The government today decided to set up a commission at a cost of Rs 14.08 crore for developing indigenous medicines with an aim to raise the country's share in the USD 62-billion global herbal drug market.

"The union cabinet today approved setting up of a pharmacopoeia commission for development of Ayurveda, Siddha and Unani medicines in the wake of increasing cost of modern healthcare drugs and demand of herbal medicines," Information and Broadcasting Minister Ambika Soni told media persons after the meeting.

The commission would be housed in Ghaziabad and the government would spend Rs 14.08 crore on it over the next two fiscals, she said.

The commission will set standards for drugs in the Ayurveda, Siddha and Unani medical systems, Soni added.

Earlier, a committee set up by the Planning Commission for AYUSH (Ayurveda, Unani and Siddha) sector had approved setting up of the commission, she said.

The commission will be responsible for publication and revision of standards on Ayurveda, Siddha and Unani drugs, as well as their formulation, development and publishing standards.

The herbal drugs see global trade of USD 62 billion. Out of the total China's share is USD 19 billion against a meager USD 1 billion of India, a senior official said, adding the Commission will see that India increases its market share in herbal drugs trade.

"Apparently there are 1,000 kinds of durgs and an equal number of compound formulations. The Commission will develop standards and quality specifications of identity and strength of raw material as well," the official said.

The official added that it will define standard procedures of manufacturing of Ayurveda, Siddha and Unani drugs. It will maintain a national depository which will provide authentic reference of the raw material.

The commission will be an autonomous society headed by an eminent technical person.

It should work with immediate effect and would later become self-sustainable.

Pharmacopoeia refers to a reference work for medicinal drug specifications.