Disclosed is a commercially viable asiaticoside composition having at least 99% purity that is derived from plant Centella asiatica and a manufacturing process thereof. Also disclosed is a method and the models for oral administration of therapeutically effective amounts of the asiaticoside composition for treatment of Inflammatory Bowel Diseases such as Ulcerative colitis, Crohn's disease and associated complications of inflammatory bowel diseases such as hemorrhoids, anal fissures, fistulas. Also disclosed is a method and model for oral administration of therapeutically effective amounts of the asiaticoside composition for treatment of Helicobacter Pylori, as well as a method and the models for oral administration of therapeutically effective amounts of the asiaticoside composition for prevention of colon cancer, gastric diseases and gastric carcinoma.