The local herbal industry is estimated at close to P2 billion market, accounting for around five percent of the pharmaceutical business in the Philippines.
At present, the global herbal market is valued at US$ 62 billion, of which 33 percent is attributable to ASEAN and Japan.
The entry of RiteMed in the local herbal category is a further boost to the industry, through its partnership with the Department of Science and Technology (DOST), Philippine Council for Health Research and Development (PCHRD), and the National Integrated Research Program on Medicinal Plants (NIRPROMP).
RiteMed is now the leading unbranded line of medicines in the Philippines. It started marketing its first herbal product, StopCough Lagundi, in the last quarter of 2011.
After its successful launch, RiteMed, again in partnership with NIRPROMP, DOST and PCHRD, launched its Sambong herbal drug early this year to help patients suffering from renal problems.
Lagundi and Sambong are two of the 10 medicinal plants recognized by the Department of Health (DoH) to have medicinal value in the relief and treatment of certain diseases.
The therapeutic formula, courtesy of NIRPROMP, passed through several tests to ensure consistency, safety and quality.
RiteMed and NIRPROMP are optimistic that they will be able to launch more herbal products with clinical evidence given the growing demand for alternative medicines.
“We recognize the significant contributions of the Filipino scientists at NIRPROMP. They have devoted their expertise in tapping the potentials of our biodiversity to cure diseases ailing our fellow Filipinos. While RiteMed is now the leading brand of traditional medicines, we also share the vision of providing herbal medicines that are not only accessible to more patients, but would also help the income of small farmers. This is also in line with our Right to Health campaign,” said Nicandro A. Salud, head of RiteMed. [PNA]
