Union Minister for Commerce and Industry Piyush Goyal has expressed confidence that India’s pharmaceutical industry, currently valued at around $60 billion, has the potential to double in size over the next five years. He called upon global pharmaceutical companies to deepen their engagement with India and become partners in the country’s vision of innovation-driven and inclusive healthcare.
Speaking at the Global Ambassador Meet on the Pharmaceutical Sector and the curtain raiser ceremony for the Global Drug Regulators Conclave (GDRC) 2026 and International Pharma and Healthcare Expo (IPHEX) 2026 in New Delhi, Goyal highlighted India’s growing importance in the global healthcare ecosystem. He emphasized that the country aims to move beyond its traditional strength in generic medicines and expand into research-based and innovative pharmaceutical products while continuing to provide affordable healthcare solutions worldwide.
The minister described India as a trusted and reliable partner in global pharmaceutical supply chains, serving multiple roles as a manufacturing hub, technology collaborator, innovation center, clinical trial destination, and major supplier of medicines. He noted that India’s pharmaceutical sector has earned international recognition for its quality standards and cost competitiveness.
Highlighting India’s economic strength, Goyal said the country remains the world’s fastest-growing major economy despite global uncertainties, including geopolitical conflicts and rising trade barriers. He pointed out that India recorded economic growth of 7.7 percent at constant prices during the financial year ending March 2026.
The minister also underlined the opportunities available to international pharmaceutical firms in India. He stated that the country is open to providing market access to high-quality innovative medicines from partner nations and pointed to the extensive network of free trade agreements that offer preferential access for pharmaceutical products.
According to Goyal, India’s pharmaceutical success rests on three key pillars—trust, innovation, and partnerships. On the aspect of trust, he said India has aligned its Good Manufacturing Practices with internationally accepted standards. He highlighted that nearly 65 to 70 percent of the World Health Organization’s vaccine requirements are supplied by India. Additionally, 10 of the world’s top 25 generic pharmaceutical companies operate from India, while the country hosts the largest number of US FDA-approved pharmaceutical manufacturing facilities outside the United States.
Discussing innovation, Goyal noted that patent filings in India have nearly doubled in recent years, reflecting the country’s growing research capabilities. He also referred to the Biopharma Shakti programme, launched to encourage innovation in the pharmaceutical sector, and a government-backed $10 billion initiative aimed at supporting innovation across strategic industries.
Inviting global pharmaceutical companies to establish a stronger presence in India, the minister highlighted the advantages of operating in a market of 1.4 billion people, supported by a rapidly expanding middle class, rising incomes, and sustained economic growth.
Goyal also emphasized India’s long-standing philosophy of healthcare, citing the Sanskrit expression “Sarve Santu Niramaya,” meaning “May all beings be free from illness.” He said this principle continues to guide India’s healthcare policies and its pharmaceutical industry’s commitment to ensuring affordable access to medicines.
Reflecting on the COVID-19 pandemic, the minister praised the Indian pharmaceutical sector for maintaining supplies not only for domestic needs but also for numerous countries worldwide. He stated that India provided medicines free of cost to more than 100 countries during the pandemic and ensured that pharmaceutical exports remained available at pre-pandemic prices wherever possible.
Reiterating India’s commitment to global health cooperation, Goyal said the country seeks long-term partnerships focused on innovation, sustainable healthcare production, and universal access to quality medicines. Referring to the theme of India’s G20 Presidency, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future,” he stressed that India remains committed to working with the international community to ensure quality healthcare reaches every corner of the world.
The minister concluded by thanking ambassadors, diplomats, and international delegates for their participation and extended his best wishes for the success of GDRC 2026 and IPHEX 2026.
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Author: Shivam
Shivam Dwivedi is a senior journalist with extensive experience in research-driven journalism, policy communication, and multi-platform storytelling. His areas of interest include international relations, defence, science & technology, education, urban development, agriculture, spirituality, and environmental sustainability. His work focuses on in-depth analysis, public discourse, and impactful narratives across governance and development sectors, with a strong commitment to the Sustainable Development Goals (SDGs). Contact: [email protected]
