Understanding the resurgence of India’s Ayurveda and nutraceuticals industries and other top stories of the week
The COVID-19 pandemic has shifted India’s focus from treatment to prevention. This week, Sanjaya Mariwala, Executive Chairman and Managing Director, OmniActive Health, tells SMBStory why the Ayurveda and nutraceuticals markets are poised for a boom. Also read the other top stories of the week.
The COVID-19 pandemic has caused Indians to focus on preventive healthcare. With many Indian consumers increasingly rejecting chemical-laden medicines, the Ayurveda and nutraceuticals markets are picking up steam.
The Ayurveda market in India is expected to grow from around $4 billion in 2018 to more than $9.5 billion by 2024, according to a ResearchAndMarkets report. A study by Assocham and RNCOS estimated the nutraceuticals market in India could reach $8.5 billion by 2022 from $2.8 billion in 2015.
Sanjaya Mariwala, Executive Chairman and Managing Director, OmniActive Health Technologies, says, “COVID-19 demonstrated those who took precautions to prevent the disease were able to manage the pandemic effectively, but those who didn’t faced a much harder time or even succumbed.”
He added that the cost of COVID-19 treatment showed how financially devastating and crippling an illness can be. “Cost of hospitalisation has become something everyone wants to avoid, and people have realised it is best to adopt preventive measures,” he said.
Nutraceuticals, available in the form of chewables, gummies, lozenges, etc., contain vitamins, minerals, proteins, fibres, probiotics, amino acids, etc., and can play a vital role in boosting immunity. Ayurvedic medicinal products - made from herbs, plants, and other naturally-occurring ingredients - can also play enhance immunity.
Sanjay says India must leverage its Ayurveda and nutraceuticals potential to become globally competitive.
Other top stories of the week:
Exalta
Ashutosh Verma wanted to build a solar air conditioner since he was in high school.
“We used to have only one AC at home and my parents would often discourage me from running it for longer hours because of the amount of electricity it consumed. This led me to look for a solution,” he says.
Ashutosh would often go to cyber cafes and search the internet for solutions, which is how he came across the idea of solar air conditioner. But coming from a working class background, he couldn’t immediately think of entrepreneurship; he had to work his way up.
After saving by teaching and working for companies like Appin Technology, Quarbz, and other government agencies, Ashutosh started Exalta in 2009 with an initial investment of Rs 8 lakh. The bootstrapped Agra-based company manufactures solar air conditioners (ACs) and other solar products.
Actual operations of the company started in 2011, and by 2015, Exalta was manufacturing around 10 solar air conditioners a year. Today, it manufactures 300-500 solar ACs a month and also exports to countries like Afghanistan, Nigeria, Oman, and Dubai.
The company has also diversified into solar products like geysers, air purifiers, and mini ventilators, among other things. It claims to have clocked a turnover of Rs 5 crore in FY19.
Arbro Pharmaceuticals
Saurabh Arora’s grandfather was a dentist and his grandmother a teacher. When India was partitioned in 1947, the Arora family migrated to Delhi from the newly-formed Pakistan. The state of the economy was such that their son and Saurabh’s father—Vijay Arora—had to help the family to make ends meet by doing odd jobs like selling pens.
Then, at the age of 14, he started trading pharmaceutical raw materials. This helped him with insights into the industry, while also connecting with a network of individuals in the industry. In 1985, Vijay started his own business of manufacturing pharmaceutical products. This is how Arbro Pharmaceuticals Pvt Ltd came into existence.
Started as a small manufacturing company in Delhi, Arbro now employs over 750 people and clocked a turnover of Rs 75 crore in FY20. It manufactures 200 products and has garnered repute for its product-testing division.
In 2005, Vijay’s son Saurabh Arora joined the business after completing his master’s in pharmacy. In 2007, the father-son duo launched Auriga Research Private Limited to focus on testing, inspection, and contract research services.
Today, Auriga conducts testing across various sectors, including health, pharma, food, hand sanitisers, medical devices etc. Saurabh says they have deployed more than 15,000 testing methods and their client list includes GSK, Unilever, Sun Pharma, Nestle, Amul, Amway etc.
Edited by Teja Lele