Medicine Security Is National Security: IPA Welcomes India-US Interim Trade Deal
New Delhi: Strengthening the India-US medicines partnership is important as medicine security is a part of national security, the Indian Pharmaceutical Alliance said on Saturday, welcoming the interim trade agreement between the two countries.
"Generics are exempted from tariffs. As noted in the Joint Statement, overall pharmaceuticals (including generics) are subject to ongoing US Section 232 investigation. This is consistent with the approach across FTAs," Indian Pharmaceutical Alliance (IPA) Secretary General, Sudarshan Jain said in a statement.
US Section 232 investigations are conducted by the Commerce Department's Bureau of Industry and Security with an aim to protect US national security.
"Strengthening the India-US medicines partnership is important, as medicine security is a part of national security," Jain noted.
Poly Medicure Ltd Managing Director Himanshu Baid said, "With US import tariffs on Indian medical devices at 18 per cent, Indian MedTech exporters gain a meaningful competitive advantage in one of the world's most sophisticated healthcare markets.
This agreement will further empower MSMEs, deepen India-US economic engagement, and create long-term opportunities for innovation-led growth, he added. The US continues to be a key and growing market for Polymed, aligned with its global expansion strategy, Baid said.
India and the US on Saturday announced they have reached a framework for an interim trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade.
Under the pact, the US will reduce tariffs on Indian goods to 18 per cent from the present 50 per cent, while India will eliminate or cut down import duties on all US industrial goods and a wide range of American food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits.
