Piyush Goyal: India’s pharma sector can double in next 5 years, move beyond generics

Inviting global pharmaceutical companies to partner with India for innovation-led inclusive healthcare, Commerce & Industry Minister Piyush Goyal has said that India’s pharmaceutical industry can double in size over the next 5 years, from the current $60 billion.Addressing the Global Ambassador Meet on Pharmaceutical Sector and Curtain Raiser Ceremony of GDRC (Global Durg Regulators Concalve) 2026 and IPHEX (International Pharma and Healthcare Expo) 2026 in New Delhi, Goyal said that India is looking to move beyond generics into innovation-driven pharmaceutical products while continuing to provide affordable medicines to patients across the world. Stating that India sees itself as an integral part of global pharmaceutical supply chains and a trusted partner as an innovator, technology partner, clinical trial destination, or manufacturing hub; the Minister noted that the country remains the world’s fastest-growing large economy despite global turbulence, conflicts in Ukraine and West Asia and the imposition of 50% tariffs by the United States.Highlighting that India’s pharma exports are set to get tariff-free market access under most of its FTAs, he said that millions of patients worldwide benefit from affordable medicines supplied by India. He noted that while generic medicines represent only about 10-15% of the value of medicines sold in the US, he said that they account for 80-90% of the volume of medicines sold in the world’s largest economy by serving larger needs of the society.Noting that 65-70% of the World Health Organization’s (WHO) 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.Recalling India’s management of pharmaceutical supplies during the pandemic, Goyal explained that temporary restrictions on exports of medicines and vaccines were imposed not to deny access to other countries, but to ensure equitable availability at affordable prices. He said the Government’s concern was that traders and entities with significant financial resources might corner available supplies and sell them at exorbitant prices during the crisis. He emphasised that India ensured that traders and intermediaries were not allowed to profit from the global health emergency, by ensuring that 100+ countries received medicines from India free of cost during the pandemic and that every country which approached India for pharmaceutical support was provided medicines at prices prevailing before COVID-19.(Edited by : Srabastee Biswas)

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