PR No – 426
16th June, 2023
A robust startup ecosystem is essential for fostering innovation, entrepreneurship, and economic growth; Dr. Tanuja Nesari, Director, All India Institute of Ayurveda, (AIIA) & CEO, National Medicinal Plants Board, Ministry of AYUSH, Govt. of India
AYUSH Committee, PHD Chamber organized a webinar on “Exploring Startup Opportunities in the AYUSH Sector” held on 15th June 2023.
The webinar was graced with the presence of Chief guest Dr. Tanuja Nesari, Director, All India Institute of Ayurveda, Ministry of AYUSH, Govt. of India.
The webinar was also joined by Dr. Pradeep Multani, Immediate Former President, PHD Chamber & Chairman, Multani Pharmaceuticals Limited, Dr. Rajiv Rai, Chair, AYUSH Committee & Head Research, Dabur India Limited, Dr. Santosh Joshi, Co-Chair, AYUSH Committee & Sr. General Manager, (R&D) Hamdard Laboratories India, Mr. Indroneel Das, Sector lead- AYUSH Desk, Invest India, Govt. of India, Dr. Arun Gupta, Director, Ayu Swasth Private Limited, Dr. Aarati Patil, Co-founder & Research Head-Gynoveda and was moderated by Dr. Nasir Jamal, Secretary, PHD Chamber.
While welcoming Dr. Pradeep Multani mentioned that traditional systems of medicine have gained significant popularity worldwide, and there is a growing demand for alternative and holistic healthcare solutions. He said that a start-up in the AYUSH sector can be an exciting and rewarding venture, there are few essential steps one should consider when establishing a startup in the AYUSH sector. Most importantly to identify the specific niche or focus area within the AYUSH sector that aligns with your expertise and passion.
Dr. Rajiv Rai said that Start-up in AYUSH sector has significant potential for growth. Startups are also known for their ability to be nimble and adaptable. They can quickly respond to market changes, adopt new technologies, and embrace innovative ideas. This flexibility allows them to stay ahead of the competition and meet evolving customer demands.
Dr. Tanuja Nesari mentioned that a robust startup ecosystem is essential for fostering innovation, entrepreneurship, and economic growth. Startups are often the drivers of innovation, introducing new ideas, technologies, and business models. A vibrant startup ecosystem encourages and supports entrepreneurs in their pursuit of innovative solutions to existing problems. She said that Government of India has taken numerous steps to promote and support start-up ecosystem in India. She also talked about various initiatives like make in India and Aatmanirbhar Bharat initiative, which create a robust, resilient, and globally competitive Indian economy that can cater to the needs of its citizens and become a significant player in the global supply chain. She also mentioned about AIIA, which has an incubation centre and supports lot of start-ups in the field of Ayurveda. She also mentioned that 53,000 start-ups registrations has been received last year in the AYUSH sector.
Dr. Santosh Joshi said that startups have significant potential for growth and impact. Many startups have scalable business models, meaning they have the potential to grow rapidly. Startups can contribute to promoting exports and employment in many ways and contribute to the growth of the economy.
Indroneel Das mentioned that Invest India is working very closely with start-ups and providing them initial support for their growth. They also handholds start-ups companies at various levels. Invest India is also working with most Ministries and Departments of Government of India. He mentioned about a dedicated desk that helps the start-ups to grow in India. He also mentioned about a MoU has been signed with Ministry of defense resulting in Ayurveda OPDs in service hospitals.
Dr. Arun Gupta talked about initial challenges been faced by a start-ups. He said they use Bio-activated technology in their various line of products. Dr. Gupta also shared key challengs and requirements for a start-up beginning from company’s registration, getting Trade mark & Bar code requirements, GST returns and taking product to online market places. He also mentioned that our Government should also come up with some new incentive schemes for the growth of start-ups and becoming them a successful unicorn.
Dr. Aarati Patil shared a brief presentation about success story of Gynoveda and its rising popularity in recent years. She also highlighted basic start up challenges been faced by any start-up in India about research and clinical trials or taking any regulatory or licensing require for their products. She said Gynoveda is an Indian healthtech startup that focuses on women’s health and aims to provide personalized Ayurvedic solutions. It also offers online consultations and personalized Ayurvedic treatments for women’s health issues, including menstrual disorders, hormonal imbalances, and reproductive health.
Dr. Rajiv Rai thanked chief guest and all eminent panellists for sparing their valuable time and joining today’s important webinar about growth of the start-ups.
The webinar was sponsored by Association of Manufacturers of Ayurvedic Medicine (AMAM) and it was well attended by various start-ups and representatives from AYUSH Industry.
PHD Chamber of Commerce and Industry