Commerce and industry minister Piyush Goyal on Monday projected that India’s pharma industry could double its current size of around $60 billion to $120 billion in the next five years, largely driven by innovation, and alignment with the global best manufacturing practices.

He said that India has certainly not reached anywhere close to its potential in the pharma sector, the industry is now moving beyond the generics segment into innovative products, while continuing to supply affordable medicines to the patients worldwide.

Addressing the launch event of iPHEX 2026, Goyal said that India’s patent filings have jumped by almost 100% in the last few years. “We are focusing on high value segments through Biopharma Shakti mission, a programme that was launched to encourage innovation in the pharma sector,” the minister said.