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FICCI calls for long-term action plan to promote innovation eco system in Ayush sector
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Laxmi Yadav, Mumbai
April 22 , 2022
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In a bid to develop the innovation ecosystem in Ayush sector, Federation of Indian Chambers of Commerce & Industry (FICCI) has called for a long-term plan detailing actions needed to create robust education, research, standardization and professional services and promote industry in Ayush sector.
Speaking at Heal in India- Medical Value Travel in Ayush at Global Ayush Innovation and Investment Summit 2022, Praveen Mittal, Director, FICCI said "The action plan for long-term success should be to create robust education, research, standardization and professional services and encouraging industry in Ayush sector, jointly leading to develop innovation-ecosystem."
Besides this, there should be integration and synergy between traditional and modern systems of medicine, he added.
He discussed how India is committed to the common good of accessibility of healthcare, and FICCI is working with government, industry and every stakeholder to bring effective, efficient and affordable traditional healing to all.
Talking about medical value travel, he said "It will continue to grow and offer opportunities to benefit from the sector. There will be increased demand for healthcare services from countries with aging population. With a fast paced modern lifestyle, there is greater demand for wellness and alternative cures. India has invested heavily in Ayush and is in a unique position to attract medical value travelers for cure through Ayush and also for enhancing wellness."
There are many countries which still do not have adequate medical facilities and they will be attractive source markets for medical value travel. India has a huge diaspora, and they can combine their visit to India with medical treatment. There has been a substantial improvement in connectivity from various source markets, which provides better opportunities for medical value travel, he stated.
The medical tourism market by revenue is expected to grow at a CAGR of 29.29 per cent during the period 2021-26, according to Medical Tourism Market - Global Outlook & Forecast 2021-26. India is ranked 10th out of the top 46 countries in the world in the Medical Tourism Index 2020-21 by the Medical Tourism Association. While MVT for India was projected to be US$ 9 billion by 2020, despite the debilitating impact of the Covid-19 pandemic on the tourism and hospitality industry, the medical tourism sector is estimated to have been worth US$ 5–6 billion. MVT in India is expected to grow to US$ 13 billion by 2022. India also happens to be the 3rd amongst the top 10 wellness countries in Asia Pacific.
While India is already one of the leading destinations for patients seeking care abroad, there is adequate room for growth. The sector is expected to grow at a CAGR of 21.1 per cent between 2020-27. As per estimates, only 11 million people travel annually to seek care abroad which is only one per cent of the estimated global tourist volume of one billion. Thus, there is immense potential for coupling medical care with tourism.
As India has shown in the past, through sustained initiatives it emerged as ‘The Pharmacy to the World’. Similarly, India can also aim to become ‘The Provider to the World’ by delivering quality care at affordable cost.
In 2018, MVT was identified as one of the “Champion Services Sectors” to be receiving a part of the Rs. 5,000 crore dedicated fund created by the Central government to strengthen these sectors. The government made an additional allocation of Rs. 2,970 crore for the Ministry of Ayush in the Union Budget 2021-22, compared to only Rs. 1,069 crore in 2014-15.
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