New Delhi: India is willing to open its market to high-quality and innovative products from the global pharma sector in return for preferential access for the domestic drug exports, Commerce and Industry Minister Piyush Goyal said on Monday.
He said that the Indian pharmaceuticals industry market size has the potential to reach USD 120 billion in the next five years from USD 60 billion at present.
"In terms of market access, we are willing to open our doors to high-quality, innovative products from the pharma sector from other parts of the world, as we have received zero per cent or preferential market access for most of our pharma products in countries with whom we have entered into free trade agreements," he said at the Pharmaceutical Export Promotion Council Global Ambassadors Meet here.
The minister invited global pharmaceutical companies to invest in India as it provides a huge market and a talented workforce.
He added that even the developed countries eagerly look forward to Indian generic medicines to serve the common man and to serve the needs of routine medical health care.
According to estimates, about 80 to 90 per cent volume of the medicine sold in the US are generic medicines.
Further, about 65 to 70 per cent of World Health Organization requirements of vaccines are produced in India, or sourced from India, and 10 out of 25 global generic companies operate out of India.
"In fact, the trust that we have generated lends us to have the highest number of USFDA-approved plants in India compared to any other part of the world," Goyal said.
