New Delhi: Union Minister Shri Piyush Goyal today urged medtech startups to expand globally and leverage India’s trade agreements that cover nearly 70% of global GDP.
Addressing the Pfizer INDovation Startup Showcase Programme in New Delhi, he asked medtech startups to look beyond the domestic market. He said nine Free Trade Agreements signed in the past three years cover 38 countries. These markets include the EU, EFTA bloc, the UK, Australia, New Zealand and the United States of America. Earlier agreements also cover Japan, Korea and ASEAN nations. Therefore, India now has market access to 70% of global GDP, mostly at zero duty for Indian products.
He said affordable and scalable medical technology can serve remote parts of India. At the same time, such innovation can reach Africa, Latin America, Central Asia, Southeast Asia and developed economies. Moreover, he encouraged startups to participate in global fairs and exhibitions. He assured that the Commerce Ministry would support delegations. In addition, India’s missions in over 190 countries are ready to assist innovators.
Shri Goyal said innovation must address India’s daily needs. He also stressed that failure should not deter entrepreneurs. Instead, he described it as a stepping stone to success. He cited Abraham Lincoln’s journey before becoming US President.
Support measures to strengthen medtech startups ecosystem
The Minister highlighted that over 200,000 startups are registered in India. He reiterated the goal of making India a trusted global partner. Furthermore, he referred to the Andhra Pradesh MedTech Zone near Visakhapatnam. He expressed interest in creating a similar hub in North India, possibly in Rajasthan or Uttar Pradesh, or within NICDC industrial projects.
To strengthen the ecosystem, he announced three new National Institutes of Pharmaceutical Education and Research. Additionally, seven existing NIPERs will be upgraded. A new National Institute of Design will also come up in East India. He said NID can help medtech startups improve product design and quality.
Shri Goyal stated that startups receive an 80% rebate on IP-related fees. He added that a dedicated Startup India team provides 24×7 support. Meanwhile, DPIIT, in collaboration with Pfizer, the Department of Pharmaceuticals and NITI Aayog, felicitated winners of the Pfizer INDovation Program 2025.
Under this initiative, 14 healthtech startups received grants of ₹60 lakh each, totaling over ₹8 crore. They will also receive 18 months of incubation, mentorship and deployment support. These startups are developing solutions in immunization, non-communicable diseases, brain health, oncology, and maternal and child health.
