Indo-UK trade deal paves way for collaborations in bulk drugs, research
The India-Uk trade deal will pave the way for collaborations in bulk drug imports, contract research and manufacturing segment, and bolster joint research, Pharmexcil said on Thursday.
In a statement, Pharmaceuticals Export Promotion Council of India (Pharmexcil) Chairman Namit Joshi said the India-UK Free Trade Agreement (FTA) marks a pivotal milestone in economic cooperation, particularly in the pharmaceutical sector.
With India's pharmaceutical exports to the UK reaching USD 914 million in FY24, the agreement strengthens supply chains, enhances access to affordable medicines, and drives foreign direct investment (FDI), he stated.This partnership paves the way for collaborations in bulk drug imports, CDMO, and joint research, empowering India's competitive edge and promoting global partnerships, Joshi said.Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said the trade deal will open up trade and economic opportunities between the two countries.
As per the indications, the pharma sector will have opportunities to supply affordable and quality assured medicine, contributing to better patient care in the UK, he added.The Indian pharmaceutical industry is the world's third-largest by volume and 14th largest in terms of value.Indian pharmaceutical exports rose 10 per cent year-on-year to USD 30.5 billion in FY2024-25.Deloitte India Partner Neha Aggarwal said the FTA is poised to unlock major opportunities for Indian exports of generics and medical devices with reduced tariffs, faster regulatory approvals, and a balanced IP regime, ensuring that Indian manufacturers can scale competitively in the UK market.UK companies would similarly benefit from improved market access and an IP protection regime, she added.Medical Technology Association of India Chairman Pavan Choudary noted that the agreement goes beyond tariff reductions and signals India's strategic ascent as a trusted partner in the global healthcare and technology value chain."As part of this agreement, import duties on MedTech products will be reduced from approximately 15 per cent to around 3 per cent, significantly lowering costs and improving access to advanced medical technologies," he stated.The partnership also opens doors for technology transfers, joint ventures, and skilling, which is a key ingredient for building a resilient healthcare ecosystem for both countries, he stated.
The current market size of the medical devices sector in India is estimated to be USD 11 billion and is expected to reach USD 50 billion by 2030.
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