India-UK FTA to Boost Indian Pharma and Medtech Exports

Quick Summary:

• The India-UK Free trade Agreement (FTA) is poised to benefit India’s pharmaceutical and medical devices sectors by providing zero tariffs for 99% of pharmaceutical exports,along with smoother regulatory pathways for market access.
• Indian companies in the generics and biosimilars space are expected to see faster product approvals and enhanced market presence in the UK.
• Cross-border R&D collaborations, bulk drug imports, contract manufacturing, and joint research initiatives are anticipated under the agreement.
• The deal formalizes duty-free status on Indian drug exports to the UK while promoting supply chain strengthening, affordable medicine access, and increased foreign direct investment (FDI).
• The UK pharma market is currently valued at $45 billion, expected to grow to $73 billion by 2033; India’s pharma exports crossed $910 million in FY24.
• For medical devices such as surgical instruments and diagnostics, tariff relief under the FTA will improve affordability of Indian products while addressing previous issues related to regulatory approval delays.
• In FY24, India’s medical devices exports to the UK reached Rs 1,015 crore (13% growth), while imports stood at Rs 2,295 crore (36% rise from previous fiscal).
• Intellectual property considerations were balanced without altering crucial safeguards like S.3(d), favorable for public health needs while protecting IP rights equitably.Geographical Indications will also gain recognition under equity principles.

Read more: India Economic Times

Indian Opinion analysis:

The India-UK Free Trade Agreement represents a strategically robust move toward enhancing bilateral trade relations in high-value sectors such as pharmaceuticals and medical devices. By eliminating tariffs on most pharma products exported from India – especially generics – this agreement reaffirms India’s position as a global hub for affordable medicines. Coupled with streamlined regulatory pathways outlined in this deal, indian companies can now accelerate their footprint across one of europe’s most lucrative healthcare markets.

From an economic perspective, multibillion-dollar growth projections for both pharmaceuticals ($73 billion target by 2033) and expanded export revenues signal broader industrial advancements beyond mere trade facilitation. additionally helpful are operational frameworks fostering cross-border collaborations between institutions – moving innovation forward through shared expertise between these two nations.

While positive developments abound-including cost reductions improving competitiveness-the careful retention of safeguards within patents laws owing importance towards domestic accessibility also demonstrates diplomatic negotiation aptitude striking essential balance! Long-term impacts could ripple outward affecting other upcoming FTAs similarly spanning USA/EU context