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Herbal medicine sector seeks govt support

STAR BUSINESS REPORT
The government should formulate a policy for the herbal medicine industry and provide 20 percent cash incentives for export to safeguard the sector, said leaders of Bangladesh Ayurvedic Aushad Shilpa Samity yesterday.
The leaders of the herbal medicine industry's association also urged the government to ban import of foreign > herbal medicine, including food supplements. and reduce bureaucratic difficulties in exports to ensure growth of the sector.
"In the last few years, herbal medicine gained immense popularity in international markets. If the government can provide cash subsidies and policy support, we will be able to become one of the major herbal medicine exporting countries,” said Dr Selim Mohammad Shajahan, president of the Samity.
These demands came as a 14-member team of Bangladesh Ayurvedic Aushad Shilpa Samity. the lobby group for medicinal plants, met
Commerce Minister Faruk Khan at his office in Dhaka.
The minister said the government is considering incentives to boost herbal medicine exports and supporting the sector to strengthen its position in both local and global markets.
"We are considering declaring the herbal medicine a thrust sector and offering incentives for exports," he said.
“But before starting large scale exports, the sector should concentrate on consumers in the domestic market," he said. “The sector will have to manufacture high quality medicine and go for better marketing."
He said the government would take special initiatives to popularise medicinal tree plantation in the country, as a part of providing assistance to the sector.
To popularise the use of herbal medicine, the minister suggested the manufacturers boost their marketing campaigns. "I suggest creating awareness among the urban population and doctors about the benefits of herbal medicine."
Herbal medicine appears on the government's export priority list, as use of the traditional medicine is increasing worldwide.
The World Health Organisation (WHO) said about 80 percent of the world's population relies on traditional medicine for primary healthcare and remedies, which are most commonly made from plants.
According to a government strategy paper on the herbal medicine sector in Bangladesh, the world market for medicinal plant products is worth about $60 billion with the European market being worth $10 billion and growing at a rate of 10 percent annually.
In Bangladesh, nearly 650 medicinal plant species have been identified to be in use. The Samity said about 600 small and medium sized companies manufacture Ayurvedic and Unani medicine.
The domestic market for herbal medicine stands at Tk 1,000 crore, growing by about 15 percent a year.
Mohammad Nurul Hossain, vice president, and Shibbrato Roy, secretary of the Samity, were also present.