Big pharmas taking hold of herbal medicine market
Big pharmaceutical companies in Bangladesh are
gradually taking hold of the country's growing market for herbal medicines as
people are opting for higher quality natural remedies with recognisable brand
value.
The demand for herbal medicine is expanding
fast as they have no side effects and are clinically proven to be effective in
treating various ailments, according to industry insiders.
And although there is no reliable data, the
market for herbal medicine generates annual revenue of about Tk 2,500 crore,
which is one-tenth of that earned by the overall pharmaceutical sector, they
said.
At present, leading drug makers such as
Square, Beximco, Incepta and Acme cater to 30 percent of the country's demand
for herbal medicine, earning them a combined Tk 800 crore each year.
Habibur Rahman, general manager of marketing
at Incepta Pharmaceuticals, said the demand for herbal medicine of
pharmaceutical companies has been growing by 30 percent annually for the past
decade.
Rahman pointed out that a major benefit of
producing herbal medicine is that all the required raw materials can be sourced
locally.
And while the number of herbal medicines
provided by pharmaceutical companies may be low, the demand is high as
customers are more trusting of the natural remedies offered by renowned brands.
This is because like allopathic drugs, all
types of herbal medicines require clearance from the Directorate General of
Drug Administration (DGDA) before being launched in the local market, he added.
M Mohibuz Zaman, managing director of ACI
Healthcare, said the effectiveness of herbal medicine has been proven across
the globe, especially in countries like the US, Japan, China and India.
As such, numerous pharmaceutical companies are
setting up dedicated research and development centres to create new formulas
from the industry's once traditional past.
"We have plans to soon set up a separate
plant for herbal medicine," he said.
"People are gradually becoming more
accepting of herbal medicine, which is why pharmaceutical companies are now
investing in the segment," Zaman added.
Md Hasibur Rahman, additional deputy managing
director of Acme Laboratories, said the herbal medicines of pharmaceutical
companies are getting popular due to their brand value and superior product
quality.
"We follow the formulas of western herbal
medicines and use technology to ensure quality," he added.
Hasibur believes Bangladesh has huge potential
in the herbal
medicine market at home and
abroad as many natural remedies are now globally recognised.
Sayeed Ahmed Siddiqui, president of the
Bangladesh Unani Aushad Shilpa Samity, an association of herbal medicine
makers, said annual sales of herbal medicine hit a record high of Tk 1,000
crore in 2010.
Overall, the market has grown by about 12
percent annually during the past 12 years, he added.
According to him, both Ayurvedic and Unani
medicines are types of herbal medicines made of all-natural materials.
Siddiqui, also managing director of Neptune
Laboratories, said there are at least 320 Unani medicine manufacturers in the
country while around 220 others produce Ayurvedic remedies.
Unani medicine is a type of Perso-Arabic
traditional medicine practised in Muslim culture while Ayurvedic treatments
have their roots in the Indian subcontinent.
Siddiqui said big pharmaceutical companies are
becoming increasingly interested in producing herbal medicine considering the
sizeable market for such products.
However, traditional producers are unable to
keep up in the competition as they often lack access to bank finance even if
licences are granted by the DGDA, he added.
Rajib Singha, managing director of Sree
Kundeswari Aushadhalya Ltd, a Chattogram-based herbal medicine producer, said
the market for natural remedies is growing as people are becoming more health
conscious.
"For this reason, people are seeking
natural and holistic approaches to maintain their health and prevent disease,
contributing to the popularity of herbal medicines," he added.
Singha also said herbal medicines were often
perceived as safer alternatives to conventional pharmaceuticals as they are
derived from natural sources.
Md Ayub Hossain, the preceding additional
director general of the DGDA, said so far around 800 companies have taken
permission to manufacture herbal medicines.
According to him, the DGDA is cooperative in
developing the herbal medicine sector as it is a globally recognised and a
fruitful industry.
However, he said big pharmaceuticals companies
are gradually grabbing up the market for herbal medicine, leaving little space
for traditional producers to survive.
NEWS SOURCE: THE DAILY STAR