07 September,2026 12:31 PM IST | New Delhi | mid-day online correspondent
Union Minister for Commerce and Industry Piyush Goyal. File Picture
Commerce and Industry Minister Piyush Goyal on Sunday said the pharmaceutical industry needs to be more investor friendly and focus on research and development and innovation, while adding that the industry needs to develop resilient supply chains as dependence on one or two markets for components can hurt the sector in the long run, according to news agency PTI.
"I don't mind if there is an import content, which is necessary (for product development). But you have to see if it is available in many geographies or many companies, all over the world, so that no one or two countries or companies can hold a gun and hold you to ransom," he said.
"We have lost out on APIs (Active Pharmaceutical Ingredients) and KSMs (key starting materials) and all... but now is the time to get back by resilience," he added.
Highlighting India's generic medicines as a success story, he urged the industry to focus on research and development and innovation.
"We cannot just rest our case on generics only. Focus and promote more and more R & D and innovation. Pharma should be at the forefront on this," he said, adding, "we should be at the forefront to look at new molecules and biosimilars, and we will have to offer to the world a regulatory mechanism where R&D and innovation become attractive in India".
The Union Minister also urged the domestic regulators to study the regulations of developed countries and align their practices to the global standards.
"And look at your own regulations for more regulatory convergence with the developed world because unless our mindset and thoughts are aligned with the developed world, India cannot aim to become a developed country for 2047," he said.
"We need to hear the investors who want to come to India, hear the demand of governments globally and together craft out a new pathway for success of the industry in the years to come," he added.
The minister pointed out that developing countries like India are competing with advanced nations in attracting investments, besides goods and services.
"... look at the US, Canada, Mexico, Japan, Korea, Singapore, all of Europe, they are trying to attract investments in their geographies," he said, adding that gone are the days when only developing countries like India were attracting investments.
"We can't work with a very protective mind; those days are gone ... We have to be more inviting for investments coming to India for clinical trials, patenting their products here, for doing R&D here, for introducing new products; it needs a total reorientation of thoughts," he further said.
(With inputs from PTI)
