India has 7,000 plants that contribute to the manufacture of drugs / nutraceuticals and 1,200 plants are actively marketed.
By Amit Srivastava
India is poised to become a $ 10 trillion economy by 2030. There are also opportunities to enable and empower industries that have inherent powers to contribute to the economy. One of those industries is the nutraceutical industry which alone can contribute $ 100 billion by 2030.
Currently, the global nutraceutical market is $ 400 billion. About 60% of this is in the United States and India is currently 2%. India, with a current contribution of $ 8 billion, has the immediate capacity to reach $ 40 billion by 2024 if basic adjustments in policies and supports are made to this industry.
To set the context, let’s first understand that nutraceuticals is a specialty industry where nutrition is designed with evidence-based health outcomes as the primary focus. The ingredients of nutraceuticals come from plant sources, biotechnology and animals. India is one step ahead with Ayurveda. India has 7,000 plants that contribute to the manufacture of drugs / nutraceuticals and 1,200 plants are actively marketed. To make sense of what each plant might contribute, let’s take a look at the Ashwagandha and Curcumin success story.
Both plant sources were used in traditional Indian medicine, but they did not have a compelling history for worldwide credibility. Both plant sources took on a global dimension when their value was validated by modern science backed by clinical trials.
Today, Curcumin and Ashwagandha, combined together, command over $ 278 million worldwide. Imagine if we could do the same exercise for 1200 actively marketed plants. Even though we are aiming for the top 20, we are aiming for around $ 8 billion. With a target of just 20 ingredients added per year in scientific validation, India can expect to contribute around $ 30 billion from plants alone.
Let’s take a look at what nutraceuticals are and what is needed to make them a $ 100 billion industry in India by 2030.
Nutraceuticals sit between food and drugs with a strong drug orientation as this industry is focused on science, health outcomes, clinical trials, etc. The pillars of the nutraceutical industry are 1) standardized agriculture of medicinal plants, 2) active nutraceutical ingredients (ANI) 3) Formulations 4) Start-UP ecosystem, 5) Academic.
The Power of Five waiting to be unleashed to bring India to a $ 40 billion market by 2024.
India has the power of 52 agro-climatic zones. This gives us the opportunity to have the widest variety of medicinal plants that can be grown in India. This force remains largely untapped. The rich vein of Ayurveda awaiting clinical validation according to the protocols of modern science. The strength of the Indian pharmaceutical formulation and clinical validation practice has yet to be harnessed in nutraceuticals. The formulation knowledge of the advanced food technology industry has not permeated nutraceuticals well.
Access to the American market
India enjoys one of the best relations with the United States. However, government support to create exposure to Indian nutraceutical innovators is lacking.
The challenges facing India’s nutraceutical potency are that there is no dedicated industry body, no HSN codes – Industry is under pressure to comply with irrelevant HSN codes, no regulatory authority dedicated regulation, no educational infrastructure, no incentives, grants and investment programs and no support for the internationalization of the nutra industry
Some key areas that can be a solution for business empowerment are internationalization initiatives such as the UNPA-India Initiative, Shefexil Empowerment and its Industry Promotion Program, Resolving Confusion biodiversity, the policy for HSN codes, the policy for industry-specific PLI programs, the creation of industry-specific programs. Investment tools, integrating national drug plans, identifying top 10 products to focus on – for global leadership, regulatory and human resource capacity building, rewrite / modify Indian pharmacopoeia Ayurveda, implementation of FSSAI nutraceutical policies and the way it is processed and academic collaboration to make room for innovations.
India has a rare winning proposition to be a world leader in nutraceuticals outside the United States with revenues in the order of $ 100 billion by 2030, but it remains stuck due to its counterproductive policies tangled. Nutrify Today works consistently with the Indian nutraceutical industry, international organizations and government offices to enable and empower India’s nutraceutical industry. Nutrify Today is one of the largest marketing technology platforms for the nutraceutical industry in the world.
(The author is the Chief Catalyst, Nutrify Today, Bengaluru. The article is for informational purposes only. Please consult with health experts and medical professionals before beginning any therapy or medication. Opinions expressed are personal and do not reflect the official position or policy of the Online Express.)
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