Export pharmaceutical medicines from India to other countries – Through the wide research, we know that the Indian pharmaceuticals sector is indeed the third tremendous in terms of volume and thirteenth colossal in terms of considerable values. It has inaugurated itself as a global manufacturing and the probing pivot. Intrinsically, The Indian Pharmaceutical colossal sector is subjugated by non-proprietary drugs which embody nearly 70 percent of the market, whereas Over the Counter medicines and patented drugs forge up to 21 percent and 9 percent respectively.
How to Export Medicines from India
Report of pharmaceutical Exports from India – The export of pharmaceutical services from India propped at US$ 17.27 billion in 2017-18 and is expected to mushroom by just 30 percent to step in to reach US$20 billion by the year 2020. The exports of pharmaceutical products plonked altogether at US$10.80 billion during the month of April-October in foregone year 2018. During April-October 2018, top importers of India’s best pharmaceutical products were USA (US$ 3.21 billion), UK (US$ 383.30 million), South Africa (US$ 367.35 million), Russia (US$ 283.33 million) and Nigeria (US$ 255.89 million).
Now, India is envisioned to grade amongst the top three pharmaceutical sectors in terms of accrual growth by 2020. We are here to discard your dubiety regarding “How to Start Pharma Manufacturing Unit in India“.
Let’s devour the procedure to export medicines from India
Here, If you are a registered PCD Pharma company in India then there is an easy-peasy undertaking to export medicines direct from India.
- The basic and initial step is to apply for the IEC (Import Export Code) number.
- Associate with the exporters of other huge countries who are truly amused in importing the medicines.
- Register your product in the country you are heading to export.
- Get the endorsement for export from DCGI (Drug Controller General of India).
- Finalize and resolve the shipment approach, you desire to decide it all prior you initiate the process of exporting medicines from India or you can select the trader, exporter, supplier of pharmaceutical products.
- Accrue the Purchase Order straight from the company which is importing the medicines from India and send a proforma invoice with product details like type of packing, the rate of the product, freight details, etc.
- Prepare commercial invoice against Letter of Credit or Purchase Order.
- Sign contract with the freight forwarding agency to ship the material to the respective country.
- After completing all the documentation, you need to move to customs clearance. You can do this by appointing an agent to save your time or you can do it on your own.
- After getting clearance, the pharmaceutical products will be shipped to the importing country.
- Customs clearance is required in the importing country too.
ARE YOU WONDERING ABOUT HOW TO APPLY FOR IEC TO EXPORT MEDICINES FROM INDIA? don’t WORRY WE’RE TO HELP YOU!
The uncomplicated way to apply for IEC Number which is the most statutory means to export medicines from India
Step 1: Visit the official website of Directorate General of Foreign Trade
Step 2: Tap on the ‘Online Application’ tab and choose the ‘IEC’ from the drop-down menu.
Step 3: Then select ‘Online IEC Application’
Step 4: Put your PAN number or ID to log in and directly tap on Next button.
Step 5: Visit File and espouse ‘New IEC Application details’
Step 6: Then a form will materialize. Fill all the mandatory details in the form and tap on ‘Upload Documents’
Step 7: Directly upload the most required documents.
Step 8: Then succeed uploading the documents and filling the form properly, gently tap on the ‘Branch’ button to add any branch details.
Step 9: Then tap on ‘Director’ to attach the details of the directors.
Step 10: Further click on ‘EFT’ only to forge an online payment.
Step 11: Put the amount details, which is Rs. 250 and select your bank to make a transaction.
Step 12: Then a draft invoice will appear. Check all the filled details and click on ‘Pay now’ button.
Step 13: Make the payment by using your internet banking details.
Obligatory Requirements to apply for IEC Number
- PAN Number
- Your Current Bank Account
- Bankers Certificate
- IEC Code Number with Application Fee
- The hard copy of application holding all the required documents should reach DGFT RLA concerned within 15 days of its online submission.
The Indian pharmaceuticals industry is the third-largest in terms of volume and thirteenth-largest in terms of value. It has established itself as a global manufacturing and research hub. The Indian pharmaceutical industry is expected to grow at a compound annual growth rate (CAGR) of 22.4 percent to touch US 55 billion dollars by 2020.
The Indian Pharmaceutical market is dominated by generic drugs which constitute nearly 70 percent of the market, whereas over the Counter medicines and patented drugs makeup to twenty-one percent and nine percent respectively.
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