The Nexus of Business, Sustainability, and Herbal Medicine

The fields of business, sustainability, and herbal medicine are linked and continue to interact for the actual and potential benefits of all stakeholders. This chapter provides a comprehensive understanding of the interplay between herbal medicine, business, and sustainability by offering invaluable insights for scholarsScholars, practitionersPractitioners, health policymakersPolicymakers, and industry and other stakeholders. The herbal medicine industry is at the crossroads of tradition and modernity. Therefore, an examination of the economic perspectives of herbal medicine from a sustainability viewpoint as well as the present evolving roles of herbal medicine in today’s global market is critical. The current global landscapeGlobal landscape of Integrative and Complementary Medicine is driving the rise of a form of conventional medicine practice that is considered Traditional, Complementary, Alternative, and Integrative MedicineIntegrative medicine that encompasses a diverse range of medical and healthcare interventions, practices, products, and disciplines and has heightened the need for sustainability within the business of herbal medicine. For instance, bringing herbal cosmeceuticalsHerbal cosmeceuticals to the global market as natural cosmeticsNatural cosmetics presents unique challenges, especially in but also beyond developing nations. ManufacturersManufacturers face hurdles in developing eco- and user-friendly cum value-added herbal products with sustainable attributes. Moreover, establishing new herbal products from indigenous medicinal practices requires bolstering Private-Public Partnerships in collaboration with universities, research institutes, private industries, and other key medical stakeholders. This chapter discusses the challenges, solutions, and business perspectives of key interactions that can improve the nexus of herbal medicine, business, and sustainability like eco-friendly packing, regenerative sourcing, community engagement, research on sustainable practices, transparent communication, consumer and medical stakeholder feedbacks, education and training, policy and partnerships, and the adoption of innovation. Finally, the chapter highlights the interconnectedness and feedback loop of the nexus as well as major stakeholder groups as well as their influence and interests.