The report "Ayush Sector in India: Prospects and Challenges," published by the Forum on Indian Traditional Medicine (FITM) in 2021, estimates the Ayush industry in India to be valued at US$ 18.1 billion for 2020-21. Key growth drivers in the Ayurveda products market include government initiatives promoting international cooperation and exports. The Ministry of Ayush has implemented the "Central Sector Scheme for Promotion of International Cooperation in AYUSH," which provides incentives for Ayush manufacturers and institutions to participate in global trade events and helps with registering AYUSH products with various international regulatory bodies. Additionally, quality certifications, such as the WHO’s Certification of Pharmaceutical Products (CoPP) and the AYUSH Premium mark from the Quality Council of India, further enhance the market's credibility and competitiveness.
To support the sector's development, the Ministry of Ayush has introduced several programs, including the Ayush Oushadhi Gunvatta Evam Uttpadan Samvardhan Yojana (AOGUSY), which focuses on upgrading pharmacies and drug testing laboratories, enhancing pharmacovigilance, and improving regulatory frameworks. The establishment of the Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) ensures compliance with quality standards for ASU&H drugs. Furthermore, the newly formed Ayush Export Promotion Council (AYUSHEXCIL) aims to facilitate exports, address trade issues, and organize capacity-building initiatives for stakeholders in the Ayush sector. Together, these efforts aim to strengthen the growth and global presence of Ayurveda products while ensuring high-quality standards.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.