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

Kalyani Sethi and Dr. Bikash Ranjan Mishra

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Traditional Knowledge-based Medicine; Western Medicine; Efficiency; Data Envelopment Analysis. (search for similar items in EconPapers)
JEL-codes: L1 (search for similar items in EconPapers)
Date: 2023-01
New Economics Papers: this item is included in nep-eff
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/116182/1/MPRA_paper_116182.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:116182

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().