Every business requires specific nourishment to gain edge of success. The medicinal plants business has allured many new entrants in past decade which is still going strong. There are many Government line agencies, NGOs and INGOs supporting upcoming people in this context.
This sector is getting commendable attention and support in this regard still there are certain things which private sector needs to take care.
Points to Ponder:
- Product Identity: This is most basic yet very important information a person need to possess before beginning the business. They should be familiar with Botanical names, Vernacular names and the appearance of product they are going to deal.
- Lab Testing and Quality Assurance: Lab testing is mandatory for people. It gives assurance of the quality and helps them to know the chemical constituents of their products. This also affirms if their is presence of any natural or artificial constituents which makes them difficult to market.
- Market Priority: Market priority, in other words target market is most widely known for any and every business taking place. Before starting, a person should understand the market they are going to focus for their future.
- Resource Mapping: In Nepal, Medicinal plants are mostly collected from wild sources. There are few which come from cultivation also. Traceability remains a vital issue for Nepalese Medicinal and Aromatic Plants (MAPs) business. Keeping record of source inventory and purchases, will resolve these problems.
- Legal Rules and Regulation: Government of Nepal has stringent rules and regulations which people have to abide. Hence people looking forward for the business should be aware of these norms as well.
- Certifications: To pursue international markets, it is important to know certifications like organic, fair wild. It is important to understand the nature and guidelines of these certifications. Then, a person can decide certification he needs for his business with respect to its nature.
- Packaging and Logistics: Packaging and logistics standards vary from product to product. As mentioned above, people should know their products. Keeping this in mind, they should arrange the packaging and logistics.