AYUSH Sector Poised For $24 Billion Growth in 2023
The production of AYUSH medicines and supplements has experienced significant growth, going from over $3 billion in 2014 to $18 billion in 2020.
According to the Secretary of the Ministry of AYUSH, Government of India, this growth is expected to continue, with projections reaching $24 billion by 2023.
In preparation for the WHO Global Traditional Medicine Summit, set to take place on 17 and 18 August in Gandhinagar, Gujarat, the AYUSH Secretary highlighted that the summit will establish the direction for future activities of the WHO Global Centre for Traditional Medicine, located in Jamnagar.
The global summit is a joint effort between the WHO and the Government of India, which currently holds the presidency of the G20 for the year 2023.
More than 90 countries will reportedly be represented at the summit, which will serve as a platform for various stakeholders, including policymakers, academics, researchers, and the private sector, to exchange best practices, evidence, data, and innovations related to the contribution of traditional medicine to health and sustainable development.
Some 7,000 AYUSH-based health and wellness centers are operational currently and providing services. Data from states between January and December 2022 indicate that 8.42 crore patients have availed of these services, according to Kotecha.
During the summit, the WHO will share emerging findings from the third global survey on traditional medicine. This survey includes questions on various aspects such as financing, the health of indigenous peoples, quality assurance, traditional medicine knowledge, biodiversity, trade, integration, and patient safety.
The complete survey will be released later in the year as an interactive online dashboard and then a report, informing the development of the WHO’s updated traditional medicine strategy 2025-2034, as requested by the World Health Assembly in May 2023.