An assessment of traditional knowledge-based medicine companies and western medicine companies: a comparative study of efficiency

sethi, Kalyani and mishra, Dr. Bikash Ranjan (2023): An assessment of traditional knowledge-based medicine companies and western medicine companies: a comparative study of efficiency.

Abstract

Indian traditional medicine comprises indigenous medical traditions (Bode, 2006). This ancient Indian predictive and personalized medicine system is still relevant today (Lemonnier, 2017). Yet, this medical system suffers many challenges due to the practice of western medicine. Therefore, there is a big need to study the existence and performance of these medicines through different companies. Coming to western medicine has made significant progress around the world over the past century. Many life-saving new drugs have been discovered to deal with various infectious and fatal diseases. Despite the undeniable benefits of modern medicine, which relies on scientific assays and results to establish the diagnosis and fight disease, a large portion of the world continues to rely on modern forms of Traditional, Complementary, and Alternative Medicines (CAM). Therefore, our paper focuses on studying the efficiency across Traditional Knowledge-based (TKBM) and Western Medicine (WM) companies using the data envelopment analysis (DEA) model. The study is a comparative study of ten years, from 2009-2018, using the CMIE Prowess IQ database. The second test concentrates on the effects of some firm-specific and financial variables on the efficiency of the respective companies. Lastly, the paper suggests that adopting cost management techniques will help these companies to improve their profit.

• Item Type: MPRA Paper
• Language: English
• Keywords: Traditional Knowledge-based Medicine; Western Medicine; Efficiency; Data Envelopment Analysis.
• Subjects: L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance

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