Domestic Medical Device Firms Eye Growth with India-UK FTA

Domestic medical device companies in India are optimistic about the opportunities presented by the India-UK Free Trade Agreement (FTA), anticipating significant business expansion. The agreement is expected to lower tariffs on essential devices, potentially reducing costs for Indian patients and increasing savings on medical expenses.

Experts emphasize the importance of transparency in manufacturing site disclosures to prevent dumping and ensure fair trade practices. "Transparent disclosure is crucial for legal compliance, patient safety, and maintaining a level playing field," stated Pavan Choudary, chairman of the Medical Technology Association of India.

Challenges and Opportunities Ahead

While the FTA opens doors to the UK market, concerns about rerouted products from China and other markets persist. Industry leaders like Himanshu Baid of Poly Medicure are bullish, aiming to double exports to the UK. Meanwhile, Rajiv Nath of AiMeD highlights the need for strict adherence to the rule of origin to prevent trade deflection.

Last year saw a 36% increase in medical device imports from the UK, totaling Rs 2295 crore, signaling growing trade relations between the two countries.