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Roadblocks in Ayurvedic Pharma 2020 Vision The herbal remedies market world-wide is expected to record healthy growth in the next few years. Ayurveda is perfectly poised to benefit from this. Experts predict that the market will grow to $8 billion by 2022. This is more than two-fold growth in the market prospects. But this would not be easy. Although Ayurveda is an important herbal medicines school, the bulk of the trade is controlled by Chinese industries. For Ayurvedic pharma companies India to realise its full market potential it must recognise the challenges it is facing and utilise modern methods in manufacturing and marketing.
Challenges Facing Ayurvedic Medicine: Lack of awareness: While Ayurveda has enjoyed a long and glorious past in India, its followers in the global market are not many. This is largely due to lack of awareness about Ayurveda, its philosophy, believes, and its history. For many in the Western and even Eastern markets, this is a completely novel and untested product. Unlike other medicinal products, Ayurveda, is considered to be dubious, its reliability not certain. The ignorance of this ancient science has led to fewer people buying such products. It has failed to create awareness of itself or to establish any loyal following. For a new product, this has been a major handicap.
Sourcing: One of the unique characterises of Ayurvedic products is its sourcing. The natural elements in herbal medicines is their biggest USP. Many consumers are now switching to such products because of rising concerns about conventional medicines and cosmetics. Herbal medicines are seen as safe and reliable because they come from nature itself and are free of any impurities. However, Indian products have a severe handicap here because of our high levels of soil pollution and use of pesticides. Because of this, even though Ayurvedic medicine may be made from completely natural elements, all these carry toxic traces from the fertilisers and pesticides. The lack of options in sourcing means that we cannot certify our products as 100% chemical free.
Toxicity: It is not just the sourcing that is a problem for Ayurvedic pharma companies India. Some Ayurvedic remedies also contain small amounts of metal, some which are toxic like lead. While many manufacturers have now successfully removed traces of such toxic metals, the presence of these has initially brought in sanctions, which effected public opinion. The presence of certain metals can also work against a 'natural ingredients only' tag.
Lack of standardisation: Ayurvedic medicines were often made by individual practitioners using their own methods and understanding. Ingredients, although carefully, added, often varied from one practitioner to another. This hinders the standardisation of products. We cannot have a standard method or ingredients that are essential for certification and recognition by foreign certifying body. The problem becomes even more complex because there is no fixed means of ascertaining the right formulations. Different practitioners often follow different texts when referring to ingredients and dosages. This also effects quality control, which is only possible if there are set standards to maintain. Although the Ministry of AYUSH is now setting up a body to look into the matter, the lacunae in the present environment impacts the industry's prospect in countries stricter regulations.
Marketing: As mentioned above, the smaller Ayurvedic firms are extremely poorly placed in the aggressive marketing world of global medicine. With the market for herbal medicine now opened up and interest peaking, there are now a number of competitors, including big pharma companies. Indian companies suffer from poor marketing, lack of distribution system and resources. With interest in the natural remedies market peeking up, this is the time for Ayurvedic pharma companies India to make their mark. However, we need to meet the looming challenges facing the industry before we can realise its full potential.
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