The union commerce ministry has submitted a proposal to the SAARC secretariat, urging them to focus on strengthening trade relations between them for Ayurveda, Siddha and Unani (ASU) products. This proposal was made with an aim to support and encourage the traditional medicines based industry from India and other SAARC nations to grow their business in the member countries, in the wake of the huge setback faced by them due to the THMPD implementation in the European Union (EU).
The proposal, which was developed by Pharmexcil under the direction of the commerce ministry, was submitted to the secretariat three months back and was prepared after repeated consultation with the stakeholders during the world Ayurveda congress that was held in Kerala last year. Under the proposed agreement, India seeks to explore newer business avenues and market opportunities for the manufacturers of the traditional medicines by propagating the use of ASU and other herbal products in the SAARC countries.
Dr P V Appaji, director general (DG), Pharmexcil informed that the MoU proposes special focus on exchange of information on the traditional medicines especially on Ayurveda, that will help in the growth of this indigenous industry. It also stresses on the need for promotion of trade related activities between all the member countries along with organising meeting on regular basis with the concerned regulatory authority on the changing regulatory scenarios in the respective countries.
He stressed, “We do understand that the industry is going through a very rough phase due to the regulatory requirements in the EU, adversely affecting the growth and revenue of the industry. That is why the government decided to chart out this pro industry strategy for supporting the industry by providing them with the much needed impetus to cope up with the mounting pressure.”
He further stressed that their key focus is to promote exports and use of the traditional medicines between the SAARC countries.
Total revenue that India gets through the exports of the ASU and herbal drugs is estimated to be around Rs.14,000 crore, which Pharmexcil aims to double in the near future through such initiatives.
Source:Pharmabiz
The proposal, which was developed by Pharmexcil under the direction of the commerce ministry, was submitted to the secretariat three months back and was prepared after repeated consultation with the stakeholders during the world Ayurveda congress that was held in Kerala last year. Under the proposed agreement, India seeks to explore newer business avenues and market opportunities for the manufacturers of the traditional medicines by propagating the use of ASU and other herbal products in the SAARC countries.
Dr P V Appaji, director general (DG), Pharmexcil informed that the MoU proposes special focus on exchange of information on the traditional medicines especially on Ayurveda, that will help in the growth of this indigenous industry. It also stresses on the need for promotion of trade related activities between all the member countries along with organising meeting on regular basis with the concerned regulatory authority on the changing regulatory scenarios in the respective countries.
He stressed, “We do understand that the industry is going through a very rough phase due to the regulatory requirements in the EU, adversely affecting the growth and revenue of the industry. That is why the government decided to chart out this pro industry strategy for supporting the industry by providing them with the much needed impetus to cope up with the mounting pressure.”
He further stressed that their key focus is to promote exports and use of the traditional medicines between the SAARC countries.
Total revenue that India gets through the exports of the ASU and herbal drugs is estimated to be around Rs.14,000 crore, which Pharmexcil aims to double in the near future through such initiatives.
Source:Pharmabiz
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