French president Emmanuel Macron on Saturday (10) said defence ties with India had reached a new high after the two nations signed a key security accord for the Indian Ocean to counter China's growing influence in the region.
"Defence cooperation between the two countries now has a new significance," Macron said as a gushing prime minister Narendra Modi stood by his side.
Under the deal, India and France will open their naval bases to warships from each other, a move seen as an attempt to undermine China's territorial ambitions.
"A strong part of our security and the world's stability is at stake in the Indian Ocean," Macron said.
"The Indian Ocean, like the Pacific Ocean, cannot become a place of hegemony," he added in an apparent reference to China.
Modi, who welcomed Macron with a bear hug on his arrival Friday, said the accord was crucial as the Indian Ocean region would play a "very significant role" in the days to come.
The comments from the leaders followed a slew of agreements signed by the two countries in the spheres of defence, space and clean energy.
"From the ground to the sky, there is no subject on which India and France are not working together," said Modi.
A technical agreement was also signed on the French-assisted nuclear power project at Jaitapur in western Maharashtra state.
Sources in the French presidency said they were optimistic of a final agreement being signed before the end of the year.
The $9.3-billion framework agreement for six nuclear reactors was signed during a visit to India in 2010 by then president Nicolas Sarkozy.
But the project has since run into stiff opposition from environmentalists concerned about seismic activity in the area and fears about the safety of nuclear power in the wake of the Fukushima nuclear disaster in Japan.
- 'Good chemistry' -
Earlier in the day, Macron talked about his personal rapport with Modi which was established after their meeting in Paris last year.
"I think we have very good chemistry, our two great democracies have a historic relationship," the French president said.
Modi broke protocol to receive Macron at the airport, exchanging warm hugs and robust handshakes.
"You welcomed me in Paris last year with an open heart and a lot of warmth. I am happy that I have got an opportunity to welcome you in India," Modi said at the start of his speech Saturday.
On Sunday, Macron will attend a solar power summit designed to showcase India and France's commitment to fighting climate change, which both leaders have made a priority.
Travelling with his wife Brigitte, France's 40-year-old president will also visit the monument to love, the Taj Mahal, a few hours drive from the Indian capital on Sunday.
On Monday, he heads to the chaotic Hindu holy city of Varanasi on the banks of the river Ganges, which the Indian premier has promised to modernise and clean up.
Macron's visit comes after a somewhat misstep-laden visit to India by Canadian prime minister Justin Trudeau.
Both he and Macron are often compared internationally because of their broadly similar political views, as well as youth and good looks.
But Trudeau's visit hit a series of embarrassing bumps and he received a fairly cool reception during his stay in India.
Trudeau was pilloried on social media and in the Canadian press for donning traditional Indian clothing at every opportunity.
And there were red faces when it emerged a former Sikh militant was invited to a dinner with him in Mumbai.
Macron has so far opted for more sober and predictable dress -- a dark suit.
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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