The Indian pharmaceutical industry is the third-biggest in terms of volume and thirteenth-largest in terms of value. It has established itself as a worldwide research and manufacturing hub. The Indian pharmaceutical industry is anticipated to develop at a compound yearly growth rate (CAGR) of 22.4% to touch US 55 billion dollars by 2020.
The Indian Pharmaceutical market is overwhelmed by generic drugs which establish almost 70% of the market, whereas Over the Counter medicines and patented drugs makeup 21% and 9% respectively.
PHARMACEUTICAL EXPORTS AND ADVANTAGE INDIA
- Pharmaceutical export from India stood at US$ 17.27 billion in 2017-18 and is projected to grow by 30% to reach the US $20 billion by the year 2020.
- Exports of pharmaceutical products together remained at US$ 10.80 billion during April-October 2018.
- During April-October 2018, the top importers of India’s pharmaceutical products were UK (US$ 383.30 million), the USA (US$ 3.21 billion), South Africa (US$ 367.35 million), Nigeria (US$ 255.89 million), and Russia (US$ 283.33 million).
- India is projected to rank amongst the top three pharmaceutical markets regarding incremental growth by 2022.
- India is the biggest supplier of generic medicines around the world(20 to 22 percent of worldwide export volume)
- India has one of the least manufacturing costs on the planet. It is lower than that of the USA and practically 50% of Europe.
Fortunately, the government of India has been very supportive, and there are many facilities and concessions are being offered to those who need to start export units.
Step-by-step guide for export of pharmaceutical products and medicines from India
- Establish a company or firm that will manufacture or advertise pharmaceutical products
- Import Export Code Number or Get the IEC Number
- Appoint distributors or agents, or you have to register an office in the country to export
- Get the specifics, and terms and conditions signed off by the agent or wholesaler
- Register your product in the nation you are exporting
- Get the endorsement for export from DCGI
- Formulize the shipping method, delivery terms, and payment mode
- Get Purchase Order
- Send a Pro-forma invoice with details such that sort of packing, freight details, rate, etc.
- Get commercial invoice against Letter of Credit or Purchase Order
- Sign agreement with the freight forwarding agency to dispatch the material to a particular country
- Send products to custom clearance
- After getting clearance, the material will be shipped
- In the importing country, customs clearance is needed
Guide for applying for IEC to export medicines from India
Procedure to apply for IEC Number which is needed to export medicines from India.
Step 1: Go to the official website of the Directorate General of Foreign Trade
Step 2: Click on the ‘Online Application’ tab and choose the ‘IEC’ from the drop-down menu.
Step 3: Then select ‘Online IEC Application’
Step 4: Enter your PAN number to log in and click on the Next button.
Step 5: Go to File and pick new IEC Application details’
Step 6: Then a form will show up. Fill all the required details in the form and click on ‘Upload Documents’
Step 7: Once uploading the documents and filling the form, click on the ‘Branch’ button to add any branch details.
Step 8: Then click on ‘Director’ to fill in the details of the directors.
Step 9: Then click on ‘EFT’ for making an online payment.
Step 10: Fill in the number of details and select your bank to make a transaction.
Step 11: Then a draft invoice will show up. Check details you’ve entered and clicked on the ‘Pay now’ button.
Step 12: Make the payment by utilizing your internet banking details.
Mandatory Requirements to apply for IEC Number
- PAN Number
- Current Bank Account Details
- Bankers Certificate
- IEC Code Number Application Fee
- The paper copy of the application including essential documents should reach DGFT RLA concerned within 15 days of its online submission.
Customs clearance is another significant document that ought to be mandatorily obtained when you need to export medicines abroad.
.You can do it personally or enlist a customs clearance agent. Generate online shipping bills electronically. Thus, the material is moved to the shipping area where custom experts examine it.
Custom department issues ‘Let Export Order which implies the shipping bill can be printed.
These are two processes explained quickly. You need to collect complete data from reliable sources before moving further.
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