7th CII AYUSH Conclave: Exploring AYUSH Market Potential & Growth

IRDAI now covers AYUSH therapies through insurance coverage, indicating progress in integrating AYUSH practices.

The Confederation of Indian Industry recently hosted the 7th CII AYUSH Conclave, which focused on “Emerging Trends in AYUSH: Unleashing Market Potential.” This event emphasized the AYUSH sector’s substantial expansion over the last decade. Distinguished experts, academics, practitioners, government leaders, inventors, and healthcare professionals met to discuss methods for marketing AYUSH goods, increasing market demand, and discovering development opportunities. Discussions also included the importance of AYUSH in achieving universal health care, encouraging industrial entrepreneurship, and presenting an introduction to AYUSH practices and concepts.

Padma Shri Vaidya Rajesh Kotecha, Secretary of the Ministry of AYUSH, lauded the sector’s growth, which has boosted its value to USD 24 billion in 10 years. He mentioned the increased acceptance and domestic demand for AYUSH goods and services during the COVID-19 epidemic and the Ministry’s commitment to enhancing research and evidence-based initiatives. Collaborative projects were notably highlighted, such as developing Advanced Centers for Integrative Health Research at AIIMS institutions across India in partnership with the Indian Council of Medical Research (ICMR). Plans were also made to work with AIIMS to establish a Department of Integrative Medicine to combine healthcare procedures with traditional AYUSH medicines.

Kotecha also emphasized the relevance of the Ayush Grid platform in modernizing service delivery across functional areas, emphasizing the need for industry-government partnerships in meeting product and service quality requirements.

Dr. Rabinarayan Acharya, Director General of the Central Council for Research in Ayurvedic Sciences (CCRAS), spoke about government measures to improve the industry, such as research programs to acquire evidence. He spoke on the Ministry’s commitment to creating three botanicals by 2030 while maintaining their quality, safety, and efficacy.

Shashwat Goenka, Chairman of the CII National Taskforce on AYUSH and Director of PCBL Limited praised AYUSH’s ideals and applicability in today’s healthcare scenario. Rajiv Vasudevan, Co-Chairman of the CII National Taskforce on AYUSH and MD & CEO of Apollo Ayur VAID Hospitals, informed the audience on attempts to incorporate AYUSH into mainstream healthcare procedures. This involves WHO indexing disease-related terms in Ayurveda and Unani Siddha medicine, as well as the establishment of India’s Global Centre for Traditional Medicine. He also highlighted that IRDAI now covers AYUSH therapies through insurance coverage, indicating progress in integrating AYUSH practices.

Source: Inputs from various media Sources