Ayurvedic Pharmacy: Education, Social Role And Entrepreneurship
Nearly as old as the Vedas, Ayurveda is still practiced around the globe. Since ancient times, it has been practiced by both rich and poor in India because of its useful nature. In recent years, many people have been turning to alternative treatments, such as Ayurveda, Unani, and homeopathy, to find answers that modern medicine cannot see. The ayurvedic system is built on a holistic view of diseases; the aim is not just to relieve ailments but also to prevent them from recurring. Today, this discipline of Upaveda is used by the entire world to promote wellness. Over the last decade, ayurvedic pharmacy has seen rapid growth in investments as the demand for herbal products has increased significantly. It has now become a billion-dollar industry employing and healing people everywhere around the globe.
The rise and future of ayurvedic pharmacy startups
Ayurveda, as a concept, has always enjoyed immense awareness and trust but suffered from low adoption, particularly among businesses. Until a decade ago, only a handful of brands such as Himalaya, Dabur, Hamdard, and Zandu were in commercial ayurvedic products. Thankfully, the dotcom bubble burst has played an influential role in reinvigorating that interest and driving this ancient science into the mainstream. Today, the scenario has changed. From replacing expensive medicine with cheaper and better alternatives to reinventing the supply & delivery chain, ayurvedic pharmacy startups are on the frontlines, keeping our society healthy. Nowhere is this more significant than in India, where people are looking at this ancient medicine to keep them safe from diseases.
From a business perspective, Ayurveda is a highly lucrative field. It generates about $20 billion in the global market, and it is growing fast. At this rapid rate, it is expected to cross the $5 trillion mark globally by 2050. The overall amount of revenue generated from the Indian Ayurveda market is about Rs 50 billion. At 10 to 15 percent per year, it is growing strong by leaps and bounds. The Confederation of Indian Industry (CII) decided to provide a strong impetus to entrepreneurship in the Ayurveda sector, to enhance the fortunes of the Rs 2,500-crore Ayurveda medicinal and therapeutic industry.
What’s more, it is now estimated that out of the Rs 33,000 crore annual revenue of the state tourism sector, 30 percent comes from the health and wellness domain. Of that component, 80 percent comes from Ayurveda. All of these statistics translate into a vast potential in the market for the different verticals that Ayurveda spans out in times to come. Clearly, entrepreneurship is one of the highly lucrative career choices for students studying ayurvedic pharmacy.
Setting up Ayurvedic Pharmacy Startups
Ayurveda used to be taught under the Gurukula system in ancient days. Today it has become an indispensable part of the modern education system. There are 8,000+ ayurvedic pharmacies in India at present. Still, only a few colleges (including Sanskriti Ayurvedic Medical College & Hospital) offer exclusive courses for ayurvedic pharmaceutical sciences. The integration of Ayurveda and modern pharmacy has led to interdisciplinary research, education, and patient care. In this discipline of medicine, students learn about the various ayurvedic drugs, formulations, raw materials, manufacturing, standardization, quality control, store management, supply chain, and dispensing. And with the rising familiarity about ayurvedic pharmacy in India, franchising is fast becoming another subject to be added to the curriculum. What India needs now are trained medical professionals with sharp entrepreneurial acumen who are ready to invest time and effort to take this booming industry to new heights. Especially now that we live in a world riddled with AIDS, Cancer, Diabetes, and Covid-19.
If you are a student who is fascinated by the growth of ayurvedic pharmacy and wishes to learn more about medipreneurship, call 1800-120-2880. The counselors at Sanskriti University will be delighted to provide you with more insights.
