New Delhi [India], June 8 (ANI): Commerce and Industry Minister Piyush Goyal on Monday expressed strong confidence in India's pharmaceutical sector, saying the country's USD 60 billion pharmaceutical Industry is poised to double in next five years as he addressed 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.

Goyal outlined three pillars defining India's pharmaceutical strength.

First, trust. India has aligned its Good Manufacturing Practices framework with global benchmarks, 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.

Second, 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 accross sector, including pharma. Goyal noted that due to India's significantly lower cost of operations, this investment carries the effective weight of roughly $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.

Third, 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.

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, adding that India intends to move further into innovative and high-value pharmaceutical segments without compromising its generic strength.

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.

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.

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. (ANI)