Commerce Minister urges pharma industry to utilise FTA opportunities for building India global destination for medicines

 
Union Commerce and Industry Minister Piyush Goyal today called for India to build on its position as the pharmacy of the world and emerge as a global medical and healthcare destination. Addressing the inauguration of Pharma Mach Tech and Labnext Expo 2026 in New Delhi, Mr Goyal highlighted the growing importance of healthcare beyond treatment, encompassing prevention, wellness, caregiving, medical devices, telemedicine, teleconsultation, innovation and research and development for newer drugs and modern equipment. The Minister also urged the industry to utilise the opportunities arising from India’s free trade agreements. Mr Goyal called upon stakeholders to participate in the country’s development journey and work towards ensuring access to quality education, healthcare and opportunities for all. He said that the medical and pharmaceutical machinery, consumables and related sectors represent a growing field with significant potential to create crores of jobs, thousands of business opportunities and lakhs of new startups, particularly in the medtech field. 
       
The Minister also called for strengthening the startup incubation ecosystem for medtech, medical equipment and consumables, along with improvements in design, copyrights, patent laws and the intellectual property ecosystem. Emphasising the need for self-reliance in research, medicines and medical equipment, Mr Goyal called for technology partnerships, stronger buyer-seller relationships and joint ventures to advance self-reliance in the sector. The Minister said India should aim not only to provide high-quality healthcare to every Indian but also to provide wellness and healthcare services to the world from India.