Recently the therapeutic knowledge of Indian traditional medicine has received significant attention both within India and across the world. Emphasizing the importance of traditional medicine in healing and resurrecting the human health since the ancient times, this paper categorically investigates the efficacy, quality and the marketing trends of Indian traditional medicine in contemporary times. The paper also discusses the role of traditional medicines as an integral part of alternative health care systems. India is now producing substantial quantity of medicinal plants. During 2014 to 2020, the AYUSH market has increased by 17%, reaching 18.1 billion US dollars. Highlighting the rich heritage of traditional system of medicines in India, the paper also tries to gauge the significance of the use of Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy for the prevention and management of Covid-19 all over the world. Further, the paper attempts to accentuate the possible role of Artemisia and Rhododendron arboreum as alternative healing medicine to manage the Covid-19 pandemic. The study finds that artemisinin and its derivatives derived from Artimisia annua L. have a strong potential to stop viral replication. It also demonstrates that Rhododendron arboretum Sm. leaf extract suppressed the immune response and may be an essential treatment for COVID patients who die as a result of a "cytokine storm" brought on by the corona virus.