Piyush Goyal invites global pharma firms to invest in India

Union Commerce and Industry Minister Piyush Goyal on Monday invited global pharmaceutical companies to partner with India as the country accelerates its transition towards innovation-led and inclusive healthcare. He said India’s pharmaceutical industry, currently valued at around USD 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 the International Pharma and Healthcare Expo (IPHEX) 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 provide affordable medicines to patients across the world.The minister said India has emerged as a trusted partner in global pharmaceutical supply chains, serving multiple roles as a customer, innovator, technology partner, clinical trial destination and manufacturing hub. He emphasized that the country is committed to strengthening global healthcare partnerships while ensuring wider access to quality medicines.
Highlighting India’s economic resilience amid global uncertainties, Goyal noted that the country remains the world’s fastest-growing major economy despite challenges arising from geopolitical conflicts and trade disruptions. He said India’s economy expanded by 7.7 per cent at constant prices in the financial year ended March 2026, reflecting the strength of its domestic demand and policy framework.Goyal said India is ready to provide market access to high-quality innovative pharmaceutical products from partner nations. He added that the country has secured preferential market access through a growing network of free trade agreements (FTAs), including zero-duty access for several pharmaceutical products.
According to the minister, expanding the global footprint of Indian industry has been a key focus under the leadership of Prime Minister Narendra Modi over the past 12 years. India has signed nine FTAs in recent years and now enjoys trade agreements covering more than 50 countries, offering preferential access to markets across much of the developed world.Underscoring the significance of India's generic medicines industry, Goyal said millions of patients worldwide benefit from affordable drugs manufactured in the country. He noted that generic medicines account for 80-90 per cent of the volume of medicines sold in the United States while representing only around 10-15 per cent of their total value, highlighting their affordability and contribution to public health.
The minister identified trust, innovation and partnerships as the three pillars underpinning the growth of India’s pharmaceutical sector.On trust, he said India has aligned its Good Manufacturing Practices framework with global standards. He noted that 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 hosts the highest number of US FDA-approved pharmaceutical manufacturing plants outside the United States, he added.
Speaking on innovation, Goyal said patent filings in India have nearly doubled in recent years. He highlighted the launch of the Biopharma Shakti programme aimed at promoting pharmaceutical innovation and referred to the government’s USD 10 billion innovation support programme spanning multiple sectors, including pharmaceuticals.Inviting deeper international engagement, the minister encouraged global pharmaceutical companies to strengthen their presence in India and tap opportunities offered by a market of 1.4 billion people, rising incomes, a growing middle class 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 global responsibility. He said the COVID-19 pandemic reinforced the importance of international cooperation to ensure equitable access to healthcare and essential medicines.

The Indian ethos of “सर्वे सन्तु निरामयाः” is what the International Pharmaceutical Exhibition (iPHEX) stands for... pic.twitter.com/iq3MPyVTr7

— Piyush Goyal (@PiyushGoyal) June 8, 2026

Commending the Indian pharmaceutical industry's role during the pandemic, Goyal said domestic companies successfully met local requirements while supplying medicines and vaccines to countries across the Global South and other developing economies. He recalled that India supplied medicines free of cost to more than 100 countries and extended pharmaceutical assistance to all nations that sought support during the crisis.The minister said the government had imposed temporary restrictions on certain pharmaceutical exports during the pandemic to ensure equitable availability and prevent hoarding and profiteering. He added that medicines and healthcare products were supplied at pre-pandemic prices, ensuring that intermediaries did not benefit unfairly from the global health emergency.
Reiterating India’s commitment to long-term global partnerships, Goyal said the country seeks collaboration beyond times of crisis, focusing on innovation, sustainable healthcare production and universal access to quality medical care. Referring to the theme of India’s G20 Presidency in 2023, “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future), he said India remains committed to working with the international community to make quality healthcare accessible to all.

(Business Correspondent)