India – The Pharmacy Of The World
Before we understand how to export pharmaceutical products from India, let us take a closer look at how India ranks in the pharmacy industry. India most commonly supplies vaccines like DPT, BCG, and MMR (for measles) to foreign countries. Most USFDA-approved plants outside the USA are also situated in the country.
India is also referred to as the “Pharmacy of the World” due to Indian pharmaceutical industry’s low cost and good quality primary USPs.
In 2019–20, the Indian pharmaceutical industry’s total yearly revenue was $36.7 billion, with the availability of inexpensive HIV medications Internationally from India among the greatest successes. In 2021, it reached $42 billion. A further rise is expected in the coming years with the anticipation that the annual revenue of the Indian pharmaceutical industry will reach $120 billion in 2030. Furthermore, India is one of the biggest exporters of affordable vaccines. Most medicines exported from India today are drug formulations and biologicals, which make up around 75% of all exports.
Why is India’s Contribution Important To The World Pharmaceutical Landscape?
India is the biggest contributor to the pharmaceutical industry. Here’s how.
- India’s export medicines are targeted to the Middle East, Asia, CIS, Latin America, and the Caribbean (LAC), North America, Africa, the EU, ASEAN, and other European regions.
- Africa, Europe, and NAFTA receive almost two-thirds of India’s export of medicines. In 2021–22, the USA, the UK, South Africa, Russia, and Nigeria were five of India’s top export markets for pharmaceutical products.
- Do you know which countries import medicines from India? The United States is the largest importer of Indian Internationally from India medicines. United Kingdom, Brazil, South Africa, Venezula and Russia are among the top importers from India. Around 200 countries across the globe import medicines from India.
- In FY21–22, India exported medicines to nations like the USA ($7,101,6 million), the UK ($704,5 million), South Africa ($612,3 million), Russia ($597,8 million), and Nigeria ($588.6 million).
- Over the past three years, the value of netherlands phone number list India’s pharmaceutical exports to the USA increased at a CAGR of 6.9%. Additionally, over the same period, it increased at a CAGR of 3.8% for the UK and 7.2% for Russia, respectively.
These statistics show why India is a key Internationally from India player in the global pharmaceutical industry.
Registration For International Shipping Of Pharmaceuticals
The process for registering for international shipping is as follows:
- Applicants must go to the official DGFT website, select the “Online Application” button, and select the “IEC” option from the drop-down menu. To continue, select the “Online IEC Application” option.
- Use your PAN to log in to the system. Then select “Next.”
- Select the “File” tab and press the “New IEC Application Details” button.
- A new window with an application form will open.
- Users must click the “Upload Documents” option to continue after submitting the form and verifying all the information they provided.
- Users must click the “Branch” button to enter additional information about their branches after uploading all necessary supporting documents.
- Users must use the “Director” tab to add chris marsh president & ceo information on the company’s directors.
- Finally, users should click the “EFT” option to finish the online IEC application procedure by paying the necessary processing fee of INR 250.
Please note that applicants must also provide a hard copy of their application and the necessary supporting documentation to the DGFT’s office within 15 days of submitting the online application.
Compliance with Local and International Laws
You can ship various kinds of Internationally from India medications such as generic drugs, injections, prescription drugs, ointments, lozenges, Ayurvedic herbs, and Homeopathic medicines to international locations. It is important to learn the local as well as international laws for sending medicines to different countries. Not every country follows the same set of rules when it comes to receiving medicines. The laws about shipping may also differ depending on the type of medicine you are sending. Likewise, there is a limit to the quantity of b2c fax medicines you can send to different countries. They also have different packaging requirements. Thus, it is necessary to check the regulations of the country you intend to send the medicines. Knowing the customs clearance procedures and other laws related to shipping medicines overseas helps move the consignment swiftly through the clearing process.