Union Commerce and Industry Minister Piyush Goyal on Monday invited global pharmaceutical companies to partner with India as it advances towards innovation-led and inclusive healthcare, saying the country’s pharmaceutical industry, currently valued at around USD 60 billion, has the potential to double in size over the next five years.
Addressing the Global Ambassador Meet on the Pharmaceutical Sector and the curtain-raiser ceremony for GDRC (Global Drug Regulators Conclave) 2026 and IPHEX (International Pharma and Healthcare Expo) 2026 in New Delhi, Goyal said India aims to move beyond its traditional strength in generic medicines and expand into innovation-driven pharmaceutical products while continuing to supply affordable medicines worldwide.
He said India sees itself as a trusted partner in global pharmaceutical supply chains, serving as a customer, innovator, technology partner, clinical trial destination and manufacturing hub.
Highlighting India’s economic resilience, Goyal said the country remains the world’s fastest-growing major economy despite global challenges, including conflicts in Ukraine and West Asia and higher tariffs imposed by the United States. He noted that India’s economy grew by 7.7 per cent at constant prices in the financial year ended March 2026.
The minister said India is prepared to provide market access to high-quality innovative pharmaceutical products from partner countries. He added that India has secured preferential market access, including zero-duty access for several pharmaceutical products, through its free trade agreements (FTAs).
Goyal said expanding the global footprint of Indian industry has been a key priority under Prime Minister Narendra Modi over the past 12 years. India has signed nine FTAs in recent years and now has trade agreements covering more than 50 countries, providing preferential market access across much of the developed world, he said.
Emphasising the role of India’s generic drug industry, Goyal said millions of patients worldwide benefit from affordable medicines produced in the country. He noted that generic medicines account for 80-90 per cent of the volume of medicines sold in the United States but only around 10-15 per cent of their value, underscoring their affordability and public health significance.
The minister identified trust, innovation and partnerships as the three pillars of India’s pharmaceutical sector.
On trust, he said India has aligned its Good Manufacturing Practices framework with global standards. Around 65-70 per cent of the World Health Organization’s vaccine requirements are sourced from India, while 10 of the world’s 25 largest generic pharmaceutical companies are based in the country. India also has the highest number of US FDA-approved pharmaceutical manufacturing plants outside the United States, he added.
On innovation, Goyal said patent filings in India have nearly doubled in recent years. He highlighted the launch of the Biopharma Shakti programme to encourage pharmaceutical innovation and referred to the government’s USD 10 billion innovation support programme covering multiple sectors, including pharmaceuticals.
Calling for deeper global engagement, he invited international pharmaceutical companies to strengthen their presence in India and leverage opportunities offered by a market of 1.4 billion people, a growing middle class, rising incomes and sustained economic growth.
Referring to the Sanskrit phrase “Sarve Santu Niramaya” (May all beings be free from illness), Goyal said India’s healthcare philosophy has long viewed good health as a shared responsibility. He said the COVID-19 pandemic reinforced the need for global cooperation to ensure equitable access to healthcare.
Commending the Indian pharmaceutical industry’s role during the pandemic, Goyal said domestic companies met local demand while also supplying medicines and vaccines to countries across the Global South and other developing economies.
Recalling the government’s management of pharmaceutical exports during the pandemic, he said temporary restrictions on medicines and vaccines were introduced to ensure equitable availability and prevent hoarding and profiteering.
According to the minister, India supplied medicines free of cost to more than 100 countries during the pandemic and provided pharmaceutical support to all countries that sought assistance, at pre-COVID prices. He said the government ensured that traders and intermediaries did not profit from the global health crisis.
Goyal reiterated India’s commitment to building long-term partnerships that extend beyond emergencies such as pandemics and conflicts, with a focus on innovation, sustainable healthcare production and universal access to quality healthcare.
Referring to the theme of India’s G20 Presidency in 2023, “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future), he said India views all nations as part of one global family and remains committed to working with the international community to ensure access to quality healthcare for all.
