THEBUSINESSBYTES BUREAU

NEW DELHI, FEBRUARY 12, 2026

Union Minister of Commerce and Industry Piyush Goyal on Thursday called upon India’s medtech startups to look beyond the domestic market and seize global opportunities by leveraging India’s expanding trade agreements that now cover nearly 70 per cent of the world’s GDP.

Addressing the Pfizer INDovation Startup Showcase Programme in the national capital, Goyal emphasized that affordable and scalable medical technologies developed in India have the potential not only to serve the remotest corners of the country but also to make a strong mark across Africa, Latin America, Central Asia, Southeast Asia and developed economies.

Highlighting India’s expanding trade footprint, the Minister said nine Free Trade Agreements (FTAs) concluded in the last three years alone cover 38 countries with strong per capita incomes. These include the 27-nation European Union bloc, the four-nation EFTA bloc, the United Kingdom, Australia and New Zealand, and the United States of America. Japan and Korea agreements were concluded earlier, along with ASEAN nations. “India now has market access to nearly 70 per cent of global GDP, in most cases at zero duty for Indian products,” he noted.

Encouraging startups to think globally, Goyal urged them to participate in international fairs and exhibitions to showcase their innovations. He assured that the Commerce Ministry would facilitate delegations and that Indian missions in over 190 countries stand ready to assist entrepreneurs. He also recommended collaborating with global companies operating in more than 100 countries to gain access to developed markets.

The Minister underscored that scalable medtech innovations can significantly reduce costs and enhance quality through economies of scale. Referring to startups present at the event, he observed that several had secured CDSCO approvals and some were close to obtaining US FDA approvals — opening doors for international expansion.

Stressing the importance of ground-level innovation, Goyal said technology solutions must address India’s day-to-day healthcare challenges. He called upon Startup India, private industry and the media to highlight entrepreneurial success stories and support innovators — even those who may not succeed at the first attempt. “Failure is not a stigma but a stepping stone to success,” he said, citing Abraham Lincoln’s journey of repeated setbacks before becoming President of the United States.

In a significant push for medtech infrastructure, Goyal referred to the Andhra Pradesh MedTech Zone (AMTZ) near Visakhapatnam and expressed interest in establishing a similar facility in North India — possibly in Rajasthan or Uttar Pradesh — or within National Industrial Corridor Development Corporation (NICDC) projects. He proposed earmarking dedicated land for medical devices manufacturing and co-working spaces for startups, along with setting up tinkering labs in nearby schools to build a holistic innovation ecosystem.

The Minister highlighted that over 2 lakh startups are registered in India, with many more operating outside formal registration. He reiterated the government’s vision of positioning India as a reliable and trusted global partner in innovation and manufacturing.

Announcing further institutional support, Goyal said three new National Institutes of Pharmaceutical Education and Research (NIPERs) are being established, alongside the upgradation of seven existing NIPERs. A new National Institute of Design (NID) will also be set up in East India, with states invited to submit competitive proposals. He suggested that NID could assist startups in enhancing product design, aesthetics and overall quality, potentially through pro bono support programmes.

To promote genuine innovation, the Minister noted that startups receive an 80 per cent discount on intellectual property-related fees, helping them protect their ideas while discouraging frivolous applications. He assured entrepreneurs that the Ministry’s doors remain open “24x7,” backed by a dedicated Startup India team.

Quoting Prime Minister Narendra Modi’s Independence Day message, Goyal concluded, “To the youth, bring forward your innovative ideas. I stand with you. I am ready to be your partner in this journey.”

On the occasion, the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, in collaboration with Pfizer, the Department of Pharmaceuticals and NITI Aayog, felicitated the winners of the Pfizer INDovation Program 2025 — reinforcing the government’s commitment to building a globally competitive, innovation-driven healthcare and medtech ecosystem.

Under the programme, 14 high-potential Indian healthtech startups have been awarded grants of ₹60 lakh each — amounting to over ₹8 crore in total — along with 18 months of structured incubation, clinical validation, mentorship and real-world deployment support. The initiative reflects DPIIT’s focus on fostering strong public–private partnerships to help startups transition from innovation to impact and accelerate their journey from lab to market.

The selected startups are developing breakthrough solutions across priority healthcare areas such as immunization, non-communicable diseases, brain health, oncology, and maternal and child health—critical sectors for strengthening India’s public health systems and enhancing healthcare access and affordability nationwide.