Union Commerce and Industry Minister Piyush Goyal has invited global pharmaceutical companies to partner with India as the country seeks to strengthen 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.

Addressing 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) 2026 in New Delhi, Goyal said India aims to build on its strength in generic medicines while expanding into innovation-driven pharmaceutical products.

He described India as a trusted partner in global pharmaceutical supply chains, with capabilities spanning manufacturing, technology partnerships, clinical trials, innovation and market access.

Goyal also highlighted India’s economic performance, noting that the economy grew by 7.7 per cent at constant prices in the financial year ended March 2026. He said India continues to expand its international trade relationships, with nine free trade agreements signed in recent years and agreements covering more than 50 countries.

According to Goyal, India is prepared to provide market access to high-quality innovative pharmaceutical products from partner countries. He also highlighted preferential and zero-duty access available for several pharmaceutical products under India’s FTAs.

The minister emphasised the importance of India’s generic pharmaceutical industry, noting that affordable medicines manufactured in the country serve patients across global markets. He said generic medicines account for 80-90 percent of the volume of medicines sold in the US, while representing around 10-15 percent of their value.

Goyal identified trust, innovation and partnerships as the three pillars of India’s pharmaceutical sector. On trust, he highlighted the alignment of India’s Good Manufacturing Practices framework with global standards and noted that around 65-70 percent of the World Health Organisation’s vaccine requirements are sourced from India.

He also said 10 of the world’s 25 largest generic pharmaceutical companies are based in India and that the country has the highest number of US FDA-approved pharmaceutical manufacturing facilities outside the US.

On innovation, Goyal said patent filings in India have nearly doubled in recent years. He also highlighted the Biopharma Shakti programme and the government’s USD 10-billion innovation support programme covering multiple sectors, including pharmaceuticals.

Calling for deeper international engagement, Goyal invited global pharmaceutical companies to leverage India’s large market, growing middle class, rising incomes and expanding economic opportunities.

He linked India’s healthcare approach to the Sanskrit phrase “Sarve Santu Niramaya”, or “May all beings be free from illness”, and said the COVID-19 pandemic had reinforced the importance of international cooperation for equitable healthcare access.

Goyal also highlighted the role of Indian pharmaceutical companies during the pandemic in meeting domestic demand while supplying medicines and vaccines to countries across the Global South and other developing economies.

He said temporary restrictions on pharmaceutical exports during the pandemic were introduced to ensure domestic availability and prevent hoarding and profiteering. According to Goyal, India supplied medicines free of cost to more than 100 countries during the pandemic and provided pharmaceutical assistance to countries that sought support at pre-COVID prices.

Goyal reiterated the need for long-term international partnerships focused on innovation, sustainable healthcare production and wider access to quality medicines. He also referred to India’s G20 Presidency theme, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”, in emphasising the country’s commitment to global cooperation in healthcare.