Entrepreneurship Development in Medicinal and Aromatic Plants: Prospects and Challenges

Abstract

Entrepreneurship development in medicinal and aromatic plants is an approach of developing human resource and train the youth for taking risk and managing resources in efficient way. The objective of the study is to understand the current situation, trends and potential of medicinal and aromatic plants for development of entrepreneurship. Entrepreneurship in medicinal and aromatic plant includes production, processing, marketing, trade, and distribution of raw materials, also including supply of inputs and services. Medicinal and aromatic plants are demanded by herbal industries and pharmaceutical industry. The study will help in identifying entrepreneurship opportunities in medicinal and aromatic plants and challenges associated with it. The increasing demand of the pharmaceuticals industry have created problems of supply and one of the major difficulties being experienced by the industry is that of obtaining sufficient quantities of medicinal and aromatic plants for manufacturing good medicine. Technical guidance and consultancy provided to the farmers by the qualified entrepreneurs and establishing testing facilities and agri-clinics are some of the important areas of emerging opportunities in this sector. The study will also help in identifying the constraints that affect the spread of cultivation of medicinal and aromatic crops. The export market of herbal medicine of India is ` 700 Crores and only 40% is value addition and remaining 60% is of raw medicinal plants. The raw material is a very critical component for production and to meet the growing demand of private industry for extensive range of product. Therefore, to address this challenge for herbal products, the industries are ready to undertake adequate herbal cultivation.