India's Pharma Industry to Double

Union Minister of Commerce and Industry Piyush Goyal>>> announced that India>>>'s pharmaceutical industry, currently valued at $60 billion, is expected to double in size within the next five years. This growth is attributed to three pillars: trust, innovation, and partnership. India>>> boasts the highest number of United States — Food and Drug Administration>>>-approved plants outside the United_States and supplies 65-70% of World Health Organization>>>'s vaccine requirements. The government is fostering innovation through initiatives like Biopharma Shakti and a $10 billion innovation fund. Piyush Goyal>>> invited global companies to partner with India>>>, citing its large consumer market, rising middle class, and robust GDP growth. India>>>'s role in providing affordable generic medicines globally and its humanitarian efforts during the COVID-19 pandemic were also highlighted. The country has expanded its free trade agreements, offering preferential market access for pharmaceuticals.