How to Export Medicines from India to Other Countries – The pharma industry in India is growing and providing tremendous business growth and expansion opportunities to everyone across the Nation. India is the home to the biggest pharma market around the world and it supplies a great percentage of generic medicines to other nations across the globe as well. Speaking about volume, India is placed at number three, and in context to the value, it stands at number thirteen. Undergoing decades of development and transformations, India has cemented its name as the world leader in the medical manufacturing and research hub. Thus, the scope of working in this industry is immense. If you are looking to set up an exporting business and you want to know How to Export Medicines from India to Other Countries, then consider reading this blog till the end.
With decades of advancements, the Indian pharmaceutical industry has gone through rapid transitions. For the last decade, the export of pharma medicines from India has increased to a great extent. With a compound annual growth rate of more than 22%, India has witnessed a steep rise in medicine export. The Indian pharmaceutical export was estimated to be US$ 20+ billion in the financial year 2019-20. Thus, the pharma sector has experienced tremendous growth of more than 12% to USB 17.57 billion in the duration April-December 2020-21. Through this blog, we will provide you with some information on How to Export Medicines from India to Other Countries. By reading this blog till the end you will get an idea about how manufacturers export medicines from India without any legal issues.
If you are running a pharma business in India and you are now interested to start exporting medicines to other counties but unaware of the process to accomplish this task, then this section will help you. The Indian government and authorities have been a bit supportive when it comes to the pharma business, especially exports. They are offering several facilities and concessions to those businessmen who want to establish export units. So, if you are wondering about How to Export Medicines from India to Other Countries, then read the literature mentioned down below:
Step 1: The first step is to form a firm or a company that will market or manufacture the medicines.
Step 2: Now, as per the process, you need to acquire the Import Export Code Number or IEC number.
Step 3: Once acquired the IEC number, make sure to appoint agents or distributors. You also have to register your office in India or in the country where you are operating to export.
Step 4: Up next, make sure to get the terms and conditions, particular, and all other documents duly signed by the distributor or agent.
Step 5: Now, carefully get your medicines registered in India or in the country where you are exporting.
Step 6: As per the process, it is mandatory to get approval from the DCGI for the export of medicines.
Step 7: Once done, make some important decisions such as payment mode, delivery terms & conditions, and shipping method.
Step 8: Receive the purchase order.
Step 9: Now, make sure to send a proforma invoice with necessary information including the details od price, packing, freight details, and much more.
Step 10: Next in the process, you need to prepare a commercial invoice. This invoice will be prepared against the LOC (Letter of Credit) or the Purchase Order.
Step 11: Now, sign a contract with the agency of freight forwarding to deliver the medicines to the other county.
Step 12: Send the medicines to the customs clearance.
Step 13: Once your medicines received clearance from the custom, your medicines will be shipped.
Step 14: Make a note that it is important for your medicines to get customs clearance in the importing country.
So, this is How to Export Medicines from India to Other Countries. But now the real question arises How to get IEC Number to export medicines from India? To know about this, you need to go through the literature provided down below.
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