India’s Pharma Industry Could Hit $120 Bn in Five Years: Piyush Goyal
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Goyal noted that patent filings in India have nearly doubled in recent years, and identified trust, innovation and partnerships as the three foundations supporting India's pharmaceutical growth.
India’s pharmaceutical industry has the potential to double in size from approximately USD 60 Bn to USD 120 Bn within the next five years, Commerce and Industry Minister Piyush Goyal has said.
He attributed the projected growth to rising innovation, stronger intellectual property creation, globally aligned manufacturing practices, and increasing opportunities for international collaboration.
He added that the industry is increasingly moving towards innovation-led products while continuing to maintain its role as a major supplier of affordable medicines across the world.
Highlighting the sector’s evolution, Goyal said India has significant untapped potential and is steadily transitioning beyond a traditional reliance on generic medicines.
The government is encouraging this shift through initiatives such as the Biopharma Shakti programme, which aims to strengthen research, innovation and the development of high-value pharmaceutical products.
Speaking about innovation, the minister noted that patent filings in India have nearly doubled in recent years, reflecting increasing research activity and technological advancement. He also referred to government-backed investments designed to support innovation-driven industries, including pharmaceuticals and biotechnology.
Goyal identified trust, innovation and partnerships as the three foundations supporting India's pharmaceutical growth story.
On trust, he pointed to India's strong manufacturing capabilities and compliance with international quality standards. India currently supplies an estimated 65-70% of the World Health Organization’s vaccine requirements and hosts the highest number of US FDA-approved pharmaceutical manufacturing facilities outside the United States.
The minister also underscored India's importance in the global generics market. While generic medicines account for the majority of prescriptions by volume in countries such as the United States, they represent a much smaller share of total healthcare spending, highlighting the value of affordable medicines supplied by Indian manufacturers.
Inviting multinational pharmaceutical companies to deepen their engagement with India, Goyal emphasized the opportunities offered by a market of more than 1.4 Bn people, rising incomes and expanding healthcare demand.
He said India sees itself as an integral part of global pharmaceutical supply chains, serving as a manufacturing hub, innovation partner, clinical research destination and healthcare solutions provider.
Looking ahead, Goyal reiterated India's commitment to building long-term international partnerships that advance innovation, strengthen healthcare production and improve access to quality medicines worldwide.
As the country seeks to move up the pharmaceutical value chain, the government sees innovation-led growth as a key driver of the sector’s next phase of expansion.
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