Indian Pharmaceutical Business

The Pharmaceutical or Medicine Industry of India is the third-largest in the world in terms of production and 14th in terms of valuation. It contributes about 3.5% of total drugs and medicines exported worldwide.

India is also known as the Pharmacy of the World because it is the largest producer and provider of generic drugs and is also known for the supplies of low-cost vaccines all over the world.

The Indian Government is significantly working on the development and Exports of the Pharmaceutical Industry as it is very much important to have this industry working and supplying smoothly. With this help, India has reached over 200 countries worldwide including the top markets of the USA, West Europe, Australia, and Japan.

How to Start Pharmaceutical exports in Foreign Market?

To step a foot forward in the overseas market with Indian pharmaceutical products or medicines, an Indian entity or business personnel is required to obtain these licenses on a priority basis:

1. Company Registration
2. GST certificate
3. Company PAN
4. IEC from the Govt. of India
5. Approval from Drug Controller General of India (DCGI)

Benefits of having IEC Code

IEC Code or Import Export Code is generally seen as the gateway of foreign business for an Indian business holder. It has a lot of advantages to count:

1. Meet with new opportunities in the international market
2. Lifetime validity with no renewal
3. No need to return the filing
4. Various other benefits
5. Customs Duty exemption
6. Faster and easy work process in the Ports

Apply for IEC Online

Being a Digital Indian, no one wants to go for applying for any document and wait in a queue. And because of this, we bring to you India’s recommended online business assistance platform, Online Legal India™ with more than 1,20,000 customers to their satisfaction from every corner of the nation.

Apart from registering an IEC Code for the pharmaceutical exporters, the business expert panel here provides adequate assistance on your fingertips to register the company, GST taxation enrollment, trademark registration or creative logo design, and any other business-related compliance. 

So, how team Online Legal India™ can help you in the pharmaceutical export business? Let us know in the comment box below.