Domestic medical device firms bullish on India-UK FTA
Domestic medical device firms are bullish about expanding business under the India-UK Free Trade Agreement (FTA), with some aiming to double their export quantities from single-digit levels. Significantly, the FTA has lowered tariffs on key devices, which could reduce prices on imported devices and savings for Indian patients on medical bills.
However, experts warn that mandatory disclosure of manufacturing sites for all imports is essential to prevent dumping and transshipment from undisclosed locations, ensuring transparency and fair trade practices.
“This is a positive development as it opens doors to the UK, one of the top five markets globally. Indian companies can look forward to more sourcing from UK companies, as well as public procurement under the NHS (National Health Service). As a company, we are bullish and look to export more medical devices to the UK, and increase the contribution from 5–6%,” Himanshu Baid, managing director, Poly Medicure told TOI.
Further, industry experts say the domestic market should be protected against rerouted products from China and other markets.
