Goyal Pitches India as Global Medical Hub, Urges Medtech Self-Reliance

Union Commerce and Industry Minister Piyush Goyal has urged India to build on its status as the 'pharmacy of the world' and become a comprehensive global medical and healthcare destination. Speaking at the Pharma Machtech and Labnext Expo 2026 in New Delhi, he outlined a vision that extends beyond treatment to include prevention, wellness, diagnostics, medical devices, telemedicine, and digital health solutions.

Goyal pointed to the expanding network of free trade agreements (FTAs) as a key opportunity. He noted that agreements finalised in the last four to five years cover economies with a combined GDP of around $60 trillion, a significant jump from the roughly $10 trillion covered before 2014. Ongoing negotiations could push this coverage to about $75 trillion, opening preferential market access for Indian goods and services.

The minister stressed the need to strengthen the domestic ecosystem for medical technology, including startup incubation, design capabilities, and intellectual property protection. He encouraged collaboration with global R&D centres and invited international innovators to set up design centres in India, advocating for technology partnerships and joint ventures to advance self-reliance.

Highlighting the government's ₹1 lakh crore commitment to research and innovation, Goyal called on industry to leverage these funds for developing new drugs and equipment. He also referenced amendments to the Goods and Services Tax (GST) aimed at improving affordability in the sector.

Drawing lessons from the COVID-19 pandemic, which exposed supply chain vulnerabilities such as shortages of oxygenators and ventilators, Goyal emphasised the need for greater indigenisation of critical equipment. He insisted on maintaining high quality with zero compromise on standards.

Goyal also underscored India's cost advantage in R&D and the potential for collaboration among industry, academia, and institutions like IITs. He noted that 100% Foreign Direct Investment is permitted via the automatic route in the sector. He proposed creating shared testing infrastructure to benchmark Indian equipment against global standards and demonstrate its quality to international buyers.

The minister expressed confidence that collective efforts can help India achieve its goal of becoming a developed nation by 2047, with healthcare serving as a major pillar of that growth.