Piyush Goyal invites global pharmaceutical firms to join India's innovation journey
New Delhi, June 8
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 Monday.
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 per cent 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
Reader Comments
Finally, India is moving beyond copying drugs to actually inventing new ones. The fact that we have the highest number of US FDA-approved plants outside the US shows our manufacturing quality. But I hope the government also focuses on making these innovative drugs affordable for our own citizens, not just for export.
As someone working in global pharma supply chains, I've seen India's potential firsthand. The move towards innovation make sense, but let's be realistic: moving from generics to novel drug discovery requires massive R&D investment and a regulatory system that can match global standards. India has the talent but needs more government support for basic research.
Good initiative but I'm skeptical. We've heard these promises before. The real challenge is getting our domestic companies to spend on R&D instead of just reverse-engineering patented drugs. Also, with 50% US tariffs looming, Indian pharma needs to diversify markets. The FTA strategy is smart but Europe and Japan should be our focus too.
Impressive growth numbers - 7.7% growth even with global turmoil shows India's resilience. But I worry about making pharma too dependent on foreign partnerships. What about our own pipeline of innovation? We need stronger IP protection laws to encourage our scientists to stay and work in India rather than going abroad.
As a pharmacist, I see both sides. India's generics have saved millions of lives worldwide, especially in developing countries. Moving to innovation is necessary but we shouldn't abandon our core strength. The GMP alignment with global standards is long overdue. Let's hope this translates to better quality control in our domestic market too.
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