New Delhi: Union Minister of Commerce and Industry Piyush Goyal has invited global pharmaceutical companies to become partners in India’s innovation-led healthcare journey, stating that the country’s pharmaceutical industry, currently valued at approximately $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 GDRC 2026 and International Pharma and Healthcare Expo – IPHEX 2026 in New Delhi, Goyal said India is steadily progressing beyond its traditional strength in generic medicines towards innovation-driven pharmaceutical products while continuing its commitment to providing affordable healthcare solutions across the world.
Highlighting the significance of IPHEX 2026, the Minister said India views itself as an integral part of global pharmaceutical supply chains and a trusted partner for countries worldwide, serving as a customer, innovator, technology partner, clinical trial destination, and manufacturing hub.
Goyal noted that India continues to remain the world’s fastest-growing major economy despite global challenges, including geopolitical conflicts in Ukraine and West Asia and the imposition of 50 percent tariffs by the United States.
He pointed out that India’s economy expanded by 7.7 percent at constant prices during the financial year ending March 2026.
Addressing the international delegates gathered for IPHEX 2026, he stated that India is prepared to offer market access to high-quality innovative pharmaceutical products from partner nations.
He highlighted that India has secured preferential market access, including zero-duty benefits for several pharmaceutical products, through its free trade agreements.
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The Minister said that under the leadership of Prime Minister Narendra Modi, expanding the global presence of Indian industry has remained a major focus over the last 12 years.
He noted that India has entered into nine Free Trade Agreements in recent years and now enjoys trade arrangements covering more than 50 countries, enabling preferential market access across much of the developed world.
Emphasising the importance of India’s generic pharmaceutical industry, Goyal said millions of patients around the globe benefit from affordable medicines supplied by Indian companies.
He observed that while generic medicines account for nearly 80-90 percent of medicine volumes sold in the United States, they represent only 10-15 percent of the total value, demonstrating their affordability and societal importance.
He added that India’s competitive advantage stems not only from its highly skilled talent pool but also from substantially lower operating costs compared to advanced economies.
During the IPHEX 2026 curtain raiser event, Goyal outlined three defining strengths of India’s pharmaceutical sector: trust, innovation, and partnerships.
On the aspect of trust, he said India has aligned its Good Manufacturing Practices framework with international standards. He pointed out that approximately 65-70 percent of the vaccine requirements of the World Health Organization are sourced from India.
He further stated that 10 of the world’s 25 largest generic pharmaceutical companies operate from India and that the country hosts the highest number of US FDA-approved pharmaceutical manufacturing facilities outside the United States.
Discussing innovation, Goyal said India’s patent filings 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 $10 billion programme designed to support innovation across sectors, including pharmaceuticals.
On partnerships, the Minister encouraged global pharmaceutical companies to strengthen their presence in India and take advantage of opportunities offered by a market of 1.4 billion people, rising incomes, an expanding middle class, and sustained economic growth.
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Referring to India’s long-standing healthcare philosophy during the IPHEX 2026 event, Goyal cited the Sanskrit expression “Sarve Santu Niramaya”, meaning “May all beings be free from illness.” He said India’s healthcare approach has, for thousands of years, regarded good health as a shared responsibility.
He added that the world, particularly after the COVID-19 pandemic, has recognised the collective responsibility of nations to make the world safer and ensure equitable access to healthcare. According to him, this philosophy continues to guide India’s modern pharmaceutical industry.
Commending the Indian pharmaceutical sector for its resilience during the pandemic, Goyal said Indian companies not only fulfilled domestic requirements but also supported numerous countries worldwide, particularly those in the Global South, emerging economies, and developing nations.
Recalling India’s management of pharmaceutical supplies during COVID-19, he explained that temporary restrictions on exports of medicines and vaccines were implemented not to deny access to other countries but to ensure equitable availability at affordable prices.
He stated that the Government’s objective was to prevent traders and entities with substantial financial resources from cornering supplies and selling them at excessive prices during the crisis.
The Minister noted that more than 100 countries received medicines from India free of cost during the pandemic and that every country seeking pharmaceutical assistance received medicines at pre-COVID prices. He emphasised that India ensured intermediaries and traders did not profit from the global health emergency.
Highlighting the broader objectives of IPHEX 2026, Goyal said India seeks long-term partnerships that extend beyond crises such as pandemics and conflicts.
