In a world increasingly focused on ethical consumption and conscious living, the demand for halal products extends far beyond the realm of food.
For the nearly two billion Muslims worldwide, the concept of halal encompasses a holistic approach to life, guiding everything from financial decisions to medical choices. This has led to the burgeoning market of halal pharmaceuticals, a sector poised for significant growth but also facing unique challenges.
Unlike the clear-cut guidelines for halal food, which primarily involve permissible and non-permissible ingredients, halal pharmaceuticals delve into a more complex realm.
It's not just about avoiding pork-derived ingredients or alcohol; it's about ensuring the entire production process adheres to ethical principles. This includes opting for animal-derived ingredients sourced from halal animals slaughtered according to Islamic guidelines.
Then, companies should be implementing hygienic and ethical practices throughout production, avoiding contamination with non-halal substances and minimize animal testing where possible and ensuring any testing adheres to ethical guidelines and avoids unnecessary suffering.
Furthermore, companies and NGOs can explore this opportunity to involve in the halal pharmaceutical market as it is projected to reach USD 151.5 billion by 2027, fueled by several key factors:
Rising Muslim population: The global Muslim population is expected to reach 2.8 billion by 2050, creating a significant demand for halal products and services.
Increasing awareness: Growing awareness of halal principles, not just among Muslims but also health-conscious consumers worldwide, is driving market expansion.
Economic opportunities: The halal pharmaceutical industry presents lucrative opportunities for manufacturers, healthcare providers, and certification bodies.
But, despite its promising outlook, the halal pharmaceutical market faces several challenges including the lack of standardized regulations and certification processes across different countries can create confusion and hinder consumer trust.
Other than that, the research and development aspect of halal pharmaceutical also impose challenges as more investment is needed in research and development to address specific needs and concerns of Muslim patients, particularly in areas like chronic diseases.
Therefore, in order to combat the challenges stated above, a collaborative approach is essential in order to unlock the full potential of the halal pharmaceutical market.
All in all, the halal pharmaceutical market is not just about catering to a specific religious group; it's about promoting ethical and sustainable practices in the healthcare industry as a whole.
With cooperation by all parties in a society, consumers especially the ones practicing the religion of Islam will be more aware and informed regarding all the pharmaceutical needs consumed directly or indirectly.
By addressing the challenges and capitalizing on the opportunities, the halal pharmaceutical market can pave the way for a more inclusive and ethical healthcare landscape for all.
*The writer holds a Bachelor's Degree of Syariah (Halal Industry). Opinions expressed are his own.