New Delhi [India], July 16 (ANI): India's pharmaceutical exports to the United Kingdom are projected to grow by 8.66 per cent to reach USD 981.16 million in FY2026-27. The projection follows the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA).

According to a release from the Pharmaceuticals Export Promotion Council of India (Pharmexcil), the forecast builds on an export performance of USD 902.96 million recorded in FY2025-26. The upward trend continues in the current financial year, with shipments rising 4.15 per cent year-on-year (YoY) to USD 152.14 million during the April-May period, up from USD 146.08 million in the same months last year.

The trade pact eliminates tariffs on nearly all products, which lowers costs for Indian generic medicines entering the British market. The council noted that the agreement secures supply chains, improves access to affordable medicines, attracts foreign direct investment, and creates collaborative avenues in manufacturing, research, and innovation.

India maintains a trade surplus with the UK, which stood at approximately USD 767.49 million in FY2025-26. Drug formulations and biologicals constitute the largest share, making up 89.54 per cent of total pharma exports, while active pharmaceutical ingredients (APIs) and bulk drugs brought in USD 72.66 million last fiscal year.

'The India-UK FTA represents a landmark development in the economic relationship between our two countries,' said Namit Joshi, Chairman of Pharmexcil. 'The UK is India's largest pharmaceutical export market in Europe and the third-largest globally.'

'The move towards zero tariffs will significantly enhance the competitiveness of Indian generic medicines, while encouraging greater investment, stronger industry partnerships and improved access to quality, affordable medicines for patients in the UK,' Joshi added.

Bhavin Mehta, Vice Chairman of Pharmexcil, underscored the strategic value of the European nation for domestic exporters.

'The continued growth in exports of APIs and bulk drugs reflects the UK's confidence in India's pharmaceutical manufacturing capabilities and resilient supply chains,' Mehta noted.

'With improved regulatory cooperation and a more predictable trade framework under the India-UK FTA, we expect the UK to remain one of the key growth markets for Indian pharmaceuticals and further reinforce India's position as the pharmacy of the world,' Mehta added. (ANI)