India is prepared to welcome high-quality and innovative pharmaceutical products from the global industry in exchange for preferential access for its domestic drug exports, Commerce and Industry Minister Piyush Goyal announced on Monday.
Speaking at the Pharmaceutical Promotion Council Ambassadors meeting, Goyal indicated that India’s pharmaceutical market size could potentially expand to USD 120 billion within the next five years, doubling from its current size of USD 60 billion. The minister emphasized that India is looking to move beyond generics into innovation-driven pharmaceutical products while continuing to provide affordable medicines to patients across the world.
Goyal told the Global Ambassador Meet on Pharmaceutical Sector and the Curtain Raiser Ceremony of GDRC (Global Drug Regulatory Conclave) 2026 and IPHEX (International Pharmaceuticals and Healthcare Exhibition) 2026 that India is open to high-quality, innovative products from the pharmaceutical sectors in other regions. He noted that India has received 90 percent preferential access for most of its pharmaceutical products in countries with which it has established free trade agreements.
The minister encouraged international pharmaceutical firms to invest in India, highlighting the vast market opportunity and skilled workforce available in the country. He stated that India sees itself as an integral part of global pharmaceutical supply chains and a trusted partner for countries worldwide, whether as a customer, innovator, technology partner, clinical trial destination, or manufacturing hub.
Goyal also pointed out that even developed nations are keen on Indian generic medicines to meet the needs of everyday healthcare, underscoring India’s position as the “Pharmacy of the World”. On innovation, he noted that India’s patent filings have increased by nearly 100 percent in recent years, demonstrating the country’s growing commitment to pharmaceutical innovation.
Under India’s free trade agreements, the country has received preferential market access, including zero-duty access for many pharmaceutical products from partner countries, strengthening its position in global trade.
