India's New FTAs to Open Major Opportunities for Pharma, Healthcare Industry: Piyush Goyal

India has finalised FTAs with the UK, Mauritius, Australia, the US, European Union, the four-nation bloc EFTA, Oman, the UAE and New Zealand.

While the pacts with Mauritius, Australia, the UAE and EFTA are implemented, the remaining agreements are likely to come into force soon.

"These agreements open new opportunities for pharmaceuticals, healthcare and medtech sectors," Goyal said in a post-Budget webinar. He suggested the industry to focus on taking greater advantage of these pacts and developing a strong healthcare ecosystem.

"We need to develop a comprehensive, holistic and integrated healthcare system," he said.

The minister informed that FTA negotiations with the Gulf Cooperation Council and Eurasia are progressing well. Speaking at a separate function on intellectual property, Goyal said the ministry is taking steps to fast-track approvals of IP applications.

He informed that patent filing in the country has increased 215 per cent over the last one decade."Our idea is that the IP approval process, whether it's trademark or patent or copyright, or design or GI...we should be at least amongst the top 5 in the world," the minister said.