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EVALUATION OF TOTAL ECONOMIC VALUE OF AYURVEDA MEDICINE WITH REFERENCE TO ENVIRONMENTAL VALUATION TECHNIQUES

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Author(s): De Silva R.H.S.K. | Jayawardhane N.D.N. | Narasimha Murthy K.H.H.V.S.S | Tripathi J.S.

Journal: International Research Journal of Pharmacy
ISSN 2230-8407

Volume: 2;
Issue: 8;
Start page: 66;
Date: 2011;
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Keywords: Ayurveda | Environmental Valuation Techniques | Total Economic Value | Revealed Preference Methods | Stated Preference Methods | Markets

ABSTRACT
Ayurveda is one of the oldest medical systems in the world. Health is a state of equilibrium of Physical, Psychological and Spiritual components. This equilibrium is maintained between internal and external environment which is known as Loka Purusa Samya. Ayurvedic therapeutics uses herbs and minerals extracted from environment to maintain the well being of human being. Universally this unique feature ensured sustainable utilization of both environmental and Ayurvedic principles in providing health care. Recently, mankind’s attitude towards the environment has changed with new concepts such as Sustainable Development, Cleaner Production Technology and Environmental Valuation Techniques etc; Increased knowledge and awareness of environmental goods & services, global attention is oriented towards Ayurvedic Medicine.Due to this resurgence, economic value of Ayurvedic Medicine in the global market is at a peak level. Our focus is on the evaluation of Total Economic Value (TEV) of Ayurvedic Medicine with reference to Environmental Valuation Techniques (EVT). Revealed Preference (RP) and Stated Preference (SP) EVT are clearly described. Some critical points of Hedonic Pricing, Travel Cost and Benefit Transfer Methods of RP and Contingent Valuation and Choice modeling Methods of SP were outlined with demonstrative examples related to Ayurveda according to their markets. This paper will be helpful to identify the TEV of Ayurvedic Medicine. Moreover, it explores a new area of study for further research and development to overcome the issues relating to globalization of Ayurveda.
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