GLOBAL TRADE IN HERBAL MEDICINES

Sudden spurt in number of cases of harmful side effects of synthetic drugs reported have created a radical change in perception and interest of people; creating a favorable tilt towards Global Trade in Herbal Medicine. WHO in one its recent publications states that about eighty per cent of the world population relies on traditional medicines, largely plant based, for their primary health care needs. It estimates the present size of global market for herbal based medicines to be approx. US $ 60 billion and projects, as witnessed by present trend, that same is expected to touch the volume of US $ 5 trillion by 2050. The monograph contains detailed facts and their analysis in context to market overview, global trade, WTO and its impact on herbal medicine trade, regulatory provisions and suggestions on promotional strategies for export of herbal medicines in global perspective. The same has also been analyzed and presented in Indian context, supported by a quantum of data [both primary & secondary] presented in tables, besides deliberation on challenges and constraints being faced by Indian Medicinal Plant Industries and possible strategies to overcome them.