Explore About Phytopharma
Phytopharmaceuticals are plant-derived compounds that have pharmacological activities. They make up a good part of drugs made from plant-based molecules as opposed to synthetics. Phytopharmaceuticals are accessed in form of whole fruits, purees, vegetables, prepacked fruits, and/or vegetable products and supplements.
Phytopharmaceuticals are herbal medicines that rely on one or more plant components or active elements for their effectiveness. They’ve been used to treat ailments since the dawn of time across cultures, especially in India, with several medical treatments created from plants or parts of plants still relying on this ancient knowledge.
India, due to both its history of herbal remedies and incredible biodiversity, offers a thriving market for phytopharmaceuticals. The global market for herbal medicines is projected to reach $ 111 Bn by 2023, in which, India is well-positioned to occupy a strong market share. The Indian herbal remedy market is currently valued at Rs. 5,000 crore and showcases an annual growth of about 14%, driven by both rising domestic and export demand, particularly since the onset of COVID-19, which has fueled a steady increase in demand for traditional medicines in developed countries as well. Moreover, India is one of the only countries that has phytopharmaceutical drugs as a distinct category in its Drugs and Cosmetics Act, 1940 & Rules 1945 , which has helped to dispel ambiguities, spurring safer and higher quality products, which in turn further increases demand. The sector is also supported by various government initiatives which provide a fillip to the sector, across both R&D and manufacturing.
