Commerce and industry minister Piyush Goyal on Monday projected that India’s pharma industry could double its current size of around $60 billion to $120 billion in the next five years, largely driven by innovation, and alignment with the global best manufacturing practices.

He said that India has certainly not reached anywhere close to its potential in the pharma sector, the industry is now moving beyond the generics segment into innovative products, while continuing to supply affordable medicines to the patients worldwide.

Addressing the launch event of iPHEX 2026, Goyal said that India’s patent filings have jumped by almost 100% in the last few years. “We are focusing on high value segments through Biopharma Shakti mission, a programme that was launched to encourage innovation in the pharma sector,” the minister said.

Goyal also highlighted the three pillars underpinning the country’s pharma growth story — trust, innovation and partnerships.

“We have aligned our good manufacturing practices framework to global benchmarks. About 65-70% of World Health Organization requirements on vaccines are sourced from India. Additionally, 10 out of 25 global generic companies operate out of India. In fact, the trust that we have generated lends us to have the highest number of US FDA approved plants in India compared to any other part of the world,” he said.

Further, Goyal invited global pharma companies to expand their presence in India to capture the large demand generated by 1.4 billion Indians. He also cited that India continues to be the world’s fastest-growing large economy which is thriving despite being slapped with 50% tariffs by the US.

“In terms of market access, we are willing to open our doors to high-quality innovative products in the pharma sector, from other parts of the world. Today, India covers more than 50 countries with free trade agreements. Almost entire developed world offers preferential market access to Indian goods and services. Therefore, we see ourselves as part of global supply chain, and an integral part of your country’s journey in the pharma sector,” the minister said.