Pharma cos get access to UK's NHS procurement plan
NEW DELHI: The India-UK Comprehensive Economic & Trade Agreement (CETA) provides Indian pharma companies access to the procurement programme of the National Health Scheme and other govt agencies, which are estimated to be to the tune of $122 billion.
NHS in England alone buys medicines of $25 billion in addition to medical devices, which can now be tapped by Indian companies that would be treated on a par with their UK counterparts under govt procurement chapter of CETA.
"The agreement opens govt procurement in both countries... The agreement is mutually beneficial for both the economies," commerce secretary Sunil Barthwal said at a press conference.
India is eyeing major gains in pharmaceuticals sectors, where its exports are under $1 billion.
Barthwal said that CETA will also help address regulatory concerns faster as mechanisms have been put in place and offer predictability for businesses in the long run.
After the UAE, the UK pact is the second trade agreement that India signed with a chapter on govt procurement. The agreement, however, restricts the participation of British companies in tenders above Rs 5.5 crore and only to those issued by the Centre.
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India and the UK are looking to more than double bilateral trade to $112 billion by 2030 with both sides deciding to lower tariffs significantly. Currently, 48.2% of India's exports by value (47.3% of tariff lines) enter the UK at zero duty under the MFN regime. With the FTA, the coverage will be 99% of the goods and 100% of the value.
On its part, India has opened 89.5% of its tariff lines, covering 91% of the UK's exports. But only 24.5% of the UK's export value will enjoy immediate duty-free market access with the rest of the cuts staggered over five to 10 years to provide adequate time for domestic industry to adjust.
Barthwal said that the negotiations have kept in mind the future growth path of the economy and the tariff adjustments are nuanced.
The India-UK free trade agreement, however, does not include a provision on Britain's proposed carbon tax, but if such a tax is imposed in the future, India will have the right to take steps to mitigate its impact on domestic exports, sources said on Friday.
Govt on Friday said that it has stuck to India's stance on intellectual property rights, including the patent regime and the outcome in CETA represented a "balanced and forward-looking approach". "It strengthens cooperation while preserving India's sovereign rights in matters of patent policy and access to essential medicines," it said.
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