How to Export Medicines from India to Other Countries – The Indian pharmaceutical industry enjoys a superior position globally as one of the largest drug providers. In FY20, the pharma exports from India stood at 13.69 billion. The Indian pharma industry is the third-largest in volume and the thirteenth-largest in value. The availability of a skilled workforce and raw material base is a competitive advantage for this industry.
As per reports, this industry will grow at a CAGR of 22.4% to hit US$ 55 billion by 2020. Generic drugs dominate this market, encompassing about 70% of the market, while OTC medicines and patented drugs make up 21% and 9%. If you want to export medications from India to other countries, you have come to the right place. This article explains How to Export Medicines from India to Other Countries. Read on.
For a registered pharmaceutical company, it’s easy to export medicines from India. They need to register with the Director-general of the foreign trade. In addition, they need to apply for the Import Export Code (IEC). Also, they need some documents for exporting medicines from India. The procedure for exporting medicine from India to other countries is listed below.
Follow the above-listed process to export medicine from India to other countries. However, you have to register for an IEC number before proceeding. So, keep reading the blog to know the procedure for applying the Import Export Code.
As stated above, for exporting medicine from India to other countries, an individual must possess Import Export Code. The procedure for applying the IEC number is easy. Follow these steps:-
Before you start exporting medicines from India to other countries, you should know the following things.
For exporting medicines from India to other countries, you need some documents. Without them, you can pursue this process. The documentation required for exporting medicine from India is as follows:-
In addition, you need a dossier containing the following details;
In the year 2017, India exported pharma medicines worth $17.27 billion. It was estimated to grow at 30% to touch a valuation of $20 billion by 2020. In addition, India is the world’s largest exporter of generic medicines. It makes up over 22% of the total export volume. India has much lower manufacturing costs when compared to the USA and Europe. The top import nations for medicines from India are the United States of America, the United Kingdom, South Africa, Russia, Nigeria, etc.
More Highlights of Indian Pharma Exports:-
So, this write-up explains “How to Export Medicines from India to Other Countries.” We hope that you might have gotten the information you were looking for regarding this matter. Apart from this, if you are looking to try your hands over PCD Pharma Franchise Business, Eridanus Healthcare offers monopoly-based franchise business opportunities at pocket-friendly prices. Contact us to know more.
Q. Can you export medicines from India to other countries?
A. Yes, if you have a registered pharmaceutical company, you can export medicines from India to other countries as per Foreign Trade Policy. For this purpose, you need the import-export code.
Q. Which are the Top Import Nations for medicines from India?
A. The United States of America, the United Kingdom, South Africa, Russia, Nigeria, etc., are the top import nations for medicines from India.
Q. What is the procedure to export medicines from India to other countries?
A. You need a few things to start exporting medicines from India to other countries, including import-export code, registration with DGFT, etc. For more details, head to this section.
Q. How to get an import-export code in India?
A. Now, you can apply for an import-export code in India online. To know the complete process of applying for an import-export code, click here.