Indian Economy News

India Must Build Resilient, Globally Integrated Healthcare Supply Chains: Commerce and Industry Minister Mr. Piyush Goyal at Bharat Health Global Expo 2026

India must build resilient, globally integrated healthcare supply chains and move beyond its success in generics towards greater research, development and innovation, said Union Minister of Commerce and Industry Mr. Piyush Goyal at the Bharat Health Global Expo 2026 in New Delhi. He was joined by Minister of State for Commerce and Industry and Electronics and Information Technology Mr. Jitin Prasada and Commerce Secretary Mr. Rajesh Agarwal. Mr. Piyush Goyal said India, known as the "pharmacy of the world," must restore resilience in its pharmaceutical supply chain, particularly in Active Pharmaceutical Ingredients and Key Starting Materials, while adopting an outward-looking approach that includes investment in overseas markets for local value addition and last-mile delivery. He called for greater focus on new molecules, biosimilars and biotechnology, leveraging initiatives such as the Research and Development Innovation Fund, and urged regulatory convergence with developed economies to attract investment.

On infrastructure, Mr. Piyush Goyal said bulk drug parks are coming up in Andhra Pradesh, Gujarat and Himachal Pradesh, with 100 new industrial parks planned to offer plug-and-play facilities for the pharma and healthcare sector. He noted nearly Rs. 76,352 crore (US$ 8 billion) is spent on medical value travel and called for this to be pursued in mission mode. On trade access, he said India's FTAs before 2014 covered a combined GDP of Rs. 954.40 lakh crore (US$ 10 trillion), while nine recent FTAs now provide access to a combined GDP of Rs. 5,726.40 lakh crore (US$ 60 trillion), six times more, with India negotiating 8 to 10 further FTAs to access 75% of global trade.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.