AYUSH business to clock $24 Billion in 2023

The AYUSH sector is experiencing a boom, business-wise. The growth in production of medicines and supplements, which went up to $18 billion in 2020 from just over $3 billion in  2014, is expected to clock $24 billion in 2023, according to the AYUSH ministry. 

“There is a huge response to AYUSH-based health and wellness centers,” says Union AYUSH Secretary Rajesh Kotecha. “At present, 7,000 such centers are operational and data from states indicate that 8.42 crore patients have availed of the services.”

It is pertinent to note that around 40% of pharmaceutical products today have a natural product basis, and landmark drugs are derived from traditional medicines, including aspirin, artemisinin, and childhood cancer treatments.

AYUSH treatments have received more acceptance among the people as it has now been proven through various research works that traditional forms of treatments such as Ayurveda, yoga, and naturopathy are highly effective and have no side effects as often seen in the use of allopathic medicines.

As many as 40,000 units of micro, small, and medium enterprises (MSMEs) are involved in the production of AYUSH-related items. The sector can accommodate a much greater number of production units owing to the steady increase in demand for such products.

To push the exports of AYUSH products globally the union ministry has signed 24 MoUs in the field of Traditional Medicine with foreign nations. Another 40 MoUs have been signed with international institutes for undertaking collaborative research in the field. 

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