India is trying to gain wider market access for its medicinal products under the proposed Free Trade Agreement (FTA) with the UK. An official said on Friday that the best part of the proposed agreement is that both the sides have conveyed their sentiments and objectionable points. Manufacturing of generic versions of life-saving drugs is a point at which no compromise can be made.
India has achieved smooth market access for its pharmaceutical companies in the FTA implemented with the United Arab Emirates (UAE). Under this agreement, Indian pharmaceutical products and medical products will get regulatory permission within 90 days. Pharmaceutical products that have been approved for sale in developed markets such as the US, UK, EU, Canada and Australia are also expected to have easy access in the UAE.
Similarly, India’s trade deal with Australia will also have provisions for speedy clearances and assessment of quality testing of manufacturing plants.
India is also trying to get easier access for its pharmaceutical companies in the proposed free trade agreement with the UK. “We are eyeing a positive outcome for the pharma sector from the India-UK agreement,” the official said. Discussions are ongoing regarding regulatory cooperation with the UK’s Drugs and Health Production Regulatory Agency.
Negotiations for a free trade agreement between India and Britain began in January this year. It was set to be completed by Diwali, but the political uncertainty in Britain has postponed it for some time. It has 26 chapters including Products, Services, Investments and Intellectual Property. The official said that both the countries are trying to finalize the agreement keeping in mind their national interests. PLC/GT