Abstract: Nutraceutical is a new buzzword in Indian healthcare market. This promising term reflects lucrative market opportunities for domestic as well as international pharmaceutical and Nutraceutical companies. Nutraceuticals has a spectacular annual growth rate of 25 % in Indian healthcare market. It is estimated that, by end of 2007 global Nutraceutical market may cross USD 80 bn. Though several scholars have given different definitions for Nutraceuticals, essence remains same, and it means “food as medicine”. Still ambiguity exists in interpreting differences between Nutraceuticals and different related terminologies like Functional food, Dietary supplements, and Designer food. Absence of regulatory guidelines for Nutraceuticals in India results in mushrooming of Nutraceutical manufacturers. In the process of cut-throat competition, for their survival they may compromise with the quality of product. This study suggests framing a harmonised definition for Nutraceuticals and proper regulatory guidelines to control the excessive mushrooming of Nutraceutical manufacturers.
Today, healthcare market is flooded with different new terminologies like Nutraceuticals, Cosmeceuticals, Biopharmaceuticals, Herbaceuticals, Ayuraceuticals, Skinceuticals, Dermaceuticals, Nutri-cosmetics and many more. Among all these, Nutraceuticals has gained more importance for the industry in India and abroad. Nowadays, Nutraceuticals is a buzzword in Indian healthcare market which is growing annually with 25%. |
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