Understanding the harmful effects of chemicals, the modern consumer inclines toward the traditional Indian science. Arjun Vaidya, CEO, Dr Vaidya’s, shares insights about the changing trends and new age products in conversation with Mansha Gagneja
How has Ayurveda evolved over the past couple of decades? Do you see more acceptance to Ayurveda as a medical science?
Ayurveda as a science has seen a spurt of interest in the last three to four years. From the mid 80s to mid 2000s, this science had lost its appeal among the modern consumers. Consumers had moved towards allopathic products because Ayurvedic products did not appeal to the consumer in terms of packaging and ease of use. With consumers understanding the harmful effects of chemicals, Ayurveda is undergoing somewhat of a renaissance. Education and acceptability are key drivers to capture the modern consumer.
Has the new government measures helped in growth of the sector?
The government has understood the value of Ayurveda as a science. Yoga was taken to the west, re-branded in a form that appeals to modern consumers and today, is a mammoth multi-billion dollar industry in the US. With the formation of the Ministry of AYUSH, the government wants to safeguard the science and ensure that Indian companies take it to the world. Grants to build hospitals, promotion of Ayurveda through Indian embassies and the observation of National Ayurveda Day (on October 28, 2016) are a few key measures by the government to garner support to this science and its propagation.
What other measures are required to drive more growth in the sector?
Modern consumers need to know more about Ayurveda. Consumers above the age of 55 in India are generally aware of herbs and their benefits. This knowledge has been lost in the generations after and today’s modern consumers, unfortunately, know very little about our science. The first step towards building our category is to increase the basic knowledge among our consumers.
What are the challenges that hinder the growth of the sector? How can they be tackled?
Lack of knowledge among consumers and poor infrastructure are the two biggest challenges. With efforts by the government and private players to propagate Ayurveda as a way of life, awareness can be built. Providing doctors access to high quality hospitals and a uniform policy framework will help improve the infrastructure. Although the process has begun, the government is still working towards giving more to aid the sector.
How can players like Dr Vaidya’s contribute towards widespread adoption of Ayurveda?
Dr Vaidya’s is a new age Ayurvedic products business founded by a family with 150 years of Ayurvedic heritage. Over the years, family members have passed down formulations from generation to generation and treated of patients in the process. Today, the company owns 96 FDA approved formulations for Ayurvedic proprietary medicine which are manufactured in-house.
We are looking to revolutionise the way Ayurvedic products are marketed. We aim to create new age products for the modern consumer in a form that is appealing and convenient. For example, HERBOfit: the goodness of Chyawanprash in a capsule form for adults and LIVitup: an Ayurvedic hangover cure that doubles up as a long-term liver protector are the first few launches of the business. We aim to launch with the long-term vision of taking this traditional Indian science to the modern consumer.
What are your organic and inorganic growth plans for the next three years?
Products have been launched through retail in Mumbai. In next three months, we aim to launch these products in Pune and then across Maharashtra and Gujarat in the next six to nine months. The reason behind this approach is that as a brand we are investing to get the market right before expanding. Even as a new brand, we have already invested on our own on the ground sales team because more than just selling the products, we are selling a concept or a new way of life. For this reason, we are expanding at a pace that we can keep up with and ensuring that we get a market right before spreading further.
How do you test the efficacy of your products? Are they done through clinical trials? Can you elaborate on them?
Currently, our factory is FDA approved and has ISO 9001:2008 certification as well as GMP certification. Given these licenses, we follow stringent processes in manufacturing. Each batch of product undergoes rigorous testing at government-approved laboratories before hitting the market or consumers.
What are your strategies to increase your footprints in other geographies?
Our brand LIVitup! has already received significant traction among international markets. The product has already been exported to China and our company is now in talks with partners across Japan, Vietnam, Singapore, Malaysia, Australia, the UK and Germany to establish our presence in these markets. Although we thought export would be a long-term game, inbound interest has made us focus on this part of the business earlier than we expected.