Piyush Goyal urges global pharma companies to partner with India's innovation ecosystem

India is looking to move beyond generics into innovation-driven pharmaceutical products while continuing to provide affordable medicines to patients across the world, Commerce Minister Piyush Goyal said on June 8.

He invited global pharmaceutical companies to partner with India in its journey towards innovation-led and inclusive healthcare, stating that India's pharmaceutical industry, currently valued at around $60 billion, can double in size over the next five years.

Addressing the Global Ambassador Meet on Pharmaceutical Sector and Curtain Raiser Ceremony of GDRC (Global Drug Regulatory Conclave) 2026 and IPHEX (International Pharmaceuticals and Healthcare Exhibition) 2026 here, Goyal said India sees itself as an integral part of global pharmaceutical supply chains and a trusted partner for countries across the world, whether as a customer, innovator, technology partner, clinical trial destination, or manufacturing hub.

India remains the world's fastest-growing large economy even amid global turbulence, including conflicts in Ukraine and West Asia and the imposition of 50 per cent tariffs by the United States.

He noted that India's economy grew by 7.7% at constant prices during the year ended March 2026.

The minister further said that India is prepared to provide market access to high-quality innovative pharmaceutical products from partner countries, noting that India has received preferential market access, including zero-duty access for many pharmaceutical products, under its free trade agreements.

Over the past 12 years, under the leadership of Prime Minister Narendra Modi, expanding the international footprint of Indian industry has been a key priority.

He noted that India has entered into nine Free Trade Agreements in recent years and now has trade agreements covering more than 50 countries, with preferential market access available across most of the developed world.

Goyal said millions of patients worldwide benefit from affordable medicines supplied by India. He noted that while generic medicines account for 80-90 per cent of the volume of medicines sold in the United States, they represent only about 10-15 per cent of the value, underlining the affordability and societal value of generic medicines.

He said India has aligned its Good Manufacturing Practices framework with global benchmarks. He noted that approximately 65-70 per cent of World Health Organisation vaccine requirements are sourced from India and that 10 of the world's 25 largest generic pharmaceutical companies operate from India.

He further stated that India has the highest number of US FDA-approved pharmaceutical manufacturing plants outside the United States.

On innovation, Goyal said India's patent filings have increased by nearly 100 per cent in recent years.

—IANS