Government should formulate standards for herbal products

Ramani KANGARAARACHCHI

HERBAL MARKET: The herbal products industry will be the fastest growing product group in the developing world mainly as a result of shifting parameters and paradigms of modern lifestyles.

Chairman Link Natural Products (Pvt) Ltd Dr. Devapriya Nugawela said at a media briefing held at its Delgoda factory that during 2004, world trade in herbal products was over US dollars 2.5 billion and the leading players here were India, China, Australia, Germany and USA.

'The estimated annual growth rate of the industry is between 10-15 per cent' he said.

Elaborating on the barriers encountered by the industrialists to enter the industry he said, the health and plant legislation in these countries are not un-surmountable however, and far from un reasonable.Dr. Nugawela stated that 25% of annual turnover of Link Natural

Products is derived from exports but the present Sri Lankan contribution from herbal products to the world trade is negligible. He said the country's international market share could be increased if the Government formulates standards for herbal healthcare products and safeguard consumer interests.

'It is also necessary to promote the cultivation of medicinal and aromatic plant species and the adoption of the correct practices of plant propagation and post harvest technology' he said.

Link Natural Products which is a hundred per cent Sri Lankan company brings Rs. 150 million in foreign exchange to the country at present and Dr. Nugawela is positive of increasing it up to Rs500 million by 2008.