Dr Mohit Agarwal, Co-founder, HealthMug emphasises that as the alternative medicinal industry is growing, following safety and regulations is important for a business to have sustainable growth
Over the past two decades, the alternate medicine industry has witnessed significant growth, it has emerged as a major player in today’s ever-evolving healthcare landscape. As per the research report by the Forum on Indian Traditional Medicine (FITM), the market size of the Ayush industry in 2020 has grown to 18.1 billion. By 2027, India’s Ayush and alternative medical sector is anticipated to grow at a CAGR of 8.6 per cent. One of the significant reasons behind this growth is the rising interest in holistic health approaches and an increased awareness of the potential benefits of alternative therapies.
Safety and regulation the medical sector must maintain
In the healthcare industry, customer trust is the backbone of any successful enterprise. This is why businesses who are operating in the alternative medicine sector, it is important for them to follow strict safety and regulations as it will not only safeguard consumers but also protect the reputation and longevity of the business.
Maintaining quality & manufacturing standards
To ensure the safety of products and services businesses must follow rigorous quality control and manufacturing standards. This includes sourcing high-quality ingredients, implementing standardised manufacturing processes, and regularly conducting quality assurance tests.
More focus on research and evidence
Businesses that are in the alternative medicine sector should invest more in research and clinical studies as this will increase the safety and efficacy of products and services. This will also increase the credibility of alternative medicine.
Be transparent with customers
Every business operating in the alternative medicine sector should be very open and transparent to the customers about the ingredients, potential side effects and usage of their products. Having transparent and accurate labelling is extremely important in this sector as it helps in avoiding misleading claims and false advertisements.
Stay updated with the local and global rules
To ensure a smooth and safe operation of business companies must stay updated with the local and international guidelines and requirements. Companies should regularly engage with regulatory bodies to understand the evolving standards of the alternative medicine sector. Adapting and aligning business practices to the changes in regulations will only help businesses earn more reliability, and growth among their customers.
As the alternative medicinal industry is growing, following safety and regulations is important for a business to have sustainable growth. Prioritising safety over the other aspects of business will not only help enterprises contribute to the overall credibility of alternative medicine but also create a foundation for long-term success.