New Delhi — Commerce Minister Piyush Goyal on Monday urged global pharmaceutical companies to partner with India as the country works to expand beyond generics and build a stronger presence in innovation-driven health care.
Speaking at the Global Ambassador Meet on the Pharmaceutical Sector and the curtain-raiser ceremony for the Global Drug Regulatory Conclave 2026 and International Pharmaceuticals and Healthcare Exhibition 2026, Goyal said India’s pharmaceutical industry, currently valued at about $60 billion, has the potential to double over the next five years.
He said India is seeking to strengthen its role in global pharmaceutical supply chains while continuing to provide affordable medicines to patients around the world. The country, he said, is ready to work with international partners as a customer, innovator, technology partner, clinical trial destination and manufacturing hub.
Goyal said India remains the world’s fastest-growing large economy despite global challenges, including the wars in Ukraine and West Asia and the imposition of 50 percent tariffs by the United States. He said India’s economy grew 7.7 percent at constant prices in the year ended March 2026.
The minister said India is also prepared to offer market access to high-quality innovative pharmaceutical products from partner countries. He noted that India has secured preferential market access, including zero-duty access for many pharmaceutical products, through free trade agreements.
Goyal said expanding the global reach of Indian industry has been a priority over the past 12 years under Prime Minister Narendra Modi. He said India has signed nine free trade agreements 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 millions of patients globally rely on affordable medicines supplied by India. Generic medicines account for 80 percent to 90 percent of the volume of medicines sold in the United States but only about 10 percent to 15 percent of their value, he said, highlighting their affordability and broader public health value.
Goyal also said India has aligned its Good Manufacturing Practices framework with global standards. About 65 percent to 70 percent of World Health Organization vaccine requirements are sourced from India, and 10 of the world’s 25 largest generic pharmaceutical companies operate from the country, he said.
India also has the highest number of U.S. Food and Drug Administration-approved pharmaceutical manufacturing plants outside the United States, Goyal said.
On innovation, he said India’s patent filings have nearly doubled in recent years, reflecting the country’s growing focus on research, development and new pharmaceutical products. (Source: IANS)
