Business as usual for Indian IT, pharma companies post-Brexit: Key industry veterans

BENGALURU:The United Kingdom leaving the single European Union market would have no adverse impact on India's information technology and pharmaceutical companies and it would be business as usual for them post-Brexit, say key industry veterans.

There won't be any material impact because the U.K. already has a good Visa regime for Indian techies, former Chief Financial Officer of Infosys Limited, V Balakrishnan, told PTI on Monday.

"So also Europe. So, we don't think that is going to drastically change post-Brexit", the Partner and Chairman of Exfinity Venture Partners said.

"Earlier also, on Visa, they had to deal with the U.K. and Europe separately".

Executive Chairperson of biotech major, Biocon Ltd, Kiran Mazumdar-Shaw said Indian Pharma is a key player in the U.K. market.

"I believe that post-Brexit, India has an opportunity to strengthen its bilateral trade in several key areas, pharma being one of them", Mazumdar-Shaw told PTI.

She said (the U.K.'s) MHRA (Medicines and Healthcare products Regulatory Agency) and (India's) CDSCO (Central Drugs Standard Control Organisation) have a strong partnership opportunity to build a reciprocal regulatory recognition model through close cooperation.

The U.K. leaves the single market and customs union on December 31.