More than 75 % of the Ayurveda business today is with the private sector, and therefore engagement with private sector has become critical – towards this CII organized the “2nd Ayurveda Conclave: Vision 2022: Roadmap to Achieve Three Times Growth in Market Size” on 2nd November, 2018, New Delhi. The event saw the presence of representatives from both private and government sectors.
The government has undertaken big initiatives to popularize Ayurveda in India as well as overseas. Speaking at the event, Shri Vaidya Rajesh Kotecha, Secretary MoAYUSH mentioned that Ministry of Defence and Ministry of Labour have agreed to start AYUSH related services. In addition entry level accreditation by the National Accreditation Board for Hospitals has been initiated for AYUSH healthcare facilities that would help them procuring soft loans, a subsector skill council for AYUSH has been established for skilling of AYUSH professionals and MoUs with 15 countries have been signed with 13 more in the pipeline.”
Dr Naresh Trehan Chairman CII Healthcare Council and Chairman and MD Medanta-The Medicity, contextualized Ayurveda with respect to modern medicine. He emphasized, that demystification of this ancient medicine system will pave the path for it to move ahead. “India can become an example to the world if it can fuse the power of modern and traditional medicine which is possible through, rigorous research, documentation and evidence.”
Advocates of AYUSH have been keen on becoming a part of Ayushman Bharat post its announcement. Towards this, Dr Vinod Paul, Member, NITI Aayog re-iterated Dr. Trehan’s point on demystification. “This will help build standard treatment guidelines that will ensure uniformity in treatment protocol across the states and its easy governance”. He added that the government is open to proposals but expects them to comply to current standards and regulations.
Confederation of Indian Industry (CII), released a report titled ‘Ayurveda Industry – Market Size, Strength and Way Forward’ that recommended that quality and standards of raw materials and products, human resource development, policy uniformity across states, insurance coverage, shortage of raw materials in order to develop a strong database that will help create a robust body of evidence. This will help build its foundation in India as well as abroad.
According to industry leader, Mr Rajiv Vasudevan, Chairman, CII Core Group of Ayurveda and CEO AyurVAID Hospital the different stakeholders of Ayurveda talk about different aspects which makes this sector highly segmented. “We need to unify them in order to perceive the hugeness of the sector. Unless Ayurveda is implemented in government initiatives such as Ayushman Bharat and National Nutrition Mission its true potential cannot be tapped” he emphasized.
According to the Report the total estimated market size of Indian Ayurveda industry is USD3 billion, which includes both Ayurveda products (ethical, classical, over the counter (OTC), personal care and beauty products) and services (medical, well-being, payor and medical tourism services). The Indian Ayurveda Sector is expected to grow at 16% CAGR in the next 5 years.
2 November 2018