The All India Institute of Ayurveda (AIIA) has collaborated with Startup India to launch an “Ayush Start-up” challenge to encourage early-stage startups and individuals working in the Ayurveda sector.
The participants will enter the competition in any of the 3 categories, Ayush Food and Innovation, Ayush Bio-Information and Ayush IT Solutions. The winner in each category will get a cash prize of Rs 1 lakh and the runner up will receive Rs 50 thousand. The winners will also get incubation support from AIIA. This will help them to access the resources of AIIA across the 3 wings of the university. 3-5 individuals can also participate in a group but they will have to register a legal entity before the cash prize is disbursed to them.
Dr Tanuja Manoj Nesari, Director, AIIA said, “We are building the AIIA as an institution of eminence under the guidance of the Ministry of Ayush with three key wings of medical science under one roof – academics, scientific research and clinical practice. To fully realize the potential of the Ayush science, we need a thriving ecosystem with players operating across the entire value chain. This is where start-ups can play an important role in developing new solutions.”
The current value of the Ayush Market is said to be $10 Billion and it is expected to increase by 50 per cent in the next 5 years. India is currently the second-largest exporter of Ayurveda and alternative medicine. Data from “A2Z Market Research” and “Global Ayurveda Market research report” suggests that there is an increased demand for alternative medicine since the Covid-19 outbreak. India is expected to be the global leader in the sector with its ancient Ayurveda medicines.
India’s major AYUSH export partners include UAE, Russia, USA, Japan. This year’s budget has increased the allotment of funds for the Ayush sector. This has encouraged more companies to align their products according to the demand of the AYUSH sector along with traditional players like “Patanjali” and “Dabur”. AIIA and the ministry of Ayush have been working constantly to facilitate research and development and tap the full potential of the industry.