Piyush Goyal Urges Pharma Sector to Drop Protectionism
By Business Desk
Union Minister Piyush Goyal calls on India’s pharma industry to embrace global R&D, foreign investment, and value-based growth to maintain its leadership.
A Call for Strategic Transformation
Union Minister for Commerce and Industry Piyush Goyal has officially challenged the Indian pharmaceutical industry to pivot away from protectionist strategies. He argues that domestic firms must now prioritize international investment, research and development, and innovation to sustain competitiveness.
The Shift to Value-Based Growth
The transition from volume-based manufacturing to value-based output is the primary objective for the sector moving forward. The Minister outlined the core requirements for this evolution:
- Prioritizing R&D and innovation to move beyond generic production.
- Welcoming foreign investment to enhance technological capabilities.
- Collaborating with global players to leverage advanced expertise.
Maintaining Global Standards
Quality control remains a non-negotiable pillar for the industry’s long-term success on the international stage. According to the Minister, the integration of global standards is essential for achieving three specific outcomes:
- Strengthening supply chains across the healthcare ecosystem.
- Reducing dependency on imports for active pharmaceutical ingredients.
- Solidifying India’s position as a leader in life sciences.
By embracing these changes, the sector aims to transition from its established reputation as the pharmacy of the world into a more sophisticated, innovation-driven global powerhouse. The focus remains on ensuring that domestic production aligns with the rigorous quality demands of the international market.