India’s pharma sector to reach $120 billion in five years, says Piyush Goyal

India’s pharmaceutical sector is expected to double its current valuation of $60 billion within five years, Union Minister for Commerce and Industry Piyush Goyal said at the curtain raiser ceremony of IPHEX 2026 (International Exhibition of Pharma and Healthcare), organised by Pharmaceuticals Export Promotion Council of India.

Addressing pharmaceutical industry leaders, diplomats and delegates from more than 50 countries, Goyal reaffirmed India’s position as a pharmaceutical manufacturing and export hub and invited global companies to partner with India as investors, innovators and manufacturers.

Goyal said India currently supplies 65–70 per cent of the World Health Organization’s vaccine requirements, hosts the highest number of US FDA-approved manufacturing plants outside the United States, and is home to ten of the world’s top 25 generic pharmaceutical companies. He also pointed to a near 100 per cent increase in patent filings in recent years, the Bio Pharma Shakti programme, and a $10 billion government-backed innovation fund as indicators of India’s shift towards pharmaceutical innovation.

Referring to India’s trade ecosystem, Goyal said the country has Free Trade Agreements covering more than 50 countries and recorded GDP growth of 7.7 per cent for FY2026. “We are looking for partnerships that will last generations,” Goyal said, referring to India’s G20 theme, Vasudhaiva Kutumbakam — The World is One Family.

Speaking about India’s response during the COVID-19 pandemic, Goyal said temporary restrictions on the export of medicines and vaccines were introduced to ensure fair availability at affordable prices and not to restrict access for other countries. He said the government was concerned that traders and financially strong entities could stockpile supplies and sell them at higher prices during the crisis.

Highlighting India’s role in global healthcare, Goyal said the country supplied medicines free of cost to more than 100 countries and ensured that nations seeking pharmaceutical assistance received medicines at pre-COVID prices.

Union Minister of State for Commerce and Industry Jitin Prasada said India offers a stable democratic environment for long-term investment decisions and reiterated the government’s focus on ease of doing business.

“India offers an exceptionally stable democratic environment that enables bold, long-term decisions. Our focus on ease of doing business is absolute and there will be no compromise on quality, safety, and regulatory compliance. I urge global stakeholders to view India not just as a consumer market, but as a trusted manufacturing and co-creation partner,” he said.

Prasada also highlighted the recently passed Jan Vishwas Bill, describing it as a step towards reducing compliance burdens and creating a transparent business environment.

Rajesh Agrawal, Commerce Secretary, Ministry of Commerce and Industry, described India as the “Pharmacy of the World”, noting that the country produces more than 60 per cent of global generic medicines across 60 therapeutic areas and exports to more than 200 countries.

He said the industry should move from responding to global regulatory changes to taking a leadership role in shaping them. Agrawal also outlined the government’s intention to use Production Linked Incentive (PLI) schemes to support areas such as biopharma and expressed a vision of developing IPHEX into one of the world’s largest healthcare ecosystems.

Namit Joshi said, “Indian pharmaceutical companies are expanding well beyond traditional markets, building a strong presence across emerging geographies while reinforcing their foothold in regulated markets. With over 3,000 companies, more than 10,500 manufacturing units and a presence in over 150 countries, the industry is ready to be a long-term partner in global health. The Global Ambassadors Meet aligns diplomatic goodwill with industry capability and sets the stage for iPHEX 2026 and the GDRC 2026.”