Written by: Dr. Amit Mishra
Transforming Healthcare with Homeopathy: A New Zone of Exciting Start-ups
- According to the recent finding of the WHO team, Homeopathy has become the second largest method of the medical treatment system in the world after allopathy. The Global Homeopathy Product Market is expected to expand at a rapid CAGR of 18.2% by 2024.
- A recent new international survey conducted on about 600 pediatric physicians reveals 99% of doctors suggestion for the usage of homeopathy and natural remedies while 76% of doctors advocations exclusively for Homeopathic medicine for children because of the lower risk of side effects in comparison to traditional methods.
With the increasing trends in health awareness, economic development, e-commerce (electronic commerce) and medical tourism, Homeopathy (also homeopathy from the Greek words “homoios” meaning similar and “pathos” meaning suffering), a form of alternative medicine, has recently noticed a marked rise in demand not only in the country but across the world. India with a huge population, approx. 1,366,217,524 (~137 crores), is the largest market in the homeopathy medicine in the Asia Pacific because of its largest homeopathic infrastructure in the world and the recent expansion made in the number of homeopathic medical institutions and research centres.
Online doctor consultations through Phone, Video or Chats, websites for online homeopathy medicines, remedy finders, and medical expert systems are the potential sectors of Homeopathy market in India.
The concept of Homeopathy has emerged nowadays even in biomedicine as personalized healthcare (theranostics) as an important factor of diagnostics and therapy for common diseases, including lifestyle diseases like Diabetes, Cancer, migraine, obesity, sleep disorders, hair loss, depression, anxiety disorders, multiple eczemas, psoriasis, allergic dermatitis, allergic rhinitis, allergies, dysmenorrhea, multiple infections, hypertension, low back pain, asthma etc. for improving the quality of life.
The concept of prescribing homeopathy medicines is based on the burgeoning branch of Nanotechnology, called Nano pharmacology, in which physicians use an exceedingly low quantity of original pharmacological agents, called the theory of minimum dose. Every year World Homeopathy Day is observed on April 10, the birthday of German Physician Dr. Christian Friedrich Samuel Hahnemann (10th April 1755 – 2nd July 1843) who discovered Homeopathy in the year 1796.
Homeopathic practitioners support the idea that the treatment of an ill person can be done using a substance that can produce, in a healthy person, symptoms similar to those of the illness. According to homeopaths, serial dilution, by shaking after each dilution, eliminates the toxic effects of the remedy while the diluent (water, sugar, or alcohol) retains the qualities of the substance, confirming its role in therapeutics better than placebos.
The increased allocation of budget about 1,626.37 crore INR in 2018-19 in AYUSH streams (Ayurveda, Unani, Yoga, Naturopathy, Siddha, and Homeopathy) by the Govt. of India (greater than 13 percent), for research and education, has been the key factor for upraising in Homeopathy business. In India, the practice of Homeopathy became popular in the 19th century.
Homeopathy Central Council Act, 1973 is the authority which recognizes Homeopathy medical system in India. It was on 10th December 1975 that the National Institute of Homoeopathy was established in Kolkata as an autonomous organization under the Ministry of Health and Family Welfare, Govt. of India, currently under the Ministry of AYUSH, Govt. of India.
The steady elevation seen in the number of start-up businesses in Homeopathy medicine is because:
- It has a natural origin, plant, animal or mineral
- It is user-friendly
- It is a holistic medicine
- It has no side effects or adverse effects for all, including children
- It is the longest established CAM (Complementary and Alternative medicine)
- It is cost-effective and can also be used as complementary medicine to allopathy or any other system of medicine
- Its (Homeopathic) products are classified as “drugs” under the Food, Drug, and Cosmetic Act (FDCA). Also, the U.S. FDA Compliance Policy Guide provides specific regulatory guidance for homeopathic drugs marketing.
The Global homeopathy market segmentation is based on the product type: Mother Tincture, Dilutions, Biochemics, Ointments, and Tablets towards traditional medicine for diseases. In India, SBL Global (SBL) is the leading homeopathic medicines manufacturing company which offers a wide range of world-class homeopathic remedies including generics, single remedies, biochemic medicine or combinations, in addition to medical specialties.
New developments made in quality control (manufacturing, processing, packing or holding of homeopathy drugs), several levels of impressive results in patients confirming the efficacy of homeopathy, with the added advantage of being cost-effective, it has the best research profile to become the top alternative medical systems in the coming era for maintaining health and well-being.
In addition, expansion in the use of homeopathy medicines can be useful tools in the public health campaign against the overuse of antibiotics.Add Business Connect magazine to your Google News feed