UK-Vietnam Pact to Boost Pharmaceutical Trade
Britain plans to finalize an agreement with Vietnam to facilitate the sale of UK-made pharmaceuticals. This move is part of a new trade strategy focused on swift, sector-specific pacts post-Brexit. The deal, potentially worth 250 million pounds, will streamline medicine registrations and recognize UK regulatory approvals in Vietnam.
- Country:
- United Kingdom
Britain is set to finalize a pharmaceutical trade agreement with Vietnam, streamlining the sale of British-made medicines in the Southeast Asian country. This initiative forms part of a new trade strategy that shifts focus to rapid, industry-specific deals following the UK's exit from the European Union.
Vietnam will expedite the registration of new medicines and vaccines while recognizing approvals from additional regulators, including Britain's Medicines and Healthcare products Regulatory Agency. The UK's trade minister, Douglas Alexander, emphasized the importance of this agreement as a testament to their industrial and trade strategies.
This agreement could inject 250 million pounds into the UK pharmaceutical sector over five years. However, other sectors, such as steel, face tighter import restrictions under new UK guidelines. Concerns over drug pricing continue to be a point of contention between the British government and its pharmaceutical industry.
(With inputs from agencies.)
Google News