Formulation" is defined as follows:- "Formulation means a medicine processed out of, or containing one or more bulk drugs or drugs, with or without the use of any pharmaceutical aids for internal or external use for, or in the diagnosis, treatment, mitigation or prevention of disease in human beings or animals, but shall not include-- (i) any bona fide Ayurvedic (including Sidha) or Unani (Tibb) Systems of medicine; (ii) any medicine included in the Homoeopathic system of medicine; 865 (iii) any substance to which the provisions of the Drugs and Cosmetics Act, 1940 (XXIII of 1940), do not apply