India's Strategic FTAs: Boosting Pharma and Healthcare Growth

India has finalized nine free trade agreements in the past four years, creating significant business opportunities for the pharma and healthcare sectors. Commerce Minister Piyush Goyal emphasized the need for a holistic healthcare system and faster IP approvals. The focus is on leveraging these agreements for sectoral growth.

India's strategic move of finalizing nine free trade agreements (FTAs) over the past four years is set to amplify business prospects for the domestic pharmaceutical and healthcare sectors, Commerce and Industry Minister Piyush Goyal announced on Monday.

The agreements, inked with major economies including the UK, Mauritius, Australia, the US, European Union, EFTA, Oman, the UAE, and New Zealand, aim to open new opportunities in these vital sectors. Goyal encouraged the industry to maximize the potential of these FTAs and foster a robust healthcare ecosystem.

Highlighting advancements in intellectual property, Goyal shared that patent filings have surged by 215% over the last decade. He emphasized the importance of expediting IP approvals to position India among the world's top five in this domain.

(With inputs from agencies.)