India-EU Free Trade Agreement: A New Era for Pharma Trade

The Indian Pharmaceutical Alliance hails the India-EU Free Trade Agreement as a pivotal step in boosting bilateral trade. The removal of EU tariffs will enhance the accessibility of innovative medicines for Indian patients and reinforce the intellectual property framework, fostering stability and growth in the pharmaceutical sector.

The Indian Pharmaceutical Alliance has warmly greeted the finalization of the India-EU Free Trade Agreement, seeing it as a crucial advancement in enhancing bilateral commerce. According to Sudarshan Jain, Secretary General of the Alliance, the anticipated elimination of EU tariffs on pharmaceuticals is expected to improve trade and broaden access to innovative drugs for Indian patients.

Jain remarked, "The IPA applauds the fruition of this agreement, marking a significant stride in fortifying trade relations. Indian companies are vital in supplying Europe with quality and affordable medicines, and reducing EU tariffs up to 11% will bolster trade relations, providing Indian patients greater access to cutting-edge pharmaceuticals."

Namit Joshi, Chairman of Pharmexcil, referred to the pact as a watershed for Indian pharmaceutical exports. He emphasized how near-zero tariff access strengthens Indian formulations' presence in the EU, particularly benefiting small and medium-sized pharma enterprises (MSMEs) facing complex regulatory frameworks. This agreement fosters a long-term, stable trade environment supporting both European consumers and the robust manufacturing base of India.

(With inputs from agencies.)