India eyes more global AYUSH market

More than 1,500 delegates from 60 countries have convened for a conference in New Delhi as India, the second largest exporter of AYUSH and herbal products in the world, focuses on expanding the market further.

Nurul Islam Hasibfrom New Delhibdnews24.com
Published : 4 Dec 2017, 09:26 AM
Updated : 4 Dec 2017, 09:26 AM

Ayurveda, Yoga, Naturapathy, Unani, Siddha, Sowa-Rigpa and Homeopathy all together are called AYUSH.

“The AYUSH industry is expected to grow in double digits and provide direct employment to 1 million people and indirect employment to 25 million people by 2020. All stakeholders need to pool their resources to harness this vast potentials,” Minister for Commerce and Industry Suresh Prabhu said while inaugurating the conference on Monday at Vigyan Bhavan.

The government of India, along with the oldest chamber FICCI, and Pharmaceutical Export Promotion Council or Pharmexcil is hosting the 'Arogya 2017' to boost exports of AYUSH products and showcase the strength and scientific validation of traditional systems of medicine.

The four-day event is being held against the backdrop of the National Health Policy 2017 that strongly advocates "mainstreaming the potential of AYUSH within a pluralistic system of integrative healthcare."

More than 250 manufacturers are showcasing their products at the event.

Prime Minister Narendra Modi created a separate ministry for AYUSH after he came to power in 2014. Due to his initiatives, the UN has also recognised an international day for yoga.

AYUSH is also being seen effective in managing life-style diseases such as diabetes.

India has signed MoUs with a number of countries for international promotion, including Bangladesh.

Professional chairs for Ayurveda have also been created in universities in Trinidad and Tobago and Hungary. One chair of Unani has been established in South Afirca.

The commerce minister said India’s domestic AYUSH market is estimated to be Rs 5 billion while exports amount to Rs 2 billion.

“Young Indian entrepreneurs planning a start-up could find a lot of opportunities in holistic healthcare. The government has allowed 100 percent FDI in AYUSH."

State minister for AYUSH Shripad Yesso Naik said the patient-centric approach of AYUSH systems holds significant potential for finding solutions to India’s public health challenges.

The government has taken many initiatives to popularise alternative systems of medicine.

They signed an agreement with the WHO to develop benchmarks for Yoga, Ayurveda, Unani and Panchkarma.

Five AYUSH information cells have been set up in Israel, Tajikistan, Peru, Russia and Tanzania.

The All India Institute of Ayurveda has been established at Delhi.

The government is also offering incentives to AYUSH industry for international cooperation and encouraging certification of AYUSH products to facilitate exports.

“We are witnessing a highly receptive environment where the value of AYUSH systems is widely recognised worldwide, translating into growing global demand,” said Dr Sanjaya Baru, Secretary General of FICCI.

A White Paper titled ‘AYUSH for the World’ by Frost and Sulivan was launched to offer insights into the regulatory requirements for herbal medicines in ASEAN and BIMSTEC nations.

The document notes that the Indian herbal market is valued at Rs 50 billion currently, with an annual growth rate of 14 percent.

More than 30,000 branded and 1,500 traditional AYUSH products are available in the country.

India is the world’s second largest exporter of medicinal plants after China and both the countries together produce more than 70 percent of the total global demand for herbal products.

According to the WHO, the global herbal market is estimated to reach about $5 trillion by 2050 from the current level of $6.2 billion.