India is striving to transition from generic drugs to innovation-driven pharmaceuticals while ensuring the affordability of medicines globally, according to Commerce Minister Piyush Goyal. Goyal urged international pharmaceutical companies to collaborate with India to advance innovation in healthcare. The country’s pharmaceutical industry, currently valued at $60 billion, has the potential to double in size within the next five years.
Speaking at the Global Ambassador Meet on Pharmaceutical Sector and events like GDRC 2026 and IPHEX 2026, Goyal emphasized India’s role in global pharmaceutical supply chains. He highlighted India’s position as a reliable partner for countries worldwide, offering services ranging from customer support to manufacturing hub capabilities. Despite global challenges such as conflicts and tariffs, India remains the world’s fastest-growing large economy.
Goyal underscored India’s economic growth of 7.7% at constant prices for the year ending March 2026. He also mentioned India’s willingness to grant market access to high-quality innovative pharmaceutical products from partner nations. India has secured preferential market access, including zero-duty privileges, for various pharmaceutical products through its free trade agreements.
The minister emphasized India’s commitment to providing affordable medicines globally. He pointed out that while generic drugs account for a significant volume in the United States, their value remains relatively low, highlighting the cost-effectiveness and societal impact of generic medications. India has aligned its Good Manufacturing Practices with global standards and plays a crucial role in the global vaccine supply chain.
Goyal highlighted India’s significant contributions to the pharmaceutical industry, including being a major supplier of WHO vaccine requirements and hosting ten of the world’s largest generic pharmaceutical companies. India also boasts the highest number of US FDA-approved pharmaceutical manufacturing plants outside the United States. Moreover, India has witnessed a substantial increase in patent filings in recent years, indicating a growing focus on innovation in the pharmaceutical sector.
