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India’s exports of medical devices to the UK rose to Rs 1,015 crore in 2024, up 13% from 2023. Imports surged even faster—from Rs 1,682 crore to Rs 2,295 crore—a 36% rise
Representative Image (Credit- Pexels)
The signing of the India-UK Free Trade Agreement (FTA) marks a major breakthrough in strengthening bilateral ties, with significant implications for India’s pharmaceutical and medical technology sectors. Industry leaders have welcomed the deal as a catalyst for export growth, regulatory cooperation, and foreign investment.
India’s pharma industry sees the United Kingdom as a strategic market, and stakeholders expect the FTA to further boost confidence among investors and global partners.
“The India-UK Free Trade Agreement (FTA) marks a pivotal milestone in economic cooperation, particularly in the pharmaceutical sector,” said Namit Joshi, chairman of the pharmaceutical export body under the ministry of commerce and industry, Pharmexcil. “With India’s pharmaceutical exports to the UK reaching $914 million in FY24, the agreement strengthens supply chains, enhances access to affordable medicines, and drives foreign direct investment. This partnership paves the way for collaborations in bulk drug imports, contract development and manufacturing organisation (CDMO), and joint research.”
Medical device manufacturers, too, anticipate tangible benefits. Rajiv Nath, forum coordinator of the Association of Indian Medical Device Industry (AiMeD), welcomed the development but stressed the need to address long-standing non-tariff barriers. “We congratulate the Indian government and Prime Minister on signing the Free Trade Agreement with the UK and await the details,” Nath said.
While medical devices imported into the UK were already duty-free, Indian exporters have faced challenges with regulatory approvals. “We sought recognition of Indian CDSCO regulatory approval or QCI’s voluntary Indian certification for medical devices to fast-track regulatory approvals by the UK’s MHRA. We look forward to an update on whether these proposals were included,” Nath added.
At the same time, he urged vigilance to prevent misuse of the agreement through third-country routing. “There is a need for strict monitoring and verification of Rules of Origin to prevent the misuse of the FTA by the possibility of routing third-country products through the UK as purportedly UK-made goods. We welcome UK-made medical products into India via this FTA,” said Nath.
Trade data shows upward trend
India’s exports of medical devices to the UK rose to Rs 1,015 crore in 2024, up 13% from the previous year. Imports surged even faster—from Rs 1,682 crore to Rs 2,295 crore—marking a 36% increase.
Nath explained, “Post-FTA, both are expected to accelerate. Import duties levied by India, mostly at 7.5%, will hopefully be phased down. Let’s see what the fine print says.”
FTA also expected to benefit labour-intensive sectors
While the pharma and med-tech sectors are expected to be among the key beneficiaries, the FTA’s potential spans wider.
Harish Ahuja, chairman, FICCI Foreign Trade and Trade Facilitation Committee, called it a “historic step” in boosting India’s export competitiveness. “The agreement is poised to boost India’s export competitiveness, particularly in labour-intensive sectors including textiles and apparel,” he said. “This milestone achieved…will create new prospects for the domestic manufacturing industry, accelerate export growth, and deepen India’s integration in global value chains.”
Next steps: Industry awaits fine print
Industry players now await the release of the full text of the agreement to understand timelines for tariff reductions, provisions on regulatory alignment, and safeguards.
But the consensus is clear: the India-UK FTA is expected to unlock a new phase of growth in life sciences, innovation, and trade.
Himani Chandna, Associate Editor at CNN News18, specialises in healthcare and pharmaceuticals. With firsthand insights into India’s COVID-19 battle, she brings a seasoned perspective.
She is particularly pass…Read More
Himani Chandna, Associate Editor at CNN News18, specialises in healthcare and pharmaceuticals. With firsthand insights into India’s COVID-19 battle, she brings a seasoned perspective.
She is particularly pass… Read More
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