New Delhi, 7 September 2026: Union Commerce and Industry Minister Piyush Goyal has called upon India to build on its status as the 'Pharmacy of the World' and emerge as a global medical and healthcare destination. Addressing the Pharma Tech and LabNext Expo 2026 in New Delhi, Piyush Goyal highlighted the growing importance of healthcare beyond treatment to encompassing prevention, wellness, care, diagnostics, laboratory capabilities, medical devices, telemedicine, teleconsultation, digital health solutions, innovation and research and development for new drugs and modern equipment.
The minister also urged the industry to utilize the opportunities arising from India's free trade agreements. He noted that before 2014, India's free trade agreements collectively covered economies with a combined GDP of about $10 trillion, while the nine free trade and bilateral trade agreements concluded in the last four to four-and-a-half years covered economies with a combined GDP of about $60 trillion. He said ongoing negotiations could expand this coverage to approximately $75 trillion, providing opportunities for preferential low-Zakat market access, services and mobility.
Piyush Goyal highlighted that the government has created new opportunities for the youth and strengthened India's position as a trusted international partner. He called upon the stakeholders to participate in the country's development journey and work towards ensuring universal quality education, healthcare and opportunities.
He said that medical and pharmaceutical machinery, consumer goods and related sectors represent a growing sector with significant potential for merchandise exports, import substitution and service exports. He said that the healthcare ecosystem has the potential to create crores of jobs, thousands of business opportunities and millions of new startups, especially in the medtech sector. He noted that this sector can create business opportunities, jobs and income for the youth and also contribute to the availability of quality healthcare across the country.
The Minister called for strengthening the startup incubation ecosystem for medtech, medical devices and consumer goods, as well as reforms in the design, copyright, patent law and intellectual property ecosystem. He encouraged collaboration with R&D centers in other countries, inviting global innovators and large pharmaceutical companies to come to India and set up design centers in the country.
Piyush Goyal called for technology partnerships, strong buyer-seller relationships and joint ventures to advance self-reliance in this sector. He stressed that India does not need to start from scratch and can take Indian technology to global markets and bring appropriate global technology to India. He also encouraged co-designing, co-developing, licensing, knowledge sharing and knowledge transfer.
The Minister stressed the need for self-reliance in research, drugs and medical equipment and said that the Export Promotion Council and industry stakeholders have an important role to play in this endeavour. He noted that the Goods and Services Tax has been reformed to improve sustainability and opportunities for the sector. He allocated Rs.1000 for research and development, innovation and funding. Also highlighted the commitment of Rs 1 lakh crore and urged stakeholders to take advantage of these opportunities to develop new equipment, innovative drugs and medicines.
Piyush Goyal stressed the need to strengthen the resilience of the healthcare supply chain through greater indigenization of equipment. Recalling the experience during COVID-19, which included shortage of oxygenators and ventilators, he stressed the importance of learning from that experience and ensuring high quality with zero compromise on standards.
The Minister said that India's aim should not only be to provide high quality healthcare to every Indian but also to provide wellness and healthcare services from India to the world. He highlighted the potential of an integrated healthcare ecosystem comprising Indian medical equipment and pharmaceuticals, patient care by Indian doctors, nursing and care providers, technicians, hospital administrators, management staff and engineering staff.
Piyush Goyal also noted that artificial intelligence will bring greater efficiency and help healthcare professionals do their work better, smarter and faster, while human care and nursing will remain essential. The Minister highlighted India's cost efficiency in research and development and said that greater collaboration between industry, academia, medical colleges, IITs and other centers of excellence can significantly expand the scale of research and development. He highlighted the potential for innovation, design and clinical trials in India along with manufacturing equipment in the country.
Piyush Goyal had said that 100 percent Foreign Direct Investment (FDI) is allowed through the automatic route. Referring to the Economic Survey 2025–26, he noted that the pharmaceutical industry is shifting from volume to value. He called for strengthening the complex component ecosystem and local capacities through high quality equipment, with zero compromise on quality. He proposed creating shared testing infrastructure and facilities where Indian equipment could be tested, benchmarked against the best in the world, certified and showcased to global customers.
He said that the Government of India will support the acquisition of best technical testing equipment for such facilities in government sponsored or university laboratories. The Minister expressed confidence that the collective efforts of industry, entrepreneurs, startups, researchers, healthcare professionals and other stakeholders can contribute to India's journey to become a developed nation by 2047.