Union Minister Piyush Goyal emphasized the importance of healthcare beyond treatment, the potential of free trade agreements, and the creation of opportunities for the youth in India's medical and pharmaceutical sectors.
On September 7, 2026, Union Minister of Commerce and Industry Shri Piyush Goyal addressed the Pharma Machtech and Labnext Expo 2026 in New Delhi. He highlighted the growing importance of healthcare beyond treatment, encompassing prevention, wellness, caregiving, diagnostics, laboratory capacities, medical devices, telemedicine, teleconsultation, digital health solutions, innovation, and research and development for newer drugs and modern equipment.
Goyal urged the industry to utilize the opportunities arising from India’s free trade agreements. He noted that prior to 2014, India’s free trade agreements collectively covered economies with a GDP of around $10 trillion, while the nine free trade and bilateral trade agreements finalized in the last four to four-and-a-half years cover economies with a combined GDP of around $60 trillion. He said ongoing negotiations could further expand this coverage to around $75 trillion, providing opportunities for preferential lower-duty market access, services, and mobility.
The Minister also emphasized the potential of the medical and pharmaceutical machinery, consumables, and related sectors to create crores of jobs, thousands of business opportunities, and lakhs of new startups, particularly in the medtech field. He noted that the sector can create business opportunities, jobs, and income for young people while contributing to the availability of quality healthcare across the country.
Shri Goyal 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. He encouraged collaboration with R&D centres in other countries, inviting global innovators and large pharmaceutical companies to India and setting up design centres in the country.
Goyal emphasized the need for self-reliance in research, medicines, and medical equipment and said Export Promotion Councils and industry stakeholders have an important role to play in this endeavour. He noted that the Goods and Services Tax (GST) has been amended to improve affordability and opportunities for the sector. He also highlighted the commitment of ₹1 lakh crore towards research and development, innovation, and funding, and urged stakeholders to leverage these opportunities to develop newer equipment, innovative drugs, and medicines.
Source:
Press Information Bureau
