India-UK Trade Deal: A New Era for Pharmaceuticals
The India-UK trade agreement heralds significant developments in the pharmaceutical sector, fostering collaboration in drug imports and research. The deal boosts economic ties, strengthens supply chains, and enhances access to medicines, furthering foreign investment and promoting global partnerships, as highlighted by Pharmexcil and Indian Pharmaceutical Alliance officials.
- Country:
- India
The India-UK trade agreement introduces a transformative phase for the pharmaceutical industry, heralding collaborations in bulk drug imports and advanced research, according to Pharmexcil. On Thursday, the Pharmaceuticals Export Promotion Council of India emphasized the deal's significance in strengthening economic ties, particularly within the pharmaceutical segment.
Pharmexcil Chairman Namit Joshi describes the Free Trade Agreement (FTA) as a crucial step forward in economic cooperation, bolstering India's pharmaceutical reach in the UK market. With exports hitting USD 914 million in FY24, the agreement promises to enhance supply chains and boost foreign direct investment (FDI).
Similarly, Sudarshan Jain of the Indian Pharmaceutical Alliance highlights that the deal will broaden trade opportunities, facilitating the supply of affordable, quality medicines to the UK. Notably, the Indian pharmaceutical industry ranks third globally by volume and 14th by value, with exports growing by 10% year-on-year to USD 30.5 billion in FY2024-25.
(With inputs from agencies.)
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