Pharma, medical device sectors receive right prescription
The India-UK FTA is expected to strengthen supply chains for pharma and medical devices sectors, improve access to affordable medicines, and pave the way for collaboration in bulk drugs and joint research.
The domestic pharma industry is hopeful exports of generic drugs to UK - currently valued at around $1 billion - will see a boost.
Sudarshan Jain, secretary general, Indian Pharmaceutical Alliance, said the pact offers opportunities to supply affordable and quality-assured medicines, contributing to better patient care in the UK. Namit Joshi, chairman of Pharmexcil, added the agreement paves the way for partnerships in bulk drug imports, CDMO, and joint research, strengthening India's competitive edge.
The medical devices industry also expects bilateral trade to accelerate. "Earlier, devices imported into UK were duty-free, so tariffs weren't a concern. But regulatory approval costs & timelines were. We had sought UK recognition of Indian CDSCO or QCI certifications to fast-track approvals," said Rajiv Nath, forum coordinator, AiMeD. He highlighted need for stricter Rules of Origin checks to prevent misuse of FTA.
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