Global herbal market valued at $ 3,500 mn

Hyderabad: The global market for herbal drug industry in India is put at US $3500 million and 65 per cent of herbal medicines were categorised as Ayurvedic Medicines out of 1,200 single ingredients and 10,500 Polyherbal formulations registered, said President of Indian Society of pharmacognosy, Prof V K Dixit, at a global three- day scientific conference, organised by OMICS International here on Monday, stressed the need for focussed attention on pharmacovigilance.

He urged the government to strictly implement the good medical practices to earn right place for India in the area of herbal medicines globally.

Vice-Chancellor of KLE University Chandrakanth Kokate said Indian herbal industry has the potential of capturing world market and acquiring the status of global leader. It was, however, only possible with application of science of modern drug technology to the production of verbal medicines, he said.

He further said India was one of the major producers of herbal raw materials systematically used across the globe for the production of wide spectrum of phyto-medicines. The Indian herbal industry has the potential of capturing the world market and provided strategic approach was adopted for developing convincing quality control parameters for the domestic production of herbal medicines, he said.

While speaking about the specialisation of Pharmacognosy, he said that 300 Pharmaceutical colleges were established in Andhra Pradesh out of 1,080 in India. OMICS International MD Dr Srinubabu Gedela and others attended the conference.