India’s Expanding Global Trade Footprint
Speaking at the Pfizer INDovation Startup Showcase Programme in New Delhi, Shri Goyal highlighted that nine FTAs concluded in the last three years cover 38 countries. These agreements include major economies such as the 27-nation European Union bloc, the four-nation EFTA grouping, the United Kingdom, Australia, New Zealand, and the United States, alongside earlier agreements with Japan, South Korea and ASEAN nations.
He stated that Indian products now enjoy market access to 70% of global GDP, in most cases at zero duty. This presents a significant opportunity for MedTech startups to compete internationally while scaling affordable innovations.
Support for Startups to Scale Globally
The Minister encouraged startups to participate in global fairs and exhibitions and assured that the Ministry of Commerce would support international delegations. He added that India’s missions in over 190 countries are available to assist innovators in entering foreign markets.
He also suggested collaboration with multinational companies operating across 100+ countries to facilitate access to developed markets. According to Shri Goyal, affordable and scalable MedTech products can significantly reduce healthcare costs while improving quality through economies of scale.
From Lab to Market: INDovation 2025
The Department for Promotion of Industry and Internal Trade (DPIIT), in collaboration with Pfizer, the Department of Pharmaceuticals, and NITI Aayog, felicitated winners of the Pfizer INDovation Program 2025.
Fourteen high-potential Indian healthtech startups received grants of ₹60 lakh each—amounting to over ₹8 crore in total—along with 18 months of structured incubation, clinical validation, mentorship, and deployment support.
The selected startups are developing solutions across priority healthcare sectors including immunization, non-communicable diseases, brain health, oncology, and maternal and child health—areas critical to strengthening India’s public healthcare systems.
Institutional Boost: NIPERs and NID Expansion
To strengthen the innovation ecosystem, Shri Goyal announced the establishment of three new National Institutes of Pharmaceutical Education and Research (NIPERs) and the upgradation of seven existing institutes.
He further revealed plans to set up a new National Institute of Design (NID) in East India, with states invited to present competitive proposals. The proposed NID is expected to help startups refine product design, improve visual appeal, and enhance quality standards, potentially through pro bono programmes.
IP Incentives and 24×7 Government Support
Highlighting policy incentives, the Minister reiterated that startups receive an 80% rebate on intellectual property (IP) filing fees. This initiative aims to promote genuine innovation while discouraging frivolous applications.
He assured entrepreneurs that the Ministry’s support remains available round the clock through a dedicated Startup India team.
Encouraging a Culture of Resilience
Shri Goyal stressed that innovation must address India’s ground realities and day-to-day needs. He called upon the media and private sector to highlight entrepreneurial success stories and support aspiring innovators.
Emphasising that failure is not a stigma, he cited Abraham Lincoln’s repeated setbacks before becoming President of the United States, urging young innovators to persevere in their journeys.
Concluding his address, the Minister echoed Prime Minister Narendra Modi’s message to the youth: “Bring forward your innovative ideas. I stand with you. I am ready to be your partner in this journey.”
