Indian Economy News

Union Minister Mr. Piyush Goyal Invites Global Pharma Companies to Partner India's Growth Story; Industry Poised to Double in Five Years

India is strengthening its position as a global pharmaceutical powerhouse, with Union Minister Mr. Piyush Goyal inviting international pharmaceutical companies to partner in the country’s innovation-driven healthcare growth. Speaking at the Global Ambassador Meet on the Pharmaceutical Sector and the curtain raiser for Global Durg Regulators Conclave (GDRC) 2026 and International Pharma and Healthcare Expo (IPHEX) 2026 in New Delhi, Union Minister Mr. Piyush Goyal stated that India’s pharmaceutical industry, currently valued at around Rs. 5.56 lakh crore (US$ 60 billion) has the potential to double in size over the next five years. The statement highlighted India’s ambition to move beyond its traditional strength in generic medicines and emerge as a leading hub for innovative pharmaceutical products, research, clinical trials and advanced manufacturing. It was further highlighted in the statement that India remains a trusted participant in global pharmaceutical supply chains, supported by strong economic growth, expanding trade partnerships and a large domestic market of 1.4 billion people.

The statement further emphasised three key pillars driving the sector’s growth-trust, innovation and partnerships. India supplies nearly 65-70% of the World Health Organization’s vaccine requirements and hosts the highest number of US FDA-approved pharmaceutical manufacturing facilities outside the United States. It further elaborated that patent filings have nearly doubled in recent years and highlighted initiatives such as the Biopharma Shakti programme and the Government’s Rs. 92,670 crore (US$ 10 billion) innovation support programme. The statement also underscored the importance of global collaboration and invited international pharmaceutical firms to expand their presence in India and benefit from its skilled workforce, cost competitiveness and growing healthcare market. In continuation, the statement added that India remains committed to equitable healthcare access and highlighted the country’s role during the COVID-19 pandemic in supplying affordable medicines and vaccines to more than 100 countries while ensuring long-term healthcare partnerships worldwide. 

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