As awareness of complementary medicines grows, demand is surging in India and across the world, and these five Indian startups are working hard to tap into this market.
In India, alternative medical systems, primarily those in the AYUSH (Ayurveda, Unani, Yoga, Naturopathy, Siddha and Homeopathy) stream, are rapidly gaining in popularity. In the 2018 Union Budget, the government increased the budget for the Ministry of AYUSH by over 13% to Rs 16,263.7 crore for the development of education and research in these fields of medicine. Backed by strong government support, there has been a steady rise in the number of graduate and postgraduate institutes studying AYUSH medicines. A Central Regulatory Council has also been set up to build infrastructure and put in place a strong regulatory framework.
As awareness of these medical systems grows, demand is surging in India and across the world. AYUSH is a $10 billion market, expected to grow to $15 billion by 2020. Various startups are trying to tap into this market. Some are trying to repackage medicines and prescriptions offered by Ayurveda and homeopathy, while others are offering preventive and holistic treatment through them. Customers who are unsuccessful or plagued by side effects from conventional medicines are flocking to these alternative sources of treatment.
We profile five startups that promise alternative medicine with personal and long-term engagement with patients.
Health Clinic
The startup was founded in December 2015 by husband-wife duo Deepti Arora and Vishal Arora, who are also working professionals. The idea was born when they wanted to help a relative suffering from a rare disease find alternative treatments. They launched with 50 clients and around 200 practitioners and soon saw a monthly growth of 25-30%.
HealClinic offers online healthcare packages that offer over 30 types of non-conventional therapies. They offer holistic products across various categories like apparel, Ayurvedic products, nutritional supplements, aromatic oils, Rudraksha, skin care, hair care, etc. Once a client joins, they recommend a practitioner, support them till the end of their treatment and keep in touch even after the treatment to monitor their progress.
Going forward, the startup plans to set up integrated clinics to provide preventive healthcare and early detection of diseases. It expects to earn revenue of over Rs 2 crore in the next few years.
Welcome Cure
The service was launched in November 2014 by homeopathic doctor Dr Jawahar Shah and two patients, Punit Desai and Nidhi Desai, who have benefited from Dr Shah’s treatment. With an aim to make homeopathic treatments and doctors more accessible to all consumers, it is a full-fledged technology platform offering services like doctor search, consultation, diet & nutrition planning, medicine delivery etc. through communication touchpoints like live chat, video chat, phone and email.
The startup invested in two years of extensive research before launching and now claims to have the largest homeopathic database in the world. The company currently aims to serve 100,000 customers annually through online channels and become a mecca for all forms of natural medicine.
Light of hope
Started by Aman Chandra, this wellbeing startup is based in Delhi and aims to provide holistic treatments. Services include a range of alternative therapies such as Reiki, Theta, Pranic, Neuro-Linguistic Programming, Chakra Healing, Life Coaching and Spiritual Counselling. Their website offers a seamless experience to find and get in touch with the right healer. The Silver Lining believes that healing should not be limited to just the body but should extend to the mind and soul to provide a transformative experience.
The team claims to have achieved revenue of up to Rs 50,000 crore in the initial phase of operations. They aim to expand their operations to North India and then to the West and South.
Sync Remedy
On returning to India after a lengthy stay in the US, Dr Arjun Rao set up the clinic in 2014. Driven by the possibility of combining the best of world medicine with traditional, time-tested treatments for healthy living, Dr Rao began working with the idea of shifting the approach of medicine from treatment to prevention.
SyncRemedies uses the internet as a communication channel between patients and doctors and an electronic medical records platform to collect and record the treatment history of each patient. The company currently has an annual revenue of Rs 1 crore and is looking to partner with companies in the US and UK. Its aim is to bring together patient and doctor beliefs in integrative medicine.
Dr. Vaidya’s
Arjun Vaidya, CEO of Dr Vaidya’s, is taking Ayurvedic knowledge passed down over six generations and repackaging it to appeal to the modern customer.
Dr Vaidya has a portfolio of 96 FDA approved Ayurvedic patent medicines, all manufactured at his own facility in Silvassa. While his father and grandfather’s time operated through a clinic in Mumbai and postal services, Arjun has kept up with technological advancements and moved the business online through his own website.
Currently, the company’s products are available online and through independent stores in Mumbai. With growing interest in Ayurvedic products, Dr Vaidya’s aims to launch more OTP products and expand across India and then into global markets.
