Piyush Goyal invites global pharma firms to expand partnerships with India
New Delhi: Union Commerce and Industry Minister Piyush Goyal invited international companies to strengthen global pharma partnerships with India, saying the country’s pharmaceutical industry could double from its current $60 billion size within the next five years.
Speaking at the Global Ambassador Meet and the curtain raiser for GDRC 2026 and IPHEX 2026 in New Delhi, Goyal said India aims to move beyond generic medicines and build a stronger innovation-driven pharmaceutical sector. At the same time, he said the country would continue supplying affordable medicines to patients worldwide.
The minister said India remains an important part of global pharmaceutical supply chains. He added that the country serves as a trusted manufacturing hub, technology partner, innovator and clinical research destination for many nations.
Goyal highlighted India’s economic performance and noted that the country recorded 7.7 per cent growth during FY 2025-26 despite global economic uncertainties. Therefore, he said India offers significant opportunities for international collaboration and investment.
Global pharma partnerships backed by trust and innovation
The minister identified trust, innovation and partnerships as the three pillars supporting India’s pharmaceutical growth story. He said India has aligned its manufacturing standards with global benchmarks and continues to strengthen quality compliance.
Goyal noted that India supplies nearly 65 to 70 per cent of the World Health Organization’s vaccine requirements. Furthermore, the country has the highest number of US FDA-approved pharmaceutical manufacturing facilities outside the United States.
On innovation, he said patent filings have nearly doubled in recent years. In addition, the government launched the Biopharma Shakti programme and announced a $10 billion innovation support initiative covering several sectors, including pharmaceuticals.
The minister also encouraged multinational companies to expand their presence in India. He said the country’s large population, growing middle class and rising incomes create strong long-term opportunities for business growth.
Referring to India’s role during the COVID-19 pandemic, Goyal said Indian pharmaceutical companies supplied medicines and vaccines to more than 100 countries. Moreover, he stated that India ensured affordable access to healthcare products during the global health crisis.
He reiterated that India seeks lasting international cooperation through global pharma partnerships that support innovation, sustainable production and wider access to quality healthcare.
