India’s Pharmaceutical Exports
India is an established global industrial and research center for medicine in the world. Many export pharmaceuticals from India. Most generic medicines are exported from here only. India is the 3rd largest exporter of medicines in terms of volume and the 13th in terms of value. In other words, India is the 13th largest medicine exporting country in the world. Generic medicines account for a maximum market share of 70% in India. Over-the-counter (OTC) medicines account for 21% of the market, while patented medicines enjoy a 9% share of the Indian pharmaceutical business. The Indian government has targeted creating nearly $1.3 billion by 2023 to encourage the manufacturing of pharmaceutical ingredients in the country.
India has enormous raw material availability for the manufacturing of pharma products. India also has a great number of skilled workers in the segment. This is the reason why India has a definite advantage in pharma exports. India exported pharmaceutical products worth $2.70 billion in the financial year 2019-2020. There is likely incremental growth that will take India into the top 3 exporters in the world. During the past fiscal year, Indian pharma exports have grown to $24.44 billion. India has the advantage of low manufacturing costs for medicines. The medicines are: a. drug formulations and biologicals; b. surgical products; c. bulk drugs; d. drug intermediates and herbal products.
The Export Process of Medicines
Medicines can be exported only by registered pharmaceutical companies in India as per the Foreign Trade Policy, subject to completion of documentation and other formalities.
After identifying a buyer/importer on foreign soil, it is important to understand the laws of the importing country and register the product/s in that country. The importing country may approve after scrutinizing all the relevant authentication certificates and product specifications.
Every drug produced in India must have approval by the Drug Controller General of India. These are necessary as drugs or medicine are serious commodities that can impact the overall wellbeing and health of consumers.
Another critical step is to select a logistics company to ship the products. Considering there are risks to transit and currency, it would be wise to tie up with a service set up that provides comprehensive services for pharmaceutical exports In other words, “Total Door to Door” shipping. This includes documentation, necessary certification, track and trace facilities, etc. EXIM Anything Ecart Pvt. Ltd. offers SMART comprehensive export solutions under one roof if you wish to trade pharmaceuticals from India.
India’s Top Pharmaceutical Exporters
Sun Pharmaceutical Industries is the largest pharmaceutical company in India based on overall revenue of $4.7 billion. It is a leading multinational pharmaceutical company in India and was founded by Dilip Shanghvi in 1983. He is the Managing Director of Sun Pharmaceutical Industries Ltd. Sun Pharma exports medicines to 150 countries.
Blue Bytes has ranked Cipla as the 3rd most reputed Indian pharmaceutical brand. Khwaja Yousuf Hamied founded The Chemical, Industrial, and Pharmaceutical Laboratories in 1935. Cipla is headed by Dr. Raju Mistry at Mumbai Head Quarters. Cipla Limited is a multinational company with 22,036 employees and a revenue of $250 billion. Invagen Pharmaceuticals is a subsidiary of Cipla Ltd.
Dr. Reddy’s Laboratories
Dr. Reddy’s Laboratories is a pharmaceutical company based in Hyderabad, India. The Indian multinational pharma company was founded in 1984 by Anji Reddy. The company’s three businesses, Global Generics and Proprietary Items, Pharmaceutical Services & Active Ingredients, and Global Generics and Proprietary Products, sell a wide range of pharmaceutical products in India and 25 different countries.
Torrent Pharmaceuticals Ltd.
Torrent Pharmaceuticals Ltd. is an Indian multinational pharmaceutical company, owned by Torrent Group and headquartered in Ahmedabad. It was promoted by U. N. Mehta in 1959, initially as Trinity Laboratories Ltd., and was later renamed Torrent Pharmaceuticals Ltd. The company’s revenue is $1.1 billion.
The Indian Medicine Export Process
It goes without saying that basic relevant export registration and documentation are a prerequisite. Market survey and identification of the potential importers of medicines across the world is important. Also, its mandatory to register your company with the Drug Controller General of India (DCGI). The Pharmaceutical Controller General of India issues authorization for the pharmaceuticals’ export to foreign countries. These registrations and authorizations are necessary and valid in other countries that would not be able to accept the shipment of your medicines without such authorization. There are additional certifications required in the importing country.