New Delhi: India should build on its position as the ‘pharmacy of the world’ and emerge as a global destination for medical and healthcare services, Union Commerce and Industry Minister Piyush Goyal said.
Addressing the Pharma Machtech and Labnext Expo 2026 in New Delhi, Goyal said India’s healthcare ambitions must extend beyond medicines and treatment to cover prevention, wellness, diagnostics, caregiving, medical devices, telemedicine, digital health, innovation and research.
He said the medical and pharmaceutical machinery, consumables and related sectors have significant potential to drive merchandise exports, import substitution and services exports. The healthcare ecosystem, he added, can generate crores of jobs, thousands of business opportunities and lakhs of new startups, particularly in the medtech sector.
Goyal also urged the industry to make greater use of opportunities created by India’s free trade agreements. He said the nine free trade and bilateral trade agreements finalised over the last four to four-and-a-half years cover economies with a combined GDP of around USD 60 trillion, compared with around USD 10 trillion covered by India’s FTAs before 2014.
Ongoing negotiations could take the combined coverage to around USD 75 trillion, he said, opening opportunities for preferential market access, lower duties, services and mobility.
The minister stressed the need to strengthen India’s domestic capabilities in medical equipment, medicines and research while building stronger links with global technology partners, according to an official statement.
He called for greater collaboration between Indian companies, startups, R&D centres, universities, medical colleges, IITs and global innovators. He also encouraged co-designing, co-development, licensing, knowledge sharing and technology transfer.
Goyal said India need not reinvent technologies that are already available globally. Instead, suitable global technologies can be brought to India while Indian technologies can be taken to international markets, he said.
The minister also called for a stronger startup incubation ecosystem for medtech, medical equipment and consumables. He emphasised improvements in design, patents, copyrights and the broader intellectual property ecosystem to support innovation.
He highlighted the need for greater self-reliance and resilience in healthcare supply chains, recalling shortages of oxygenators and ventilators during the COVID-19 pandemic. He stressed that India must strengthen domestic capabilities while maintaining high quality and standards.
Goyal also pointed to the potential of India’s cost advantage in research and development. Greater cooperation between industry and academic and research institutions, he said, could expand opportunities for innovation, design, clinical trials and manufacturing of medical equipment in the country.
On investment, Goyal said 100% Foreign Direct Investment is permitted through the automatic route. Referring to the Economic Survey 2025-26, he also noted that the pharmaceutical industry is shifting from volume to value.
The minister further proposed shared testing infrastructure where Indian medical equipment can be tested, benchmarked against global standards, certified and demonstrated to international customers.
He said the government would support the acquisition of advanced technical testing equipment for such facilities in government-sponsored or university laboratories.
Goyal also highlighted the role of Artificial Intelligence in improving efficiency in healthcare. While AI can help professionals work better, smarter and faster, he said human caregiving and nursing would continue to remain essential.
He also highlighted the government’s commitment of Rs 1 lakh crore towards research and development, innovation and funding, and urged the industry to use these opportunities to develop newer equipment, innovative drugs and medicines.
Goyal said India’s goal should not be limited to providing high-quality healthcare to its own citizens. The country should also aim to provide wellness and healthcare services to people around the world from India.
He expressed confidence that coordinated efforts by industry, entrepreneurs, startups, researchers and healthcare professionals can strengthen India’s healthcare capabilities and contribute to the country’s goal of becoming a developed nation by 2047.
