At a pharmaceutical industry event in New Delhi, the Commerce and Industry Minister said India is shifting towards innovation-driven drug development while maintaining its role as a major supplier of affordable medicines.
Union Commerce and Industry Minister Piyush Goyal on Tuesday invited global pharmaceutical companies to deepen their engagement with India, saying the country’s pharmaceutical industry, currently valued at about $60 billion, has the potential to double in size over the next five years.
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), Goyal said India is moving beyond its traditional strength in generic medicines towards innovation-driven pharmaceutical products, while continuing its commitment to affordable healthcare.
The remarks come as India seeks to expand its role in global pharmaceutical supply chains and attract greater international collaboration in drug development, manufacturing and healthcare innovation.
India bets on innovation-led growth
Goyal said India sees itself as a trusted partner in the global pharmaceutical ecosystem, serving as a customer, innovator, technology partner, clinical trial destination and manufacturing hub.
Pharmaceutical innovation refers to the development of new medicines, technologies and healthcare solutions beyond conventional generic drug manufacturing.
Highlighting India’s economic performance, Goyal said the country remained the world’s fastest-growing large economy despite global challenges, including the conflicts in Ukraine and West Asia and the imposition of 50% tariffs by the United States. He said India’s economy grew by 7.7% at constant prices during the year ended March 2026.
The Minister also said India was willing to provide market access to high-quality innovative pharmaceutical products from partner countries. He noted that several pharmaceutical products already benefit from preferential or zero-duty access under India’s free trade agreements.
Expanding global trade footprint
Goyal said expanding the international presence of Indian industry has been a key priority over the past 12 years. According to the Minister, India has signed nine Free Trade Agreements in recent years and now has trade arrangements covering more than 50 countries, providing preferential market access across much of the developed world.
He said these agreements create new opportunities for pharmaceutical companies seeking to partner with India.
Generic medicines remain central
While outlining India’s ambitions in pharmaceutical innovation, Goyal underscored the continued importance of the country’s generic drug industry.
Generic medicines are lower-cost versions of approved medicines that provide the same therapeutic benefit as the original product once patent protection expires.
According to Goyal, generic medicines account for 80-90% of the volume of medicines sold in the United States but only 10-15% of their value, demonstrating their affordability. He said millions of patients worldwide rely on medicines supplied by India and added that the country’s competitiveness stems from both its skilled workforce and lower operating costs compared with advanced economies.
Trust, innovation and partnerships
Goyal identified trust, innovation and partnerships as the three pillars of India’s pharmaceutical growth strategy.
On trust, he said India has aligned its Good Manufacturing Practices framework with global standards. He noted that around 65-70% of the World Health Organization’s vaccine requirements are sourced from India. He also said 10 of the world’s 25 largest generic pharmaceutical companies operate from India and that the country has the highest number of United States Food and Drug Administration-approved pharmaceutical manufacturing plants outside the United States.
On innovation, Goyal said patent filings from India have nearly doubled in recent years. He highlighted the Biopharma Shakti programme and referred to a $10 billion government programme designed to support innovation across sectors, including pharmaceuticals.
On partnerships, he invited global pharmaceutical companies to strengthen their presence in India and tap opportunities offered by a market of 1.4 billion people, a growing middle class and rising incomes.
Lessons from the COVID-19 pandemic
Goyal also pointed to India’s role during the COVID-19 pandemic, describing it as evidence of the country’s commitment to global healthcare access.
He said Indian pharmaceutical companies met domestic demand while continuing to support countries in the Global South, emerging economies and developing nations.
The Minister said more than 100 countries received medicines from India free of cost during the pandemic. He added that countries seeking pharmaceutical support were supplied medicines at pre-pandemic prices.
Addressing temporary restrictions on exports of medicines and vaccines during the pandemic, Goyal said the measures were intended to ensure equitable availability and prevent hoarding or profiteering during a global health emergency.
Focus on long-term healthcare partnerships
Looking ahead, Goyal said India seeks partnerships that extend beyond crises such as pandemics and conflicts. He reiterated the country’s commitment to fostering long-term collaborations focused on innovation, sustainable pharmaceutical production and universal access to quality healthcare.
Referring to the theme of India’s G20 Presidency in 2023, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”, he said India views healthcare as a shared global responsibility and aims to work with countries worldwide to improve access to quality healthcare.
The Minister concluded by thanking ambassadors, diplomats and international delegates attending the event and extended his best wishes for the success of GDRC 2026 and IPHEX 2026.
