India-UK FTA set to boost pharma exports by over 8% by FY27: Pharmexcil

India's pharmaceutical exports to the United Kingdom are expected to grow by more than 8% to reach nearly USD 981 million in FY27, following the implementation of the India-UK Free Trade Agreement (FTA), according to the Pharmaceuticals Export Promotion Council of India (Pharmexcil).

The trade pact is expected to improve market access, reduce trade barriers and strengthen the competitiveness of Indian medicines in the UK market.

Pharmexcil said the agreement will provide a major boost to India's generic drug manufacturers by offering duty-free access and creating new opportunities for pharmaceutical exports.

The council also expects stronger collaboration between Indian and British companies in research, innovation and healthcare.

The India-UK FTA, which came into effect on July 15, grants duty-free access to almost all Indian exports to the UK and is expected to benefit sectors including pharmaceuticals, textiles, engineering goods and food processing.

Industry experts believe the agreement will help Indian pharma companies expand their presence in one of Europe's largest healthcare markets while supporting long-term export growth and investment.