Zero-Tariff India-UK FTA Could Generate $1 Billion in Pharma Revenue: Namit Joshi
On India-UK FTA, Namit Joshi, Chairman of Pharmexcil (Pharmaceuticals Export Promotion Council of India), said, “...yesterday alone, we exported consignments worth approximately $140–$150 million to the UK... We now anticipate that the zero-tariff regime will help us generate $1 billion in revenue... we are very hopeful that the UK will become the first country in the European region to consume $1 billion worth of Indian pharmaceutical products... Overall, we believe this will greatly benefit the NHS... because this trade relationship goes beyond the mere import and export of medicines; it also involves skill sharing. Indian doctors can go to the UK to practice, treat patients, or work on deputation. This collaboration is a major development from a healthcare perspective.”
When asked if there is any impact of India's post-COVID vaccine exports on the deal, he said, “India established itself as a vaccine manufacturer during the COVID-19 pandemic. We demonstrated that we do not seek to exploit situations for leverage or personal gain; rather, we operate based on the philosophy of 'Vasudhaiva Kutumbakam' (the world is one family). With a population of 1.4 billion, our first priority was to ensure vaccine availability in every corner of our own country, but we did not stop there. We exported vaccines to over 100 countries. We have established that India assists nations across the board, and this is particularly relevant for the UK, as they can rely on India to meet any vaccine requirements they may have.”
