Vaibhav Jain, Ayush Expert, Co-founder, Aayush Bharat talks about the rising global demand for AYUSH-based therapies and factors behind it
For countless centuries, traditional and complementary medicine has served as an invaluable healthcare resource within households and communities. It has not only stood at the forefront of medical and scientific advancements but has also laid the very foundation for modern conventional medical practices. In today’s pharma landscape, approximately 40 per cent of drug products find their origins in natural sources, and some of the most groundbreaking medications, such as aspirin, artemisinin, and treatments for childhood cancer, have their roots in traditional medicine.
Traditional and complementary medicine is undergoing a transformative phase, with cutting-edge research, including genomics and artificial intelligence, making notable inroads. Simultaneously, thriving industries cantered around herbal medicines, natural products, health and wellness, and health-related travel experiences are emerging to meet the global demand for holistic well-being. As people seek alternative solutions to maintain good health and combat ailments, the demand for AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy) therapies is rising. This surge in popularity reflects changing consumer attitudes and presents a compelling investment opportunity in the wellness industry.
AYUSH on the global stage
An estimated 80 per cent of the global population is engaged in traditional medicine. AYUSH, deeply rooted in the conventional wisdom of India, offers a holistic approach to health, emphasising balance, harmony, and natural healing. Its growing prominence is not confined to the Indian subcontinent but extends across the globe. Recognizing the significance of traditional medicine, 170 Member States have reported its utilisation to the World Health Organization (WHO). They have also requested comprehensive evidence and data to inform the development of policies, standards, and regulations that ensure the safe, cost-effective, and equitable utilisation of traditional medicine. This proactive approach reflects a growing global commitment to harness the potential of traditional and complementary healthcare while maintaining the highest standards of safety and effectiveness.
Rising global demand
The rising global demand for AYUSH-based therapies is attributed to several factors:
Natural and holistic approach: AYUSH therapies focus on treating the root causes of ailments rather than just alleviating symptoms. This holistic approach aligns with the global shift towards natural and sustainable healthcare solutions.
Minimal side effects: AYUSH therapies are known for their minimal or no side effects, making them attractive alternatives to conventional medicine, especially for chronic conditions.
Preventive healthcare: AYUSH emphasises preventive healthcare and wellness, aligning with the growing trend of proactive health management.
Government support: Governments worldwide recognise AYUSH’s potential and support its integration into national healthcare systems.
Investment opportunities
The investment landscape in AYUSH-based therapies is promising and dynamic:
Budgetary support: The Indian government’s commitment to AYUSH is evident in the 2022-23 Union Budget, which allocated Rs 3,647.5 crore to the Ministry of AYUSH (MoAYUSH). This 19.6 per cent increase underscores the government’s dedication to promoting AYUSH nationally and internationally.
Global expansion: The AYUSH industry offers tremendous opportunities for expansion and export. As international acceptance grows, investors can explore new markets and partnerships. Establishing the “Ayush Export Promotion Council” marks a significant milestone in promoting the global export of Ayush products. Registered under the Ministry of Ayush with the support of the Ministry of Corporate Affairs, this council is overcoming challenges related to the registration of Ayush products in foreign markets. Its mission extends to conducting in-depth market studies and research activities on a global scale.
Diversification: Investing in AYUSH-based therapies diversifies one’s wellness industry portfolio, safeguarding against economic fluctuations.
Research and development: The AYUSH sector is investing in research and modernization, making it more aligned with international standards and regulations. This investment ensures the safety and efficacy of AYUSH products. To facilitate the export of Ayurveda, Siddha, Unani, and Homeopathy (ASU&H) drugs, the attainment of WHO-GMP (Good Manufacturing Practices) Certification with a Certificate of Pharmaceutical Product (COPP) has been granted to 31 Ayurvedic drug manufacturers by the government. This certification ensures that the manufacturing processes adhere to international quality standards and streamlines the export of ASU&H drugs to meet the growing global demand.
Collaboration and integration: Collaborative efforts between governments, institutions, and organisations globally promote integrating AYUSH therapies into mainstream healthcare systems.
Conclusion
In this ever-evolving healthcare landscape, traditional medicine is experiencing a remarkable transformation. The fusion of modernisation and ancient wisdom is reshaping how we understand and utilise traditional healing practices.
Traditional medicine is finding its way into our everyday lives through mobile phone apps, online classes, and other innovative technologies. These digital tools make the age-old wisdom of traditional healing more accessible, providing practical ways to incorporate these practices into our modern, fast-paced lifestyles. As we navigate the stresses of our times, meditation and yoga play an increasingly vital role in promoting mental health and well-being. These practices, rooted in tradition, offer solace and a path to inner balance in our fast-paced world.
In conclusion, the rapid modernisation of traditional medicine, driven by the convergence of science and tradition, offers new dimensions for exploration and growth.