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G. Gururmurthy

COIMBATORE, March 25

THE Export Import Bank of India (Exim Bank) has commissioned Indian Institute of Technology, New Delhi, to do a study on the export potential of the Ayurveda and Siddha systems of medicines, products and services.

Lack of documentation on the Indian system of medicines and their formulations to scientifically establish their curative elements had been a daunting task in promoting these products for overseas marketing, notwithstanding their market potential, said Mr Vinayshil Gautam, Professor, Department of Management Studies, IIT-Delhi, who has been roped in to conduct the study.

``So far, the Ayurvedic/Siddha medicinal products from India are largely accepted as only health aides or dietary supplements but their curative properties are not being accepted. One reason for this will be that the credibility of these medicines has not been established as desired by the consumers in the importing countries,'' he said.

Mr Gautam was addressing a recent business interactive meeting on promoting traditional systems of medicine conducted here by the Exim Bank.

``The Ayurveda medicine is not included in the lists of medicines permitted for imports in the US for want of established credibility. So you end up peddling to the 'beauty aides', cosmetics/stimulants. Whereas, China has already entered and established itself in herbal medicine exports in a big way,'' he said.

The Exim Bank commissioned study would focus on institutionalising Ayurveda/Siddha medicine manufacture/delivery practices by taking into account the issues relating to lack of documentation on the traditional system of medicines, the difficulties in procuring quality raw material, supply chain management, deficient packing material, ban on sourcing herbals which are some of the impediments in exporting Indian medicines.

Mr Gautam later told Business Line that he hoped to complete the study and finalise his recommendations within the next two to three months.

The Exim Bank's study would largely focus on the Ayurveda/Siddha sectors in the South-eastern/South-western parts of India where small and medium scale operations in these systems of medicine are actively engaged. The capital formation in these sectors in the region too remained rather low.

Exim Bank too looks at opportunity of funding exports of herbal medicines in the wake of the recent RBI permission that allows granting line of credit (LOC) facility for export of drugs and commodities

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