Ayurveda and Traditional Medicine – Marketing Business Plan
A large number of diseases have Ayurvedic treatment much superior to the other system of medicines and this has been recognized the world over. Thus Ayurvedic medicines/drugs are becoming popular day-by-day and demand for its usage is increasing not only in the eastern countries but also worldwide. The inherent quality of Ayurvedic treatment of having negligible side/after-effects has made the great potential for its production.
1. Market Potential
There is more recognition for the nonallopathic system of medicines in the country now than in the past few decades. The concept of an alternative system of treatment notably herbal and Ayurvedic medicines therapy is gaining ground and attracting attention worldwide.
There is more and more scientific research being conducted in our country for the treatment of various diseases by Ayurvedic and herbal therapy.
2. Get Training
The pre-requisite to start an Ayurvedic drug manufacturing unit is through knowledge. For this, you can obtain a bachelor’s degree in Ayurvedic Medicine. Many universities in India offer this course such as Anantha Laxmi Govt. Ayurvedic College in Warangal and Government Ayurvedic College Post Graduate Training & Research Centre in Patna. You might even opt for a diploma course. Once you have got your credentials, you can start doing your research.
In order to decide a particular set of medicine you want to manufacture, it is crucial to identify your target audience. Do proper market research and find out what kind of medicine is selling like a hot cake.
Presently, skin-related and obesity-related herbal medicines are going off the shelves as soon as they climb it.
3. Run for the Raw Material
Once you have decided on a niche market, it is time to gather the raw materials required for making your medicine. Some medicines require special equipment. Invest in those. Get details of Ayurvedic machinery manufacturers and suppliers. Toe-up with them.
Get your raw materials ready and assembled and mix your own herbs, or go for the already established tried and tested medicinal formulas. At this point, it is vital to tie up with a leading Ayurvedic Practitioner; they will practice, and you will supply the medicines they recommend.
4. Selling Your Product
Make a list of vendors who supply herbs in order to make medicines. Make an inventory so that it is easy to get supplies when you run out of your raw material. You might consider supplying your traditional herbs to those dealing in Ayurvedic cosmetics, and traditional food products.
(Not only medicines but also Ayurvedic cosmetics and food products are equally in high demand. Apart from actual manufacturing, other related aspects such as the cultivation of medicinal herb plants (refer: Herb farming), and supplying raw materials are also in great demand.)
5. Legal and Financial Issues
For manufacturing & selling Ayurvedic medicine, you need a license from the Drug Comptroller of India. The best way to get your formulations, if any, get tested from NFL (national physical laboratory), or Sri Ram Lab (Delhi University area) & then apply for sanction to manufacture.
You need to set up GMP (good manufacturing practice) certification which requires neat & clean A/c. manufacturing unit. Also, all these and setting up the manufacturing unit will cost a fortune. Promoting them would also require money. Therefore, it is vital to consult your financial advisor.
Note– Though the production of Ayurvedic medicines is a rewarding business in the manufacturing sector. This business calls for proper research as you mix your own compounds and make your own medicine, which can sometimes be risky if gone wrong and land you in legalities.
Contact our business consulting for more about Ayurveda and Traditional Medicine.