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Sri Lanka is a biodiversity hotspot with a rich history of embodying traditional medical practices in its cultural values. Despite this, the nation still stands behind in the global nutraceutical industry due to inadequate research-based evidence for the safety and efficacy of these compounds. This paper discusses the importance of supporting industry advancement while acknowledging existing barriers, promoting basic research needs, developing new research strategies, and fostering regional cooperation in science in light of the Sri Lankan BICOST IX technical report and an overview of the literature. Phytochemically monitored plant cultivation systems, postharvest technologies, globally accepted research practices to ensure safety and efficacy, human resource capacity development, and modernising laboratories with cutting-edge technologies are strongly recommended for policy-level recognition. In general, formal science brokering can effectively communicate these recommendations at the decision-making level, which is currently lacking in the system.