UK has secured a 0 per cent tariff rate for all UK medicines exported to the US for at least three years, officials have said.
London: The UK has secured a 0 per cent tariff rate for all UK medicines exported to the US for at least three years, officials have said, in return for the UK spending more on new medicines.
Under the deal, the US agreed to exempt UK-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from import taxes, the officials said on Monday.
The Trump administration said in return UK drugs firms committed to invest more in the US and create more jobs.
The UK government said the 0 per cent rate on all of its pharmaceuticals exports was the lowest offered to any country. As part of the deal, it said the country’s National Health Service will spend around 25 per cent more in new and effective treatments — the first major increase in such spending in over two decades.
