The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Memorandum of Understanding (MoU) between India and UK in the field of medical product regulation on November 4, 2020.
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MoU on medical product regulation
The MoU was signed between United Kingdom Medicines and Healthcare Products Regulatory Agency and Central Drugs Standard Control Organization (CDSCO) of India. The MoU seeks to establish cooperation on medical products registration. The deals under the cooperation between the countries include:
- To exchange safety information related to medical equipment’s.
- To participate in seminars, scientific and practical conferences.
- To exchange the Good Manufacturing Practices, Good Laboratory Practices, Good Distribution Practices, Good clinical practices and Good Pharmacovigilance Practices.
- To promote and share the regulatory framework from both the countries regarding medicines and medical devices.
- To exchange information and control unlicensed imports and exports of medical equipment’s.
India- UK Relation
UK is India’s 18th largest trading partner while India is the fourth largest foreign investor in the UK. UK is the third largest investor in India after Mauritius and Singapore. Areas of cooperation among both the countries include:
- In 2005, the Joint Economic and Trade Committee (JETCO) was inaugurated in New Delhi. JETCO aims to boost the bilateral investment from both the sides.
- India and UK also signed Civil Nuclear Cooperation Declaration in 2010 in order to promote cooperation in nuclear field. Further, British government has chosen India its most influential trade partners. Reason for this is, India is emerging as a “fastest growing economies in the world.
- In September 2017 the High Commission of India in the UK announced the Access India programme. The programme was started to help many more UK SMEs export to India.
- Prime Minister Narendra Modi visited UK in 2015 and became the first Indian Prime Minister to address British Parliament.
- Indian companies in the UK generated over 48 billion pounds as of 2019.
- Indian Companies in UK have provided employment to more than 105,000 people in the UK.