6 Strategies for Starting a Successful Herbal Medicine Business
- Define the Type of Herbal Medicine to Sell
- Understand Raw Materials in Detail
- Learn About Licensing and Certification Processes
- Calculate Business Capital Budget in Detail
- Create Attractive Herbal Medicine Packaging
- Market Through Marketplaces
Types of Herbal Medicine That Are Potential Business Opportunities
- Jamu (Traditional Herbal Medicine)
- Phytopharmaca
- OHT (Standardized Herbal Medicine)
The herbal medicine business remains an attractive business opportunity to gain profitespecially in Indonesia, a country rich in raw materials for herbal medicine products. So, how to grow a herbal medicine business using returns from Fixed Income Mutual Funds? Find out in this article!
If you already have expertise, experience, and skills in processing herbal plants, you can use them to start a herbal medicine business that benefits the health of many people.
6 Strategies for Starting a Successful Herbal Medicine Business
Health is the most valuable asset in human life. People are willing to do various things to maintain their health, including consuming herbal medicines. This creates an opportunity for you to develop a business in herbal medicine production.
The growing demand for herbal medicine in Indonesia is one reason you should consider this business. Here are strategies for starting a herbal medicine business to achieve success and maximize profits:
- Define the Type of Herbal Medicine to Sell
Before diving deeper, you need to decide on the type of herbal medicine to produce or sell. If you are already familiar with different types of herbal medicine, you can choose the ones you want to market.
Learn about medicinal plants, extraction methods, and proper processes in detail since production quality directly impacts customer health.
- Understand Raw Materials in Detail
The second strategy is to thoroughly understand raw materials because they are a key component that significantly affects the final product.
Always choose high-quality raw materials by sourcing them from trusted suppliers. High-quality raw materials will ensure optimal health benefits for your herbal medicine products.
- Learn About Licensing and Certification Processes
When starting a herbal medicine business, licensing and certification are crucial aspects to address. This is due to the strict regulations governing the herbal medicine industry.
Learn about the requirements from agencies like the Indonesian Food and Drug Authority (BPOM). Completing rigorous testing phases is essential before obtaining production licenses.
- Calculate Business Capital Budget in Detail
Don't forget to calculate and breakdown your business capital budget. This aspect is vital for business sustainability. You can utilize returns from Fixed Income Mutual Fund investments to reduce the burden of initial operational costs.
Also, consider production costs, employee wages, and raw material expenses. If you plan to establish a herbal medicine production facility, the required capital will be substantial.
- Create Attractive Herbal Medicine Packaging
To attract customers, ensure your herbal medicine packaging is appealing and eye-catching. Informative and well-designed packaging increases customer interest in your product.
Include clear information about the raw materials, expiration dates, BPOM certification, and usage instructions. Comprehensive packaging details will improve customer understanding and trust in your product.
- Market Through Marketplaces
The last strategy involves marketing, which can be done offline or online through marketplaces. Offline strategies could include opening a traditional herbal medicine shop where customers can visit directly.
For online marketing, leverage marketplaces, join herbal medicine communities, or use social media as promotional platforms. Online marketing is proven to be cost-effective and efficient when implemented correctly.
Read more:
Types of Herbal Medicine That Are Potential Business Opportunities
After understanding strategies to start a herbal medicine business, it’s helpful to know the types of herbal medicines available in Indonesia. Based on safety, quality, and efficacy standards, herbal medicines are categorized into three types:
- Jamu (Traditional Herbal Medicine)
Jamu is Indonesia’s traditional herbal medicine made from plants, animals, minerals, or galenic preparations.
As the simplest form of traditional medicine, its efficacy is based on generations of belief.
- Phytopharmaca
Phytopharmaca is a category of herbal medicine which safety and efficacy must be scientifically proven through clinical trials. The raw materials for phytopharmaca products undergo a standardization process.
If you produce phytopharmaca herbal medicine, you must complete several clinical trials before obtaining distribution approval from BPOM. Phytopharmaca products are marked with a yellow circle with a green outline and a green crystal symbol in the center.
- OHT (Standardized Herbal Medicine)
OHT is another type of herbal medicine whose safety and efficacy are proven through preclinical trials.
It is similar to phytopharmaca, but the main difference lies in raw material testing and packaging. OHT products have packaging with a yellow circle and a green outline.
Starting and growing a herbal medicine business is achievable with capital from mutual fund returns. The first step is choosing the best Mutual Fund product.
Fixed Income Mutual Funds are one of the most suitable instruments for business capital. Choosing Mutual Fund products available through DBS Treasures priority banking offers many advantages.
The first advantage is that the risk of loss can be minimized due to asset diversification carried out by professional Investment Managers (IM). In addition, you will also gain insights from investment analysis and the expert team at DBS Treasures.
Lastly, you can monitor your investments through the digibank by DBS Application. Moreover, you can buy, sell, and switch investments directly through the same application.
You'll be supported by curated market analysis from a team of financial experts who will communicate it. Seize the latest opportunities that have been tailored to your risk profile and portfolio needs, driven by Artificial Intelligence/Machine Learning (AI-ML). This insight is equipped with curated solutions related to investment (Grow) and insurance (Protect), so you can quickly and confidently invest through your preferred media.
So, what are you waiting for? Utilize Fixed Income Mutual Fund returns from DBS Treasures to start your herbal medicine business today. For consultations and detailed investment advice, click here.
