NEW DELHI: Keeping in mind the ever increasing demand of alternative branches of treatment and medicine, AYUSH ministry is envisaging an enormous plunge in the market share of AYUSH medicine and services in next five years. The ministry is aiming to triple the market share to USD 10 billion. “We are looking at increasing it to USD 10 billion,” said AYUSH Secretary Vaidya Rajesh Kotecha while addressing a gathering during an event organized by Confederation of Indian Industry (CII).
Presently, AYUSH medicines accounts for a market of USD 3 billion, claims a study done by CII.
AYUSH Secretary further informed that ministry is taking initiatives to popularise Ayurveda in India and overseas. “There has been a growth of 15.38 per cent in the number of patients treated with traditional medicine systems through AYUSH hospitals and dispensaries.
“Due to the resurgence in the global demand for AYUSH and herbal products, the total value of export of such products has increased to form USD 354.68 million in the year 2014-15 to USD 401.68 million in the year 2016-17 in the global market,” he added.
He also said that private sector is all set to play a critical role as more than 75 per cent of Ayurveda business is with the private sector.
During his address Dr Naresh Trehan, chairman, CII Healthcare Council, and chairman and MD Medanta-The Medicity, emphasised that demystification of the ancient medicine system will help it move ahead. “India can become an example to the world if it can fuse the power of modern an traditional medicine which is possible through, rigorous research, documentation and evidence,” he said.
A national seminar on Entrepreneurship and Business development in Ayurveda will be held on November 4 to sensitise the Ayurveda fraternity, especially the young people informed Vaidya Rajesh Kotecha.