The global market for botanical and plant-derived drugs expected to grow to $39.6B by 2022 with a compound annual growth rate (CAGR) of 6.1%. The US FDA Botanical Drug Development Guidance for Industry defines a pathway for herbal medicines to become prescription drugs in the US.
The American Botanical Drug Association is an industry trade organization for world wide herbal and cannabis manufacturers and companies, with a mission to:
Increase public awareness of botanical drugs
Increase options in the healthcare system
Facilitate healthcare policy formation
Serve as a platform for dialogues and collaboration among government agencies, private enteritis, and academics, by means of conferences and meetings
Promote collaboration between the pharmaceutical industry and the botanical and herbal industry
Establish international standards for botanical drugs and its medical usage