Serum Institute of India (SII) is planning to invest GBP 240 million in the UK, to set up a new sales chain and to expand its vaccine business in the region as a part of an enhanced trade partnership between India and UK. Serum Institute of India is the world’s largest vaccine manufacturer and the company has already started the first phase of trials in partnership with Codagenix INC for nasal vaccines against COVID-19 in the UK. Serum Institute of India, of an $11 billion worth of pharmaceutical dynasty, is located in Pune, neighboring city of Mumbai is a state-of-the-art vaccine production center headed by forty year old Chief Executive Officer Adar Poonawalla. The announcement of this trade deal comes ahead of virtual meet between Indian Prime Minister Narendra Modi and UK PM Boris Johnson.
The new investment in the UK is planned to ramp up the clinical trials, research and development of different vaccines, and possibly production of vaccines in the coming years. Such investment will create jobs for highly skilled workforce in the country, mostly in the field of research and development. UK Prime Minister Boris Johnson in the statement said that Investment by Indian pharmaceutical companies will boost the healthcare sector and also drive economic growth. Deepak Bagla, Invest India CEO said in line with Indian PM Narendra Modi’s vision of National Healthcare mission and Ayushmaan Bharat Yojana, “company truly believes that the genomic revolution will leave positive impacts on the lives of millions of people.”
The Serum Institute of India has been at the forefront of production of low-cost AstraZeneca vaccines since last few months, and it is making around 70 million AstraZeneca doses a month, keeping the target of 100 million by July 2021. Before the second wave in India, the country was exporting millions of AstraZeneca shots to many countries. But the increase in active cases in India has left the healthcare system at a breaking point, forcing Pune-based vaccine maker to shift the supply to local chain. SII is one of the pharmaceutical companies who is looking for cross-sector investment in the UK in the field of healthcare, biotech and other industries.
After the long waited Brexit, the UK became an independent country in terms of trade with the rest of the world. UK authorities are trying to seek for new trade deals with large economies such as China, India, and the United States. After Brexit, the net export to most of the European countries from UK have been hardest hit by new trade formalities. At the same time, UK took too long in putting import checks in imports from other European countries. After struggling in its own region, Boris Johnson’s government has started looking for trade deals with large Asian economies, to keep the economy floating as exports plugged by 40% as a major impact of Brexit. Both, India and UK are trying to create a room for more free trade agreement between the two countries with an aim to create more jobs and market expansions as a part of trade partnership.
