Trade deal to allow cheaper cancer, cardiac drugs, diagnostics from US
Indian generic pharmaceutical products will also attract zero duties in the US thus boosting the domestic medium small and micro industry segment.
Top-end life-saving drugs, including for a range of cancers, cardiac issues, neuro and pediatric conditions, will be available in India at lower prices with the government cutting duties on these imports from the US to zero.
Indian generic pharmaceutical products will also attract zero duties in the US thus boosting the domestic medium small and micro industry segment.
Among medical products and devices that will now be imported from the US at zero duties will be -- medicines for cancer, heart, neurological conditions, paediatrics, cosmetics, organic and inorganic chemicals, and a range of medical devices.
Among US medical devices allowed zero duty are fiberscope, critical for diagnosing, examining, and treating conditions in pulmonology, gastroenterology, and ENT; laparoscopic medical devices which are specialised, minimally invasive tools used for abdominal and pelvic surgeries, allowing procedures through small incisions.
US imports of pacemakers, imaging apparatus, heart and lung machines -- which are made in India but can do with more competition -- will also attract zero duties.
Importantly, cheaper cancer drugs and expanded generic markets for Indian pharma were equally mooted in the recently concluded India-EU free trade agreement as well.
That agreement had created a free trade zone affecting more than 2 billion people by eliminating or reducing tariffs on chemical inputs, medical devices and pharmaceuticals, including cancer drugs.
The one with the US follows the same trajectory on the medical and public health side.
Medical equipment and pharma was the third top item category of products exported from the US to India last year year after aircraft and aerospace equipment and plastics.
