USD 5 Trillion economy incomplete sans affordable healthcare: Piyush Goyal

The target of USD five trillion economy is incomplete if people of the country do not have the quality of life due to lack of affordable healthcare, Union Commerce Minister Piyush Goyal said in Hyderabad on Tuesday.

Speaking at an interactive session with leaders of top pharmaceutical companies at BioAsia, Goyal said he would call for a meeting of pharma industry leaders in the second week of March to discuss the sector's problems. He also said the price control regime on some drugs and medical devices are here to stay.

"Innovation can't be seen only in the context of change... innovation will provide you with an opportunity to reach out to the remotest corners of the country to all the people that we saw the yearning for a better quality of life, for better healthcare, longer life expectancy... In that sense the USD 5 trillion economy will be incomplete if our people do not have the quality of life if you're not able to provide affordable healthcare to every single citizen of the country," he said when asked about the government's ambition in terms of pharma and life sciences industry.

Goyal said the Indian pharma industry, which is currently pegged at USD 40 billion, would reach USD 100 billion soon, backed by the capabilities of the sector. Telangana Minister for IT and Industries KT Rama Rao moderated the session.

On the slashing of weighted average deductions to 100 per cent from the earlier 150 per cent and 200 per cent that was available for research and development by the firms, he said the income tax rates would help encourage, but that is not the only factor for investments.

"That is not the only factor that determines whether an industry will come to a country, whether an industry will flourish in a country or not. One must recognize that there are several dimensions to India," Goyal said. He said India has the power of talent, demography and leadership, all of which culminate into the "power of opportunity."