Britain said it would strike an agreement with Vietnam to make it easier for pharmaceutical firms to sell UK-made medicines in the South-East Asian nation under a new trade strategy that emphasises quick, industry-specific deals.
Britain launched the new strategy last month, promising a nimbler approach compared to the emphasis it placed on full-fledged free-trade agreements following its departure from the European Union.
Vietnam will hasten the registration of new medicines and vaccines while recognising approvals from more regulators, including Britain’s Medicines and Healthcare products Regulatory Agency, the British government said in a statement.
“The removal of pharmaceutical barriers with one of our closest trading partners in Asia is a boost for the UK pharmaceutical industry and proof our Industrial and Trade Strategies are already delivering,” British trade minister Douglas Alexander said.
The deal could be worth £250mil (RM1.43bil) to the British pharmaceutical sector over the next five years, the government added.
The UK-Vietnamese Joint Economic and Trade Committee met in London yesterday and discussed financial services and renewable energy.
Britain has taken a tougher line on some other sectors, with steel imports from Vietnam set to be restricted under a new quota regime.
Life sciences, including pharmaceuticals, are a priority sector under Britain’s new industrial strategy, which was also launched last month. However, that plan has been delayed by a dispute over drug pricing with the British pharmaceutical sector. — Reuters
