He was awarded the Sangeet Natak Akademi Award in 1996 in theatre.

He studied in B. J.

Medical College, Pune for his MBBS and MD degree in Psychiatry.

He later became a professor, before becoming an actor.

During his medical college years in Pune, he fell in love with theatre by Utpal Dutt.

Agashe was also instrumental in establishing the Maharashtra Institute of Mental Health in 1991, a state level training and research institute in Mental Health Sciences, located in Pune, India.

Agashe headed the five-year study on the trauma of the 1993 Latur earthquake, initiated by the Indian Council of Medical Research.

He also chaired the organising committee meetings for the Annual National Conference of Indian Psychiatric Society held at Armed Forces Medical College, Pune.

In 1998, Agashes project to improve mental health education and service led to the formation of a new policy on mental education by the Government of Maharashtra.

He has also served as an Advisor to the Government of Maharashtra on Mental Health Education and Service.

Agashe is presently Principal Investigator for an IndoUS joint project on Cultural Disorders of Fatigue and Weaknesses.

From April 1997 to April 2002, he was the Director General of the Film and Television Institute of India, Pune.

He was part of a play called Zara Samjhun Ghya, which he presented for IMAs awareness drive to strength doctor-patient relationship in Pune.

In 2018, he was also part of a Harry Potter spoof video by Bharatiya Digital Party, where he portrayed Bumbledore.

He was also part of a short film PuranaPyaar, by Gorilla Shorts.

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