out details of clinical trials, import or manufacture, pharmacodiagnostic information, processing, formulation, stability, safety and toxicity data.
Traditional Chinese medicine has already established itself as a leader in the herbal market. Being a country rich in bio-diversity, the opportunity for India is massive. Currently, around 8000 plant based remedies are available in India via AYUSH systems. The revenue from Ayurveda, Siddha and Unani alone is annually over half a billion dollars. The projected global market for herbal medicines by 2023 is USD 111 Billion.
Phytopharmaceuticals are predominantly used in preventive healthcare or immune related disorders. They are also used as treatments for various other conditions such as hepatitis, dermatitis etc. Key segments to tap in the future will be treatment for cancer. Recently, Madras University bagged two patents for extracting a phytochemical compound ‘Mazapotin’ that has shown potential for treating both cancer and diabetes. Schaper & Brummer, Biotech Corp., Bioforce AG, Max Zeller, Himalaya Global Holdings are some of the major global players.
Dr R.B Smarta
Chairman and Managing Director
Interlink
