AYUSH ministry looking at increasing medicines market share to USD 10 billion

Kotecha said the ministry is taking initiatives to popularise Ayurveda in India and overseas.

The AYUSH ministry has set a goal to triple the market share of its medicines and services in the next five years to USD 10 billion, a senior official said Friday.

According to a recent study by the Confederation of Indian Industry (CII), the current market share of AYUSH medicines is USD 3 billion, AYUSH Secretary Vaidya Rajesh Kotecha said. "We are looking at increasing it to USD 10 billion," he added.

Kotecha said the ministry is taking initiatives to popularise Ayurveda in India and overseas.

Speaking at a programme organised by CII, he said 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 said.

The official said more than 75 per cent of Ayurveda business is with the private sector and, therefore, engagement with the private sector has become critical.

Kotecha 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.

Dr Naresh Trehan, chairman, CII Healthcare Council, and chairman and MD Medanta-The Medicity, emphasised that demystification of the ancient medical system will help it 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," he said.

(With inputs from agencies.)