How to Export Medicines from India to other Countries
How to Export Medicines from India to other Countries- It is a known fact that India is the biggest provider of medication and other pharmaceutical supplies in the world. In India, we have some of the best and most hard-working pharmaceutical companies in the world who excel at producing high-quality medicines. Today a reputed company, Eridanus Healthcare is here to illuminate you on how to export medicines from India to other countries.
Since the Pharmaceutical Business is a particularly profitable one, entrepreneurs around the world are considering investing in this ideal business model and reaping several benefits from the results. Exporting Medicines from India requires some effort but it might not be as cumbersome a task as you thought. At Eridanus Healthcare we will make sure to walk you through the steps as easy as possible.
We would love to assist you with your queries. You may reach out to us on our 24x7 customer services at any time. You can call us on the numbers +91 9357809981 or +91 9417397006 or you can send us an email at email@example.com.
The scope of the Indian Pharmaceutical Industry in the World
India has always been a leader in science, philosophy, and technology, so it does not come as a surprise that India is also a leading provider of pharmaceutical supplies around the world. In fact, various pharmaceutical companies are outsourcing their medicines for quite some time now. For instance,
· More than 80% of all antiretroviral drugs used to treat AIDS provided all over the world come from Indian pharmaceutical companies.
· Also, the pharmaceutical industry of India is set to expand at a CAGR of 22.4% in just 5 years.
· Our pharmaceutical market is currently valued at a whopping 33 billion dollars according to a study done in 2017.
· The value of Pharmaceutical supplies being exported in the financial year of 2019 has risen up to 19.14 from 17.27 billion dollars in FY of 2018.
· ThePharmaceutical products that are exported include products in the categories of bulk drugs, intermediates, drug formulations, biologicals, Ayurvedic & herbal products, and surgical, etc.
· The market value of exported drugs is estimated to reach 100 billion US dollars in the year 2025.
Required Documents for Exporting Medicines
There are some important things that you have to make sure to own before you demand access to exporting medicines from India to other countries.
· A must to have is a drug license either for manufacture or for wholesale, any would do.
· An Import Export Code (IEC code). For IEC code, apply for one online on the DGFT website
· A valid and active bank account for receiving foreign payments.
· You should have enough knowledge of Domestic and international customs procedures.
· A registration cum membership certificate (RCMC) from the export promotion council.
Exporting medicines in different Countries
In addition, the major requirement of documents would be:
For Asian Countries
· The ACTD dossier requirement
· Your Plant Audit.
· Product registration for all your pharma products.
For Arabic Countries
· A certification from the institutions like TGA, EU GMP, US FDA or the Japanese FDA to get approval.
· For exporting in countries of GCC i.e. Qatar, Bahrain, Saudi Arabia, Kuwait, UAE, and Oman, you need the GCC's approval by which the manufacturing facility would have to be inspected and approved by the Saudi FDA.
However, exporting in different countries would entail different procedures.
To summarize, the pharmaceutical industry of India is thriving worldwide. Eridanus Healthcare, among other great pharmaceutical ventures, has been striving to provide the best quality medications all over the world. Once you start exporting your products, the process would seem less difficult and very profitable. We hope you enjoy all the gains of exporting medicines from India to other countries. On behalf of Eridanus Healthcare, we wish you good luck with your future business ventures.