Exports of medicinal plants from India are projected to reach value of over Rs 1750 crore by 2006-07 and over Rs 2650 crore by 2009-10, estimate industry circles.
India’s export share in the global market accounts to about 13 per cent. The Directorate General of Commercial Intelligence and Statistics (DGCIS) data says that India exported medicinal plants valued at US $ 98 million and extracts up to US $ 36 million during the year 2001-02.
USA is the leading importer of crude drugs and extracts and accounts for about 50 per cent of India’s medicinal plants exports earnings, followed by Japan, France, UK, UAE and Germany. Indian medicinal plants are exported to OECD countries, Central and Eastern Asian region, Middle East and Africa.
Standardisation of herbal products and promotion of specific potential herbs can make India a major player in the herbal industry. Indian herbal products have great potential in markets such as the US, Europe and Japan. National Medicinal Plants Board (NMPB) and Pharmexcil have a key role to play in achieving the projected target, opine industry sources.
In order to boost exports, companies should develop international standards through organic cultivation, better extraction technologies, storage technologies. Public-Private partnership consortiums can work in a focused manner on specific species and products. Global standards will have to be matched in all the stages of product development right from raw material to finished product.