Union Minister of Commerce & Business Piyush Goyal with Chairman of the Prescription drugs Export Promotion Council of India Namit Joshi in the course of the Global Ambassador Meet on Pharmaceutical Sector and Curtain Raiser Ceremony of GDRC 2026 and IPHEX 2026, in New Delhi on Monday, June 8, 2026. Union MoS for Commerce and Business Jitin Prasada additionally current.
| Photograph Credit score:
ANI
India is prepared to open its market to high-quality and innovative merchandise from the global pharma sector in return for preferential entry for the home drug exports, Commerce and Business Minister Piyush Goyal mentioned on Monday.
He mentioned that the Indian prescribed drugs business market dimension has the potential to attain USD 120 billion within the subsequent 5 years from USD 60 billion at current.
“By way of market entry, we’re prepared to open our doorways to high-quality, innovative merchandise from the pharma sector from different elements of the world, as now we have obtained zero per cent or preferential market entry for many of our pharma merchandise in international locations with whom now we have entered into free commerce agreements,” he mentioned on the Pharmaceutical Export Promotion Council Global Ambassadors Meet right here.
The minister invited global pharmaceutical firms to spend money on India because it offers an enormous market and a proficient workforce.
He added that even the developed international locations eagerly look ahead to Indian generic medicines to serve the widespread man and to serve the wants of routine medical well being care.
In accordance to estimates, about 80 to 90 per cent quantity of the drugs bought within the US are generic medicines.
Additional, about 65 to 70 per cent of World Well being Group necessities of vaccines are produced in India, or sourced from India, and 10 out of 25 global generic firms function out of India.
“In truth, the belief that now we have generated lends us to have the very best variety of USFDA-approved vegetation in India in contrast to every other a part of the world,” Goyal mentioned.
Printed on June 8, 2026
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