Exports of generic medicines and medical devices like X-ray systems and surgical instruments will get a boost as Britian has agreed upon zero duty under the free trade agreement.
The trade agreement between India and the UK was singed on Thursday in London in the presence of Prime Minister Narendra Modi and UK premier Keir Starmer.
"Significant share of medical devices like surgical instruments, diagnostic equipments, ECG machines, X-Ray systems will not attract any duty," PTI reported quoting a commerce ministry official.
The deal will reduce costs for Indian med-tech companies and make products more competitive in the UK market.
"Given the UK's shift away from reliance on Chinese imports post-Brexit and COVID-19, Indian manufacturers are poised to emerge as a favoured, cost-effective alternative, especially with zero-duty pricing for medical devices," the official told PTI.
The commerce ministry has said that zero tariff provisions under the FTA are expected to significantly enhance the competitiveness of Indian generics in the UK market, which remains India's largest pharmaceutical export destination in Europe.
Currently, India exports $23.31 billion globally and the UK imports nearly $30 billion, but Indian pharma accounts for under $1 billion, indicating significant headroom for growth.
The pharma sector has only 56 tariff lines, which is just 0.6 per cent of the total, the document stated. Despite the small representation, pharmaceutical sector holds high value and strategic importance, especially in global trade, the document stated.
India's pharmaceutical industry is the world's third largest by volume and 14th largest in terms of value. The sector's exports rose 10 per cent year-on-year to $30.5 billion in FY 2024-25.
The industry is leading in the manufacture of high-quality generic drugs at competitive prices over the last 30 years.
India is the largest supplier of generic medicines with a 20 per cent share in the global supply by manufacturing 60,000 different generic brands across 60 therapeutic categories.
Indian products are shipped to over 200 countries around the globe, with Japan, Australia, West Europe and the US as the main destinations.
The current market size of the medical devices sector in India is estimated to be $11 billion and expected to reach $50 billion by 2030.
The trade agreement between India and the UK was singed on Thursday in London in the presence of Prime Minister Narendra Modi and UK premier Keir Starmer.
"Significant share of medical devices like surgical instruments, diagnostic equipments, ECG machines, X-Ray systems will not attract any duty," PTI reported quoting a commerce ministry official.
The deal will reduce costs for Indian med-tech companies and make products more competitive in the UK market.
"Given the UK's shift away from reliance on Chinese imports post-Brexit and COVID-19, Indian manufacturers are poised to emerge as a favoured, cost-effective alternative, especially with zero-duty pricing for medical devices," the official told PTI.
The commerce ministry has said that zero tariff provisions under the FTA are expected to significantly enhance the competitiveness of Indian generics in the UK market, which remains India's largest pharmaceutical export destination in Europe.
Currently, India exports $23.31 billion globally and the UK imports nearly $30 billion, but Indian pharma accounts for under $1 billion, indicating significant headroom for growth.
The pharma sector has only 56 tariff lines, which is just 0.6 per cent of the total, the document stated. Despite the small representation, pharmaceutical sector holds high value and strategic importance, especially in global trade, the document stated.
India's pharmaceutical industry is the world's third largest by volume and 14th largest in terms of value. The sector's exports rose 10 per cent year-on-year to $30.5 billion in FY 2024-25.
The industry is leading in the manufacture of high-quality generic drugs at competitive prices over the last 30 years.
India is the largest supplier of generic medicines with a 20 per cent share in the global supply by manufacturing 60,000 different generic brands across 60 therapeutic categories.
Indian products are shipped to over 200 countries around the globe, with Japan, Australia, West Europe and the US as the main destinations.
The current market size of the medical devices sector in India is estimated to be $11 billion and expected to reach $50 billion by 2030.
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