How to Export Medicines from India to Other Countries - India is one of the largest drug providers. It holds the third position regarding the volume and the thirteenth in terms of value. Talking about the stats, it stood at 13.69 billion in FY20. The easy availability of a skilled workforce and a robust raw material base drive this industry to the edge of success. If you want to enter this industry and wonder about How to Export Medicines from India to Other Countries, keep reading.

In this ever-growing market, generic drugs have a major contribution. Generic drugs alone constitute about 70 percent of the market. On the other hand, the OTC medicine and patented drugs make up 21% and 9%. According to a report, the Indian pharmaceutical market is projected to hit US$ 55 billion by 2020, growing at a CAGR of 22.4%. You can tap into this ever-emerging market and export medicines to earn handsome profits. However, if you are blank about How to Export Medicines from India to Other Countries, you are at a valid place. Read on.

How to Export Medicines from India? | Full Guide

If you are a registered pharmaceutical company, the way to export medicines from India to other countries is easy for you. Your first and foremost step would be registering at DGFT (Director General of the Foreign Trade). Then, apply for the Import Export Code (IEC). In the end, you need to submit some documents. You are all done! However, these steps might get confused reading these steps, so let's understand them in depth.

First, apply for IEC (Import Export Code)
Contact/Choose the importer/country
Register your product
Get approval from DCGI
Choose the shipping method
Select the supplier, export, or trader
Get purchase order (Import will provide you)
Send a proforma invoice, which includes product details (i.e., rate, packing type, and freight details.
Prepare a commercial invoice against a letter of credit/purchase order.
Sign an agreement with the freight forwarding agency
Once you complete the documentation process, get customs clearance
You can appoint an agent or do customs clearance on your own
After getting customs clearance, you can ship your medicines
You may need customs clearance in the importing country too.

The above listed are the steps you need to follow to export medicines from India to other countries. However, before commencing the process, you need IEC (Import Export Code). The process of applying for the IEC number is listed ahead.

Get Your Import Export Code With These Steps

Before you start the process of exporting medicines from India to other countries, you need Import Export Code. If you are not aware of the process of applying for the Import Export Code, get it by following the below-listed steps.

Open the official website of DGCT (Directorate General of Foreign Trade)
Find Online Application Tab. Select the Import Export Code Online application.
Type your PAN number. Login and hit the next.
Navigate to the file and click the New IEC Application Details.
Fill in the details when the form appears.
Click "Upload Documents", and upload the required documents.
Click "Branch Button" and add the branch details.
Tap on "Director" and fill in add the directors' details
Select the "EFT" option to make a payment online.
You need to pay around Rs. 250/-
Select your bank and complete the transaction.
Once the draft invoice appears, click "pay now"
Pay via internet banking

Documents Needed for Exporting Medicines from India

For exporting medicines from India to other countries, you need to submit the required documents to the concerned authorities. The documents required for this process are as follows:-

Incorporation Certificate
IEC Number
Company PAN number
Canceled cheque
Bank account statement
Bankers Certificate
Indian Trade Classification (HS) of the product
Proof of ownership of business premises
WHO: GMP certification

Additional Requirements for Exporting Medicines from India

Apart from the above-listed documents, you need a report that contains the following information.

Approved generic names
Product details
Strength per dosage
Visual description
Dosage form
Details regarding the packaging
Sites of manufacture
Method of synthesis
Stability testing
Efficacy and safety
Nations where the product has been approved/withdrawn/rejected
Active pharmaceutical ingredients

What do You Need to Know Before Starting Exporting Medicines from India?

If you have decided to take the plunge and start exporting medicines from India to other medicines, know these things beforehand.

Process of registering the product
Regulatory and compliance
Certifications required
How to find potential buyers, distributors, and vendors
Customs clearance process
Building a supply chain system
About export permission from the DCGI

In Conclusion

Therefore, the above-listed information is regarding "How to Export Medicines from India to Other Countries." Hopefully, this helped you and you might have found all the answers to your queries. Aside from that, if you are an individual willing to set up your pharma business in India, you can contact Arlak Corazon. We offer PCD Pharma Franchise Business Opportunities to the interested individual at an affordable price.