Union Commerce and Industry Minister Piyush Goyal said India’s pharmaceutical industry has the potential to double in size from $60 billion over the next five years, as the country focuses on innovation-driven healthcare and global pharmaceutical partnerships.
Speaking at the Global Ambassador Meet on the Pharmaceutical Sector and the curtain-raiser ceremony for GDRC 2026 and IPHEX 2026 in New Delhi, Goyal invited global pharmaceutical companies to partner with India across innovation, manufacturing, clinical research and healthcare technology.
The minister said India is looking to move beyond its strength in traditional generic medicines while continuing to provide affordable healthcare solutions globally. Highlighting India’s growing role in the global pharmaceutical ecosystem, he noted that India is home to 10 of the world’s 25 largest generic pharmaceutical companies and has the highest number of US FDA-approved pharmaceutical manufacturing plants outside the United States.
India currently supplies nearly 65-70 per cent of the WHO’s vaccine requirements. He added that while generic medicines account for only 10-15 per cent of the value of medicines sold in the United States, they represent nearly 80-90 per cent of the volume consumed, underlining India’s importance in affordable healthcare delivery.
Addressing global supply chains and trade, the minister said India remains one of the world’s fastest-growing major economies despite geopolitical tensions and global economic uncertainty, stating that India’s pharmaceutical exports are expected to benefit from tariff-free access under several Free Trade Agreements.
During the pandemic, India ensured medicine supplies reached over 100 countries free of cost while maintaining affordable pricing.
