14:I[94367,["/_next/static/immutable/chunks/4370mg0uq-myq.js","/_next/static/immutable/chunks/0q7ni_ir0mogv.js","/_next/static/immutable/chunks/0q9_4lzwjwc3f.js","/_next/static/immutable/chunks/1p8rnjckwz-06.js","/_next/static/immutable/chunks/3zikwth1q5z_-.js","/_next/static/immutable/chunks/0eigul57_x91p.js","/_next/static/immutable/chunks/3r0kxtkfnobr8.js","/_next/static/immutable/chunks/260mvqou7a4l3.js","/_next/static/immutable/chunks/14bkwvgoktej3.js"],"NewsDetailPage"] 15:T1033,

India has an opportunity to move beyond being known as the “pharmacy of the world” and emerge as a global medical and healthcare destination, Union Minister Piyush Goyal said at Pharma Machtech and Labnext Expo 2026 in New Delhi. He stated that India's healthcare potential is not limited to medicines and hospitals. It covers preventative healthcare, wellness, diagnostics, laboratories, medical devices, telemedicine, digital health, caregiving, research and development, etc. The Hon. Minister believes that by combining its rapidly growing healthcare workforce with its universe of technology, India can create an integrated healthcare industry that can cater to both domestic and international markets.

For the pharma and healthcare industry, one of the major opportunities highlighted by the Minister is India's expanding network of free trade agreements (FTAs). According to Shri Goyal, India's nine free trade and bilateral trade agreements finalized over the past four to four-and-a-half years cover economies with a combined GDP of around $60 trillion, compared with around $10 trillion covered collectively by India's FTAs before 2014. Ongoing negotiations could potentially take this coverage to around $75 trillion, creating opportunities for lower-duty market access, services, and mobility. He believes that such areas of medicine as medical technology machinery, medical supplies, and healthcare services have considerable exporting potential and ability to substitute for imports. The minister has emphasized the necessity of creating robust collaborations between Indian enterprises, foreign pharmaceutical businesses, research and development centers, universities of medicine, IITs, and institutions of research. Such partnerships will help achieve co-creation of products, clinical research, transfer of technology, licensing, and creation of innovative solutions in the field of health care in India. Innovation and research are two more areas of importance. Goyal urged the need to invest in domestic technologies, pharmaceuticals, and medical equipment while also indicating how the pandemic brought to the fore the significance of sustainable supply chains. India must ideally create critical components and its manufacturing strengths in a quality-driven manner.

He also underlined the role played by startups and IPR in facilitating the development of a solid ecosystem of healthcare innovation. Better capacity to access incubators, design facilities, and patents, as well as testing and clinical validation infrastructure, is expected to make Indian healthcare products globally competitive.

He added that the healthcare industry was essentially a whole ecosystem consisting of doctors, nurses, technicians, hospital administrators, engineers, pharmaceutical companies, equipment manufacturers, and IT professionals. While AI adds value and enhances efficiency, the human factor remains paramount for providing care. With increased investment in R&D, industry-academia collaboration, manufacturing capabilities, and global market access, India can strengthen its position not only as a supplier of medicines but also as a destination for medical treatment, healthcare services, innovation, and wellness.

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