Goyal Urges MedTech Startups to Tap Global Markets via FTAs

Shri Goyal highlighted that nine FTAs concluded in the past three years now cover 38 countries, many with strong per capita incomes.

Union Minister of Commerce and Industry Shri Piyush Goyal has called on India’s medtech startups to think beyond the domestic market and leverage India’s expanding network of Free Trade Agreements (FTAs) — now covering nearly 70% of global GDP — to scale affordable healthcare innovations globally.

Addressing the Pfizer INDovation Startup Showcase Programme in New Delhi, the Minister said scalable, cost-effective medical technologies developed in India can serve not only remote corners of the country but also unlock opportunities across Africa, Latin America, Central Asia, Southeast Asia, and developed economies.

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70% Global GDP Access Through Trade Agreements

Shri Goyal highlighted that nine FTAs concluded in the past three years now cover 38 countries, many with strong per capita incomes. These include agreements with:

• The 27-nation European Union bloc

• The four-nation EFTA bloc

• The United Kingdom

• Australia and New Zealand

• The United States of America

• Earlier agreements with Japan, Korea and ASEAN nations

“In most cases, Indian products enjoy zero-duty access,” the Minister said, noting that Indian innovators now have preferential market access to 70% of global GDP.

He encouraged startups to actively participate in international trade fairs and exhibitions, assuring that the Commerce Ministry would support delegations and that India’s missions in over 190 countries stand ready to assist innovators.

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From Domestic Innovation to Global Scale

The Minister emphasised that affordable, scalable medtech solutions can drive down costs and improve quality through economies of scale.

Referring to startups showcased at the event, he noted that many had secured CDSCO approvals, with several nearing US FDA approvals, positioning them for international expansion.

He urged founders to collaborate with multinational companies operating in over 100 countries to accelerate market entry into developed economies.

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Building a MedTech Ecosystem

Shri Goyal highlighted the success of the Andhra Pradesh MedTech Zone (AMTZ) near Visakhapatnam and expressed interest in establishing a similar facility in North India — potentially in Rajasthan or Uttar Pradesh, or within NICDC industrial corridors — with dedicated land, co-working spaces, and integrated manufacturing facilities for medical devices.

He also proposed establishing tinkering labs in nearby schools to foster early-stage innovation and create a holistic medtech ecosystem.

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Strengthening Innovation Infrastructure

The Minister announced several institutional expansions to support India’s innovation ecosystem:

• Three new National Institutes of Pharmaceutical Education and Research (NIPERs) to be established

• Upgradation of seven existing NIPERs

• A new National Institute of Design (NID) in East India

He suggested that NID could collaborate with startups to enhance product design, visual appeal and quality — potentially through pro bono support programmes.

Shri Goyal also reiterated that startups benefit from an 80% discount on intellectual property-related fees, aimed at promoting genuine innovation while discouraging frivolous filings.

He assured that the Ministry’s doors remain open “24x7,” supported by a dedicated Startup India team.

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Encouraging Risk-Taking and Perseverance

Calling on entrepreneurs to remain resilient, the Minister said failure should be seen as a stepping stone to success. Citing Abraham Lincoln’s repeated setbacks before becoming US President, he urged innovators to persevere.

“Failure is not a stigma,” he said, encouraging media, Startup India and private sector stakeholders to celebrate success stories and support entrepreneurs at every stage.

Quoting Prime Minister Shri Narendra Modi’s Independence Day message, he concluded:

“To the youth, bring forward your innovative ideas. I stand with you. I am ready to be your partner in this journey.”

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₹8 Crore in Grants for 14 HealthTech Startups

At the event, 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.

Under the initiative:

• 14 high-potential Indian healthtech startups received grants of ₹60 lakh each (over ₹8 crore in total)

• Each startup will receive 18 months of structured incubation, clinical validation, mentorship, and deployment support

The selected startups are developing solutions in priority healthcare areas including:

• Immunization

• Non-communicable diseases

• Brain health

• Oncology

• Maternal and child health

The initiative reflects DPIIT’s push to strengthen public–private partnerships and accelerate startups’ journey from lab to market, positioning India as a globally competitive, innovation-driven healthcare and MedTech hub.