India’s Commerce and Industry Minister Piyush Goyal on Wednesday urged medical technology startups to expand beyond the domestic market and tap India’s free trade agreements that now provide access to nearly 70% of global GDP, most of it at zero duty for Indian products.
Speaking at the Pfizer INDovation Startup Showcase in New Delhi, Goyal said nine free trade agreements signed over the past three years cover 38 countries, including major developed and emerging markets, creating unprecedented opportunities for Indian innovators to scale globally.
He said India has trade arrangements with blocs and countries such as the European Union, EFTA, the UK, Australia, New Zealand, the United States, Japan, South Korea and ASEAN, giving Indian startups entry into markets across Africa, Latin America, Central Asia, Southeast Asia and advanced economies.
Goyal called on medtech startups to participate in international fairs and exhibitions and said the commerce ministry would support overseas delegations. He added that India’s diplomatic missions in more than 190 countries stand ready to assist startups seeking global partnerships and market access.
Highlighting India’s growing startup ecosystem, Goyal said more than 200,000 startups are registered in the country and stressed that affordable, scalable medical technologies could reduce costs and improve healthcare access both in India and abroad. He noted that several startups showcased at the event had already secured regulatory approvals, including from India’s CDSCO, with some nearing U.S. FDA clearance.
The minister announced the establishment of three new National Institutes of Pharmaceutical Education and Research (NIPERs) and the upgradation of seven existing ones. He also said the government would set up a new National Institute of Design (NID) in East India to support startups with product design and quality enhancement.
Goyal said startups receive an 80% rebate on intellectual property-related fees and assured round-the-clock support through a dedicated Startup India team. He also expressed interest in developing a medtech manufacturing hub in North India, similar to the Andhra Pradesh MedTech Zone near Visakhapatnam.
