Morningside Pharmaceuticals is delighted to be involved in one of 20 export deals signed, as part of the newly agreed Enhanced Trade Partnership between the UK and India.
The deal is connected to researching, developing and licencing new pharma products and is among an extra £1 billion of agreed additional UK-India trade and investment, which looks set to create 6,500 jobs.
In announcing the deal, The UK Prime Minister, Boris Johnson, said: “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer. Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies.
“In the decade ahead, with the help of the new Partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs.”
The package contains over £533m of new Indian investment into the UK, which is expected to create more than 6,000 jobs in vital and growing sectors such as health and technology, and £200m of these deals will support low carbon growth. The package includes a £240 million investment by the Serum Institute of India in the UK into their vaccine business and a new sales office which will create a large number of jobs.
The 20 British businesses alongside Morningside have secured new export deals with India worth more than £446 million, which will drive UK growth and create more than 400 British jobs.
Dr Nik Kotecha OBE, Chairman of Morningside Pharmaceuticals, said: “We are immensely proud to be included alongside other UK exporters in the new trading arrangements, which have been announced with India. This enhanced trading relationship is a great step forward towards a future free trade agreement, which would bring significant opportunities for exporters, as well as investment, into the UK and the Midlands.
“The Morningside companies have invested in India for many years, particularly in Research & Development and clinical trials, as well as through our manufacturing investments into developing new formulations of generic medicines for our UK and international markets.
“We are proud that much of the innovation takes place here in Leicestershire and is then ‘Technology Transferred’ to Indian partners to help bring new formulations of generic and branded medicines to the UK and global markets quicker.
“In this way, we are able to identify niche difficult to develop and manufacture molecules in a wide range of therapeutic areas. This makes our patients’ experience of taking their medicines easier, as well as delivering cost savings to the NHS and our International Aid partners.”
The announcement coincides with a plan from both sides to agree an Enhanced Trade Partnership, which it is hoped will unlock new opportunities for British businesses exporting to India and Indian businesses investing in the UK.
It is expected that the closer trading relationship will lead to the doubling of the value of UK-India trade by 2030, as well as signal of negotiations towards a comprehensive Free Trade Agreement.
Read more here on the UK Government’s .Gov website.