Overview
- Commerce Minister Piyush Goyal told delegates at this week’s IPHEX event that India’s current $60 billion pharmaceutical sector could grow to about $120 billion inside five years if policy goals are met.
- He framed growth around three pillars: trust in manufacturing and regulation, a push for innovation, and deeper global partnerships to expand market access.
- As evidence of 'trust,' officials cited alignment of Good Manufacturing Practices with global benchmarks, India supplying roughly 65–70% of WHO vaccine needs, and the largest number of US FDA‑approved plants outside the United States.
- For innovation the government highlighted nearly doubled patent filings, the Biopharma Shakti programme, and a proposed $10 billion fund to back higher‑value R&D and drug development in India.
- The projection is an official government ambition rather than an independent forecast and its realization will depend on investment flowing in, regulatory delivery, execution of trade and FTA commitments, and global demand which could affect prices, jobs and where medicines are made.