NEW DELHI: Union Commerce and Industry Minister Piyush Goyal said India’s pharmaceutical industry, currently valued at around USD 60 billion, has the potential to double in size over the next five years, as he invited global pharmaceutical companies to deepen their engagement with the country.
Addressing the Global Ambassador Meet on the Pharmaceutical Sector and the curtain raiser ceremony for GDRC 2026 and IPHEX 2026 in New Delhi, Goyal said India aims to move beyond its traditional strength in generic medicines and expand its presence in innovation-driven pharmaceutical products while continuing to provide affordable healthcare solutions worldwide.
The minister said India sees itself as a trusted partner in global pharmaceutical supply chains, serving as a manufacturing hub, technology partner, innovation centre, clinical trial destination, and supplier of medicines to countries across the world.
Highlighting the country’s economic performance, Goyal said India remains the world’s fastest-growing large economy despite global uncertainties and recorded economic growth of 7.7% at constant prices in the year ended March 2026.
He said India is prepared to provide market access to high-quality innovative pharmaceutical products from partner countries and pointed to the preferential access available under the country’s free trade agreements.
According to the minister, India has concluded nine free trade agreements in recent years and now enjoys trade arrangements covering more than 50 countries.
Emphasising the role of generic medicines, Goyal said affordable drugs manufactured in India benefit millions of patients globally. He noted that generic medicines account for 80-90% of the volume of medicines sold in the US while representing only 10-15% of their value, underscoring their affordability, according to an official statement.
The minister identified trust, innovation, and partnerships as the three pillars driving the growth of India’s pharmaceutical sector. He said India has aligned its Good Manufacturing Practices framework with international standards and remains a major contributor to global vaccine supplies, with around 65-70% of World Health Organization vaccine requirements sourced from the country.
He also said India hosts 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 and highlighted government initiatives such as the Biopharma Shakti programme and a USD 10-billion innovation support programme covering multiple sectors, including pharmaceuticals.
