Commerce and Industry Minister Piyush Goyal has expressed strong confidence in India's pharmaceutical sector, stating that the country's USD 60 billion pharmaceutical industry is poised to double in the next five years. He made these remarks while addressing the Pharmaceutical Export Promotion Council's Global Ambassadors Meet on the sidelines of IPHEX 2025, the 12th edition of India's premier pharma and healthcare exhibition.
Three Pillars of India's Pharma Strength
Goyal outlined three pillars that define India's pharmaceutical strength: trust, innovation, and partnership.
Trust
India has aligned its Good Manufacturing Practices framework with global benchmarks. The country produces 65-70% of the World Health Organisation's vaccine requirements and hosts the largest number of US FDA-approved plants of any country in the world. Ten out of 25 global generic companies operate out of India.
Innovation
Patent filings have nearly doubled in recent years. The government has launched Biopharma Shakti to encourage domestic pharmaceutical innovation and has committed a USD 10 billion fund to support innovation across sectors, including pharma. Goyal noted that due to India's significantly lower cost of operations, this investment carries the effective weight of roughly USD 100 billion in a country like Switzerland. 'You can probably get the same talent at one-tenth the price in India, and serve global innovation needs from here,' he said.
Partnership
Goyal invited global pharma companies to set up operations in India, citing the pull of 1.4 billion consumers, a rising middle class, and the world's fastest-growing large economy. He pointed out that India recorded GDP growth of 7.7% at constant prices for the year ended March 2026, even amid 50% US tariffs and two ongoing global conflicts.
Role of Indian Generics
Goyal underscored the irreplaceable role of Indian generics in global healthcare, noting that 80-90% of medicines sold in the US by volume are generics, many sourced from India. 'If generics were not available at the price points that India offers, millions of patients around the world would have had to suffer lack of access to medicine,' he said. He added that India intends to move further into innovative and high-value pharmaceutical segments without compromising its generic strength.
Pandemic Response
Reflecting on the pandemic years, Goyal praised the Indian pharma industry's resilience and described how India ensured equitable global access to medicines and vaccines during COVID-19. Over 100 countries received medicines from India free of charge, and paying nations were supplied at pre-COVID prices, with deliberate measures taken to prevent traders from cornering supplies and profiteering. 'That was the sensitivity with which we managed the COVID period,' he said.
Free Trade Agreements
Goyal also highlighted that India now covers more than 50 countries through free trade agreements, with nine FTAs signed during the 12 years of the Modi government. Almost the entire developed world now offers preferential market access to Indian goods and services, including pharmaceuticals, positioning India as an integral part of global pharma supply chains.
IPHEX 2025
The IPHEX exhibition is expected to draw over 1,000 exhibitors and numerous overseas business delegations keen to witness India's pharmaceutical growth story firsthand.
