Over a remarkable 2023 for the Ayush Industry, Invest India’s Ayush Strategic Policy & Facilitation Bureau facilitated a series of impactful engagements with stakeholders from the Ayush industry, featuring regulators, government bodies, investors, startups, and various ecosystem players. The multifaceted discussions throughout 2023, saw one-on-one interactions, cluster visits, facilitations/issue resolutions and finally culminated in a dedicated Ayush Startup Roundtable held on October 12, 2023 (at Vigyan Bhawan Annexe, New Delhi). The overarching objective was to address pressing challenges and foster collaborative solutions for the Ayush sector's sustainable growth.
Exploring Regulatory Landscapes and Licensing in Ayush
With Secretary (Ministry of Ayush) chairing the session, and several senior decision-makers from across Ministries/Departments of Ayush & allied sectors- the regulatory environment and licensing processes in Ayush took center stage during the discussions. Emphasis was placed on harmonizing regulations, addressing inconsistencies, and standardizing Ayush products to align with global benchmarks. Notable suggestions included efforts toward recognizing Yoga as a sport in the Olympic Games, boosting Ayush education, and facilitating research and innovation. Collaboration with allied ministries such as Commerce, Food Processing Industries, and Health and Family Welfare was encouraged to streamline regulations for Ayush startups, both in manufacturing and exports.
Innovations Driving Ayush Startups
The session on accelerating Ayush startups and fostering innovation featured insights from established Ayush unicorns and industry experts, notably having the presence of Dr. Chintan Vaishnav (Mission Director, Atal Innovation Mission). Key strategies proposed encompassed building a dedicated Ayush platform, enhancing accessibility to government schemes, and creating a robust community of practitioners for knowledge-sharing. To stimulate innovation, suggestions were made to strengthen incubator systems and technical institutions, supporting startups with grants and schemes. Noteworthy proposals included the establishment of in-house expertise for patent registration and the development of an Investor Connect portal for startups.
Ayush Integration in Collaborative
The overlap of the Ayush sector with allied/sub-sectors like FMCG, Women and Childcare, and Tourism sectors, along with insights from Sh. B.K. Singh (Joint Secretary, Ministry of Ayush) and senior representatives from esteemed institutions like AIIMS and organizations like Patanjali, drew attention to challenges and opportunities. Recommendations ranged from the development of Agro-Eco tourism for Ayush to addressing sector-specific challenges through funding support mechanisms. The need for Ayush to be recognized as a separate sector under DPIIT and the creation of an Investor Connect portal for connecting Venture Capitalists with startups were key highlights.
Optimizing the Ayush Supply Chain Landscape
As the discussion unfolded, valuable insights were contributed by Smt. Kavita Garg (Joint Secretary, Ministry of Ayush), Senior representatives from Pharmacopoeia Commission for Indian Medicine & Homoeopathy, and some of the most successful and innovative Ayush startups such as Two Brothers Organic Farms. The discourse seamlessly extended to the Ayush supply chain and raw material procurement, shedding light on challenges faced by businesses in the industry. Strategies suggested included promoting Jamnagar as an Ayurveda city, strengthening quality mechanisms, and creating a digital platform for trading and information exchange. Noteworthy proposals also included geographic plantation of medicinal plants, labs for adulteration checks, and leveraging technology, blockchain, and data-driven platforms to ensure transparency and ease in the supply chain.
Conclusion
Invest India's collaborative engagement with the Ayush sector at large, and specific dialogue around innovation, regulations, capital & market access, and B2G collaborations has provided a roadmap for overcoming challenges and fostering innovation. Insights from regulators, startups, and industry experts underscore a commitment to regulatory harmonization, innovation support, industry integration, and supply chain optimization. These proposed solutions align to propel Ayush startups to new heights, reflecting a concerted effort to advance the traditional medicine sector for a healthier and sustainable future.
