The alpine region of the Himalaya is well acknowledged as a repository of therapeutically important medicinal plants (MPs) that are extensively used in various traditional systems of medicine across history and cultures. With over 1748 species of MPs, the Indian Himalayan Region (IHR) accounts for a large proportion of native (31%) and endemic species (15.5%). Besides their great relevance to the healthcare system, these species play an important role in the socioeconomic development of rural communities. Also, for over a decade now, Himalayan herbal medicines have gained considerable recognition worldwide as complementary and alternative medicines against a broad spectrum of human ailments. These herbs are a rich source of several biologically active substances, encompassing a major role in disease prevention alone or in synergy. Despite significant advancements in modern medicine and technology, over 80% of the current medications and one-third of the population in developing countries still rely on plant products directly or indirectly for primary healthcare. Consequently, the use of herbal medicines as dietary supplements is increasing due to the widespread perception that herbs are natural, innately safe, and cost-effective. Given the above and to meet the escalating demand (both national and international), over 70–90% of Himalayan medicinal plants under trade are harvested directly from the wild, wherein nearly 70% involves destructive harvesting. Moreover, issues are intensified by the biotic and abiotic pressures (like grazing, habitat fragmentation and loss, illegal harvesting and trade, the dominance of native/invasive species, chaotic tourism, and climate anomalies) and inherent characteristics of alpine species, including restricted distribution, high habitat specificity, pollinator deficiency, and poor germination rates. Thus, the question arises: Are we reaching a point of no return? With this continuous depletion of Himalayan medicinal plant resources, their conservation and mainstreaming these species into cultivation has assumed considerable importance. Further, to strengthen this, the government has initiated various schemes (e.g., 30–70% financial support) and missions that have strategized self-reliance and narrowed the gap between demand and supply. Doing this can reap maximum benefits and sustain the Himalayan bioresources.