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Informist, Monday, Sept. 7, 2026

 

NEW DELHI – Commerce Minister Piyush Goyal Monday urged the healthcare industry to utilise the opportunities arising from India's free trade agreements with other countries, adding that the FTA network expands market access opportunities for the segment. "You all will get preferential lower-duty market access (through FTAs). You all will get opportunity for providing services. You all will get opportunity for technology transfer," he said, addressing the Pharma Machtech and Labnext Expo 2026 in New Delhi. "I have done my work. Now you have to do the heavy lifting."

 

Goyal said the nine free trade and bilateral trade agreements finalised in the last four to four-and-a-half years cover economies with a combined GDP of around $60 trillion. Ongoing negotiations could further expand this coverage to around $75 trillion, he said. India has steadily expanded its FTA network over the past few years, reaching nine FTAs spanning 38 countries.

 

The minister urged the industry to build on India's position as the 'pharmacy of the world' and emerge as a global medical and healthcare destination. He also stressed 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.

 

"You don't have to worry about AI replacing jobs. Artificial intelligence will bring efficiency and support us to do our job better, smarter, faster," he said. Goyal called for promoting the startup incubation ecosystem for medtech, medical equipment and consumables, along with improvements in design, copyrights, patent laws and the intellectual property ecosystem.

 

He also batted for collaboration with research and development centres in other countries, inviting global innovators and large pharmaceutical companies to India and setting up design centres in the country. Export promotion councils and industry stakeholders have a major role to play in India's self-reliance in research, medicines and medical equipment, he said.  End

 

US$1 = INR 94.49

 

Reported by Pratiksha

Edited by Saji George Titus

 

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