Demand for local herbal products upAlthough the five-month-long Indian trade embargo has hit industrial, trade and business activities, it has proven a boon for the manufacturers of herbal products.
Although the five-month-long Indian trade embargo has hit industrial, trade and business activities, it has proven a boon for the manufacturers of herbal products.
Gorkha Ayurved Company has reported a sharp rise in profits after imports of Indian herbal products dipped due to the blockade. “We have increased our production target as the demand has swelled,” said Arjun Aryal, chief of the company.
The company that used to post an annual transaction of Rs60 million now targets to sell products worth Rs100 million this year. “There has been a massive rise in the demand for our products not only in the domestic market but also in the international market,” he said. “We were able to post handsome profits this year as there were no competitors, particularly Indian products, in the market.”
As imports from India aye yet to normalise, Aryal expects the company’s market share will increase further. The company has also intensified hiring in line with its production target. “We have been receiving orders from various parts of the country,” said Kabi Raj Regmi, an official of the company. The company plans to add more types of medicines to its product line-up. “Earlier, we used to produce 62 varieties of medicines. We now plan to increase the figure to 100,” Regmi said.
The Nepal-France joint venture company uses 175 types of herbs to produce medicines. It exports its products to Japan and France, besides catering to the domestic market. Farmers collect herbs in the district and sell them to the company. A farmer earns up to Rs100,000 annually by supplying herbs.
Nepal is known for its rich bio-diversity. The country boasts nearly 7,000 species of flowering and non-flowering plants. Around 1,500 species are of medicinal plants.
More than 200 species of herbs have already been chemically tested for medicinal purposes. The main sources of these rare medicinal herbs are located in high-altitude mountains.