The Confederation of Indian Industries (CII) Chennai is organizing a one-day conference on the Indian System of Medicine on August 12 in Chennai with emphasis on exploring the business opportunities in the global herbal market.
With the theme 'Indian System of Medicine - Advantage India', the conference held at the GRT Grandays Convention Centre would focus on need for creating a favorable environment for traditional medicines in domestic and global markets, understanding and creating mindset among manufacturers and creating opportunities for Indian medicines, evolving strategies for tapping the global market and move up the value chain with a stringent brand presence etc., said CII sources.
The conference will also focus on IPR and changing FDA laws in USA, Australia and Europe.
Eminent industry experts and industry leaders of the ISM sector from different parts of the country are participating in the conference.
CII noted that a study of WHO stated that over 80 per cent of world population relies on the traditional systems of medicine, largely plant based to meet the primary healthcare requirements. The global market for herbal healthcare products include medicines, health food supplements, herbal beauty and toiletry products etc., estimated to the tune of $ 62 billion. Of this, China accounts for 50 per cent of world trade, while India's share is only less than 2 per cent, in spite of having strong knowledge base and vast national recourse for medicinal plants, noted CII.