Trade & Business Background

Health has become an important commodity and an asset much vied for and in the last few decades, the people have essentially produced a consumer driven demand for traditional and complementary medicine. This persistent willingness to pay for a service, without any support from insurance has started a new phase of an out–of–pocket expenditure worth billion of dollars. Recent statistics by the World Bank showed that the global market for herbal medicine was USD12.4 billion in 1994, USD19.6 billion in 1999, USD24.2 billion in 2002 and projected to reach USD5.0 trillion in 2050. Although Europe is considered as newcomer in terms of Traditional and Complimentary Medicine utilization, her retail sales of herbal medicines was the largest followed by Asia, North America and Japan.