India-UK Trade Deal: Transforming the Pharmaceutical Landscape
The India-UK trade deal enhances economic cooperation, focusing on pharmaceutical sectors like bulk drug imports, contract research, and joint ventures. By reducing tariffs and regulatory hurdles, it empowers Indian and UK businesses, facilitating the exchange of advanced medical technologies and generics, boosting patient care in the UK.
- Country:
- India
The India-UK Free Trade Agreement is set to revolutionize pharmaceutical collaborations, as reported by Pharmexcil. Chairman Namit Joshi highlighted its significance in enhancing supply chains and increasing India's pharmaceutical exports, which amounted to USD 914 million in FY24.
This partnership extends beyond economic ties, fostering collaborations in drug imports, contract research, and joint ventures, ultimately bolstering India's competitive global position, according to Indian Pharmaceutical Alliance Secretary General Sudarshan Jain. Opportunities are expected to arise in supplying affordable medicines, benefiting UK patient care.
Neha Aggarwal from Deloitte India noted that the FTA will reduce tariffs and streamline regulatory processes for generics and medical devices, boosting Indian exports. The deal further positions India as a key player in the global healthcare technology value chain, as recognized by Pavan Choudary of the Medical Technology Association of India.
(With inputs from agencies.)
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