New Delhi, May 13 (Inditop.com) The cabinet Thursday sanctioned Rs.14.08 crore for establishing a pharmacopoeia commission for traditional medicine to set and maintain standards in the sector.
“The union cabinet today approved the establishment of a pharmacopoeia commission for ayurveda, yoga and naturopathy, unani, siddha and homeopathy (AYUSH),” Information and Broadcasting Minister Ambika Soni told reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh.
“It is estimated that the global market for traditional and herbal medicines is worth $62 billion, of which China’s share is $19 billion. India still has a long way to go to increase its share and the establishment of the pharmacopoeia commission for AYUSH is a very important step in this direction,” Soni explained.
The cabinet also sanctioned Rs.14.08 crore to be spent over the next two years on establishing the pharmacopoeia commission, an official said.
“It is envisaged that the commission will become self-reliant in five years,” the official said.
