Pharma Industry: The Cornerstone Of Indian Business Growth
The pharma industry is one of the biggest and fastest growing industries in India. It is also the backbone of the Indian business and trade sector. There are several pharma companies in Mumbai as well as other Indian cities that have contributed extensively to the export sector of business.
Active participation in import and export of drugs and other pharmaceutical products plays a vital role in economic development of India. It also gives a boost to the manufacturing and business departments of the pharma industry. However, the trade of drugs and other pharma products differ considerably from services and products not related to the pharma industry.
Indian Export Of Pharma Drugs
All pharma exports from India are governed by certain rules laid out by the governments and health departments of the respective countries involved in the trade. Some of these rules are mentioned below:
- Only registered pharma companies having valid licenses given by the appropriate governing bodies may participate in trading of pharma products
- All the products that are to be exported must be individually registered with the nation where they will be dispatched
- An Import Export Code (IEC) assigned by the Drug Controller General Of India (DCGI) is mandatory for every pharma company who wishes into the import-export trade with any other country
- It is also mandatory to register with the Director General Of Foreign Trade
- Only those drugs that have been tested and approved by the governing bodies of both the countries may be exported
- All pharma products must be packed and stored with utmost care before and during dispatch to avoid physical or chemical deterioration
Pharma drugs are directly consumed or come in direct contact with some part of the consumer’s body. They have the capability to affect the health of people. Therefore, it is not worth taking any risks when it comes to purchasing and selling drugs. This is the reason for a number of rules and regulations being laid down for export of pharma products.
India is one of the front runners in the manufacture and export of drugs and other pharma products. The demand for pharmaceutical products in India is high all over the world. India is also known to be the biggest supplier of generic medicines all over the world. More than 50% of the global vaccination demands are fulfilled by India. Recent studies have revealed that India contributes to about 20% of the total pharma import and export that happens all over the world.
Continued efforts towards research and development and the business aspect of the pharma industry will bring India to the top of the global pharma industry.