India Requires Sound Policies to Compete in Rapidly-Growing Global Nutraceutical, Ayurveda Markets

Posted on January 9th, 2023

There is an urgent need for India to formulate sound policies and create the necessary infrastructure to meet the global statutory requirements for nutraceutical and ayurvedic products, stated Dr. Muhammed Majeed, Chairman & Founder, Sami-Sabinsa Group, a health-science player.

“A rapidly expanding global nutraceutical and Ayurveda market requires India to make concerted policy, regulatory, and marketing efforts to ensure sustained global acceptance of our AYUSH and nutraceutical products,’‘ he told The Hindu.

This included establishing pharmacopeial standards, robust quality control, setting up regional testing laboratories, stronger enforcement of AYUSH drug regulations, and further empowering the Export Promotion Council to promote plant extracts and nutraceuticals, he added.

According to him, the planned cultivation of medicinal plants is still at a nascent stage in the country and therefore the AYUSH Industry still depended on the wild for its supplies. Also, the farming community was skeptical about the cultivation of non-traditional crops due to a lack of clarity on market opportunities, he observed.

Dr. Majeed further said, “The National Medicinal Plants Board (NMPB) should aggressively encourage the farming community to take up the cultivation of medicinal plants by providing incentive grants and marketing support.’‘

Such an effort would not only help marginalised farmers, but also ensure high-quality raw materials for the industry, lowers raw material costs, and boosts the competitiveness of Indian Ayurvedic and nutraceutical exports, he believed.

He further said, in markets such as the U.S., Europe, Japan, Australia, etc. where preventive health care was gaining prominence and focus on Ayurveda and neutraceutical was on the rise. “But, regulations are very stringent in global markets to ensure quality and safety standards. India needs to immediately focus on policy and regulatory issues,’‘ Dr. Majeed concluded.

Source: The Hindu 

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