The pharmaceutical industry in India is one of the largest globally, helping generic supply medicines to several countries worldwide. In terms of sheer volume, India ranks 3rd globally, whereas, in terms of value, it ranked on number 13. Over the years, India has proved itself as a global pharmaceutical exporter in India and research hub.
The export of pharma medicine from India has grown steadily in recent years and has become a growing business opportunity. The expected value of generic medicine exports from India has increased and grown at a compound annual growth rate of 22.4%. Let’s look at how pharmaceutical medicine manufacturers can export medicine from India efficiently without facing any legal disputes.
Pharmaceutical Exports and Advantage India
- Pharmaceutical export from India stood at US$ 17.27 billion in 2017-18 and is expected to grow by 30 percent to reach US $20 billion by the year 2020.
- Exports of pharmaceutical products together stood at US$ 10.80 billion during April-October 2018.
- In April-October 2018, the top importers of pharmaceutical products were the USA (US$ 3.21 billion), South Africa (US$ 367.35 million), the UK (US$ 383.30 million), Russia (US$ 283.33 million), and Nigeria (US$ 255.89 million).
- India has ranked in the top 3 pharmaceutical markets in terms of incremental growth in 2020.
- India is the biggest supplier of generic medicines globally (20% to 22% of global export volume)
- India has one of the lowest medicine manufacturing costs in the world.
List of Medicines Exported from India
Here is the list of medicines that are exported from India:
- Neurosciences, and
- Respiratory drugs.
Procedure to Export Medicines from India
Only registered pharmaceutical export companies can export medicines from India according to the Foreign Trade Policy.
First, the pharma exporters in India need to register with the Director-General of Foreign Trade and apply for an Import/Export Code.
Once they have all the required documents, the business owners must reach out to individuals from importing countries and find an interested buyer or vendor.
Next, they’ll have to go through the importing country’s laws and register their pharma product in that country legally to prevent complications later.
Once they get approval from the importing country, they should obtain the same from the Drug Controller General of India. These are mandatory as drugs or medicines are serious commodities that impact consumers’ overall well-being and health.
The business owners need to research and finalize a shipping method that will work for them. The best Indian pharma companies must ensure they rely only on reputed agencies to export their products to prevent unnecessary delays and major issues.
Once all these formalities are completed, the company will have to wait for the buyer or vendor to finalize the purchase order. Similarly, the buyer will send a proforma invoice containing the product details, packing required, and freight details, along with the order confirmation.
Then, the company needs to draft a commercial invoice against this purchase order or Letter of Credit based on how they plan on financing the order.
Next, the business owners must sign a contract with the shipping or freight forwarding agency to ensure efficient order fulfilment.
After finishing the documentation process, the last step is customs clearance which can be easily handled by appointing an agent. Likewise, once the products receive customs clearance, they will be shipped to the importing country and distributed as required.
JoinHub Pharma – A Leading Pharmaceutical Exporter from India
JoinHub Pharma ranked in the top 10 pharma companies in India, with its headquarters in Ahmedabad, Gujarat. JoinHub Pharma sells pharmaceutical products and ingredients. They export branded and generic medicines.
JoinHub’s portfolio consolidates more than 1,000 pharma products across multiple therapeutic categories, including treatments for acute, chronic, and rare conditions. All of its facilities have EU GMP certificates and comply with national and international standards. They have a WHO-GMP-certified manufacturing unit in India and markets products in more than 100 countries, with over 85% of its revenue coming from overseas.
Reach out to pharma exporters in India today! Just drop us a line at [email protected] or call us directly.