Herbs and plants have been used in almost all over the world for therapeutic purposes for thousand years. However, use of herbal medicines began declining since early 19th century when chemical analyses were introduced and scientists started extracting and modifying the active ingredients of herbs and plants.
Recently, natural medicines once again made a comeback in many countries due to improvements in analysis and quality control along with advances in clinical research have proven the value of herbal medicine in treating & preventing diseases.
Bangladesh, one of the import emerging economies also looks forward to develop the herbal medicine sector, although uses of traditional medicine in the country have a long history, demographically as well as geographically. Many of the Bangladeshi drug manufacturers today, including the top players, are setting up separate units for herbal medicine, thus making the entrepreneurs' investment portfolio heavier.
Bangladesh pharmaceutical industry experienced continuous double-digit growth in the recent past with a market value of $3billion per annum. Among the developing nations Bangladesh is one of the few who are self-sufficient in medicines and playing a pivotal role exporting to 150 countries across the world including USA, UK, Canada, Australia etc.
Among different therapeutic segments natural medicine is comparatively tiny with a market segment of less than 5% of total medicine market but this may be a new era to be explored in various ways. It is worth mentioning that earlier these therapeutic segments were nourished by some small companies who are not well accepted by the specialist doctors and they put their efforts to rural practitioners only which created a negative perception among the leading practitioners.
Nevertheless, recently some latest dosage forms and generics including different probiotics have been introduced by some top companies and they are concentrating on specialized doctors. This change created an opportunity to be flourished the main stream market.
Therefore, this review and market analysis-based study reveals the market potential, triggers and barriers of natural medicine in emerging countries like Bangladesh market.
Audience Take Away:
- Changes in the landscape of natural medicines
- Changes in promotional dimensions of natural medicines
- Growth potential of natural medicines in emerging countries
- Growth potential of natural medicines in Bangladesh
- Strategies for entering into Bangladesh market.