Classical source

Charaka Samhita, Chikitsasthana 1 -- the Rasayana chapter -- documents four herbs specifically as Medhya Rasayana. Each is prescribed in a specific preparation with a specific vehicle. The formulations are not interchangeable.

Charaka Samhita, Chikitsasthana 1.3
Mandukaparnyah svarasam prayunjita / Yastimadhu churnam payasa / Guduchyah svarasam / Shankhpushpyah kalka -- Mandukaparni as fresh juice; Yastimadhu as powder with milk; Guduchi as fresh juice; Shankhpushpi as fresh paste. These four are the Medhya Rasayana.

1. Mandukaparni -- Centella asiatica

Administered as Svarasa (fresh juice). The first Medhya Rasayana. Documented effects: Medhya (cognitive enhancement), Ayushya (longevity), and Balya (strength). Asiaticoside and triterpenoids are the primary pharmacologically studied compounds. Research has documented nerve regeneration, collagen synthesis, and anxiety reduction effects.

2. Yastimadhu -- Glycyrrhiza glabra

Administered as Churna (powder) with Payasa (milk). Yastimadhu is documented as specifically enhancing memory consolidation and reducing Pitta in the nervous system -- making it the most appropriate Medhya Rasayana for Pitta-dominant cognitive conditions. Glycyrrhizin is the primary studied compound.

3. Guduchi -- Tinospora cordifolia

Administered as Svarasa (fresh juice). Guduchi as Medhya Rasayana is documented for cognitive impairment following chronic disease, fever, or Pitta-type inflammation. Its broad immunomodulatory documentation makes it the Medhya herb with the widest systemic effect.

4. Shankhpushpi

Administered as Kalka (fresh paste). Shankhpushpi is the most specifically mental of the four -- documented for anxiety, insomnia, and cognitive conditions arising from mental stress rather than physical impairment.

The preparations are not equivalent
Each Medhya Rasayana is prescribed in a specific preparation with a specific vehicle -- Fresh juice preserves heat-labile compounds; powder with milk provides fat-soluble delivery; fresh paste provides the full phytochemical profile. These are not variations of the same preparation.
The combined four-herb protocol
Charaka Samhita documents a combined protocol using all four Medhya herbs for more significant cognitive conditions (Unmada, Apasmara, severe memory impairment) where individual herbs are insufficient.