India's foreign secretary Harsh Vardhan Shringla held talks with British home secretary Priti Patel in London during which he strongly underlined India's interest in the expeditious extradition of former Kingfisher Airlines chief Vijay Mallya, who has completed all the legal processes related to extradition from the UK, and fugitive diamond merchant Nirav Modi.
On the last leg of his three-nation Europe tour, Shringla visited London where he held discussions with several UK ministers and officials and during his interactions with Patel and UK foreign office minister for South Asia, Lord Tariq Ahmad, on Tuesday, the issue of economic offenders being extradited to face the Indian judicial system was among the issues raised.
"We strongly underlined our interest in seeing the early, expeditious extradition of Vijay Mallya, who is an economic offender who has completed all extradition procedures in the UK. We would like him to return to India as soon as possible," said Shringla.
"Also, Nirav Modi. I raised this with both Lord Ahmad and the home secretary, and both took very careful note of our priority and sentiments in that regard," he said.
Mallya, wanted in India over fraud and money laundering charges in relation to loans taken out by his now-defunct Kingfisher Airlines from state-owned Indian banks, has been found to have a case to answer in India by the UK courts. He is currently on bail, undergoing a "confidential" legal issue before Patel can consider signing off on his extradition order.
On the other hand, Modi, the fugitive diamond merchant accused of fraud and money laundering in relation to the state-owned Punjab National Bank (PNB), is currently lodged in Wandsworth Prison in London as he fights his extradition to India at Westminster Magistrates’ Court.
Shringla arrived in London following visits to Paris and Berlin on Tuesday and has held a series of meetings to cover a wide range of issues, including the India-UK vaccine partnership in a post-coronavirus world and climate change as well as highlighting India's outlook on the growing importance of the Indo-Pacific region.
On India-UK bilateral ties, the foreign secretary noted the backdrop of Britain's exit from the European Union (EU) paving the way for a reset in the relationship – both with the UK and the EU.
"We are looking at early harvest deals, which would bring benefits to both our countries, followed by a more detailed, either preferential trade agreement or a free trade agreement," said Shringla.
"Obviously, a limited deal means we work on those areas on which both sides can immediately agree to. We need more time to conclude a more comprehensive trade agreement but our ministers are in touch and will work on trying to close such a deal,” he said.
"We are also looking at a similar deal at the EU level, but bilateral agreement is always different from an agreement with a group,” he added.
The Indian High Commissioner to the UK, Gaitri Issar Kumar, highlighted the five priority areas of food and drink, life sciences, information and communications technology (ICT), chemicals and services that have been narrowed down by both sides, with commerce and industry minister Piyush Goyal and UK international trade secretary Liz Truss set to take stock of the level of movement in these areas during talks scheduled for November 9.
Meanwhile, foreign secretary Dominic Raab and prime minister Boris Johnson are among the high-level visits from the UK to India scheduled for 2021, depending on the COVID-19 pandemic lockdown situation.
Shringla noted that with the UK currently undertaking an Integrated Review of its policy framework, the Indo-Pacific region is expected to play a key part in the “transformational relationship” that Raab has previously made reference to vis-à-vis India.
"We believe in the vision of free, open, transparent and inclusive Indo-Pacific stakeholders; we believe in multi-polarity. The framework is there in France and Germany and we see it in the UK also, though it is yet to be articulated in policy framework. It (the Indo-Pacific) has become more significant, relevant and topical," said Shringla.
Besides his ministerial-level and official talks, the foreign secretary also conducted a host of discussions with leading business chiefs and CEOs.
UK life sciences sector contributed £17.6bn GVA in 2021 and supports 126,000 high-skilled jobs.
Inward life sciences FDI fell by 58 per cent from £1,897m in 2021 to £795m in 2023.
Experts warn NHS underinvestment and NICE pricing rules are deterring innovation and patient access.
Investment gap
Britain is seeking to attract new pharmaceutical investment as part of its plan to strengthen the life sciences sector, Chancellor Rachel Reeves said during meetings in Washington this week. “We do need to make sure that we are an attractive place for pharmaceuticals, and that includes on pricing, but in return for that, we want to see more investment flow to Britain,” Reeves told reporters.
Recent ABPI report, ‘Creating the conditions for investment and growth’, The UK’s pharmaceutical industry is integral to both the country’s health and growth missions, contributing £17.6 billion in direct gross value added (GVA) annually and supporting 126,000 high-skilled jobs across the nation. It also invests more in research and development (R&D) than any other sector. Yet inward life sciences foreign direct investment (FDI) fell by 58per cent, from £1,897 million in 2021 to £795 million in 2023, while pharmaceutical R&D investment in the UK lagged behind global growth trends, costing an estimated £1.3 billion in lost investment in 2023 alone.
Richard Torbett, ABPI Chief Executive, noted “The UK can lead globally in medicines and vaccines, unlocking billions in R&D investment and improving patient access but only if barriers are removed and innovation rewarded.”
The UK invests just 9% of healthcare spending in medicines, compared with 17% in Spain, and only 37% of new medicines are made fully available for their licensed indications, compared to 90% in Germany.
Expert reviews
Shailesh Solanki, executive editor of Pharmacy Business, pointed that “The government’s own review shows the sector is underfunded by about £2 billion per year. To make transformation a reality, this gap must be closed with clear plans for investment in people, premises and technology.”
The National Institute for Health and Care Excellence (NICE) cost-effectiveness threshold £20,000 to £30,000 per Quality-Adjusted Life Year (QALY) — has remained unchanged for over two decades, delaying or deterring new medicine launches. Raising it is viewed as vital to attracting foreign investment, expanding patient access, and maintaining the UK’s global standing in life sciences.
Guy Oliver, General Manager for Bristol Myers Squibb UK and Ireland, noted that " the current VPAG rate is leaving UK patients behind other countries, forcing cuts to NHS partnerships, clinical trials, and workforce despite government growth ambitions".
Reeves’ push for reform, supported by the ABPI’s Competitiveness Framework, underlines Britain’s intent to stay a leading hub for pharmaceutical innovation while ensuring NHS patients will gain faster access to new treatments.
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