HOW TO EXPORT MEDICINES FROM INDIA TO OTHER COUNTRIES?

Medicines are very important for everyone. Rising population changing eating habits and lifestyle cause many health problems which require proper medication and treatment. This is not only about India, globally the demand for medicines is really high. As we know India is the biggest distributor of pharma products and from here medicines are export to other countries. If we talk about the market size of pharma, then it is not wrong to say this is the highest-paid and earning sector in the world.

Here many pharma companies run their business and wanted to expand their business by exporting medicines to the other countries. But for this, there is a set of procedure and regulations which is mandatory to complete by a pharma franchise company. In India, there are many pharma companies that sell their products in the domestic market and also in abroad countries. So if any company wants a smooth expansion,  exporting medicines is the best.

There is a set of requirements for export medicine from India. Without completing the procedure, selling medicines to other countries is illegal. So better to complete all procedures and documents. The most important thing. Maintain the medicine quality. Only quality and International standard approved medicines are allowed to export.

Procedure for Export Pharma Products From India

·         Construct a company or firm that will manufacture or market the pharmaceutical products

·         Acquire the IEC Number or Import Export Code Number

·         Appoint distributors or agents, and register office in the country to export

·         Obtain the particulars signed off by the agent or distributor

·         Register the pharma product in the country that we are exporting

·         Get the approval for export from DCGI

·         Finalize the shipping method, payment mode, and delivery terms

·         Receive Purchase Order

·         Send the proforma invoice with details such that type of packing, rate, freight details, etc.

·         Make commercial invoice against Letter of Credit or Purchase Order

·         Sign contract with the freight forwarding agency to send the pharma material to the respective country

·         Send products to custom clearance

·         After getting clearance, the products will be dispatch

·         Custom clearance is must

Documents Required for the Export Procedure

·         Passport Size Photo of the Proprietor or Partners or Directors or authorized person

·         PAN Copy of the applicant

·         Address Proofs

·         Proof of ownership, manufacturing units, and other property docs

·          Bank certificate with details of firm/company and account number mentioned on it

·         Any other the document asked by DGFT department

Advantage of exporting medicines from India

Pharmaceutical export from India stood at US$ 17.27 billion in 2017-18 and is expected to grow by 30 percent by 2020. Exports of pharm products together stood at US$ 10.80 billion during April-October 2018. Here are the updates of  India earning from other counties:-

·         USA ( US$ 3.21 billion)

·         UK (US$ 383.30 million)

·         South Africa (US$ 367.35 million)

·         Russia (US$ 283.33 million)

·         Nigeria (US$ 255.89 million)

These are big markets where Pharma medicines have huge demand.

India is expected to rank amongst the top three pharmaceutical markets by 2020. Our country has one of the lowest manufacturing costs in the world. It is lower than that of the USA and almost half of Europe.

Conclusion

To sum up, we can say Exporting medicines is the best way for expanding business worldwide and for earning high. By doing it we can make a good image in the international market and this can help well in our business and can set long term goals.