19. Economic Importance of Medicinal Plants in Asian Countries

Due to their characteristic benefits and medicinal value, medicinal plants are gaining importance worldwide. It is becoming famous, and people are using herbal therapy as an alternative medicinal therapy. Because of their increased traditional use and cultural acceptability, these medicinal plants are greatly admired and also have minimal side effects and thus are gaining global importance. Herbal drugs which are cost-effective than synthetic drugs in many cases are being promoted by most of the developing countries, and they have started discovering and filing patents on the medicinal plants and their derivatives. Many drugs still have not undergone the process of drug approval and are not yet validated for their safety and efficacy. These medicinal plant-derived drugs can be formulated by medicine-based industries. The international trade of medicinal plants and their products was estimated to be USD 60 billion in 2010, and by 2050, it is expected to reach USD 5 trillion. Asian countries are very rich in medicinal plant species and are the major exporters of these plants and their products. These medicinal plants can be popularized and used to improve the economy of low-income countries of Asia and create livelihoods for its people. Moreover, overexploitation of these medicinal plants should be limited, the valuable species of high marketing value should be conserved, and their cultivation should be promoted for future use.