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Overseas firms eye Indian herbal market
Monday, 05 April 2004, 19:30 IST
NEW DELHI: You could call it a dose of India's own medicine.
Even as India is slowly awakening to the business potential of its traditional herbal medicines and healthcare products, overseas companies like Kansas-based Ancient Formulas are seeking entry into the growing market here.
What is more interesting is that some products being pushed into the Indian market are made up of raw material imported from here or developed by Indians settled overseas.
"We are looking to work with Indian herb dealers as we find there is a vacuum here for some of the products we have developed using Indian and Persian raw material," said M.S. Raj, CEO of Arizona-headquartered KBC Inc. that is a venture partner of Ancient Formulas.
Raj is among several experts from the US who are participating in a seminar being held alongside the fourth International Healthcare and Herbal Expo here.
The event has been organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) jointly with the health ministry and the Chennai-based Voluntary Health, Education and Rural Development Society (VHERDS).
An alumni of the Christian Medical College in Vellore, Raj has done his doctorate in medical virology. For the last 12 years, he has been developing new herbal products in the US using his knowledge of traditional Indian medicine.
Among his most successful products in the US market, which accounts for one-third of the global $60 billion herbal products trade, are de-bittered fat-free fenugreek (methi) preparations for diabetes, lactating mothers and for hypertension and cholesterol control.
"While fenugreek use for different diseases is well-known, the product we have developed does not have any bitter taste or smell," Raj told IANS.
Every year, KBC Inc and Ancient Formulas develop one or two new products, which are "promoted in the US through legal channels or naturopaths who are allowed to recommend herbal products as health or diet supplements".
Ancient Formulas, headed by Mark Aghakhani of the Aga Khan family, has 42 formulas based on Indian and Persian systems and ingredients to offer the Indian market, ranging from oils for pain relief to medication to stem uterine bleeding and provide relief to patients suffering from enlargement of prostate.
KBC and its Indian subsidiary are using the herbal expo as a platform to make a pitch for their products.
"Our effort has been to promote herbal products by helping people understand the ingredients used and how it works," said Raj, who disclosed that there are many other people of Indian origin in the US who are developing new formulas and products using their traditional knowledge.
From organic eggs to acupuncture and homeopathy treatment, the herbal expo is an eye opener to the huge global potential in herbal lifestyle products and medicines.
Eyeing the growing preference for natural products in India is South Korea's Daesung Pharm Co Ltd that is looking for Indian importers for its prized Ginseng Red herb.
"We are currently selling our products in 15 countries, mostly in the Middle East. As India knows about the advantage of herbal products, we are hoping to supply here our finished products used for greater vitality and diabetes cure," said H.J. Jang, director of the overseas department of Daesung Pharm.
While not averse to selling raw Ginseng Red, a root like herb also grown in China and the US, Jang said they would prefer to supply value added products as these would fetch better margins.
Source: IANS
Source: IANS