The manufacturers of Indian Systems of Medicines should emphasis on sound system of safety, efficacy and should generate adequate quality and safety data according to international standards to popularize Indian ISM drugs abroad, says M F Farooqui, special commissioner, Indian Medicine and Homeopathy, Government of Tamilnadu.
Participating in a one-day conference on 'Indian Systems of Medicine - Advantage India,' organized by the Confederation of Indian Industries (CII) in Chennai, he said general public perception is that herbal medicines lack any side effects. This is untrue to some extent, and the manufacturers should evolve adequate protocols on quality manufacturing, standardization and overall quality and safety aspect of the drugs.
It is necessary to conduct elaborate market research, more transparency in production process, replacing outdated manufacturing processes with modern techniques and tools, international branding etc. for promoting the traditional Indian system of medicine in the domestic and overseas markets. Further, industry delegations should visit overseas countries and decision makers abroad to impress them on the advantages and strengths of Indian medicine. It is also necessary for the industry to develop its own quality certifications to ensure the consumers of the quality and safety of the drug. This industry should consider the strength of Indian expatriate population in different countries to popularize Indian systems of medicine. The market for traditional medicines is also growing significantly in the world markets, said Farooqui.
According to Dr. G Bhakthavalsalam, chairman of Healthcare Sub-committee CII (Southern region), data states that in spite of the advantages India have, our share in the traditional system of medicine in the world is just two per cent, compared to China's 40 per cent. The global market for alternate therapies is huge and the Indian herbal industry should try to tap those markets, including avenues in health tourism, said Dr. G Bhakthavalsalam.
Dr. V P Siddhan, chairman of Cholayil Pharmaceuticals Pvt. Ltd, stated that it was a pitiable situation that India has just 10 Ayurvedic companies having an annual turnover of above Rs 50 crore, despite its tradition spanning many centuries. Investment in R&D and human capital is important for the industry.