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Exporters Become Millionaire During Pandemic By Exporting Pharmaceutical

India is the third-largest pharmaceutical exporter in the world. The Indian pharmaceutical industry continues to be one of the top players in the global pharmaceutical export market, despite the pandemic and global trade challenges. Export import training can help you in guiding to start pharma export business.   Over 1.8 trillion rupees worth of drugs and pharmaceuticals were exported by India in fiscal year 2021, an increase over the previous fiscal year’s export value of over 1.4 trillion rupees.   One reason for the sharp rise in India’s pharmaceutical and drug exports was the rising demand for low-cost generic medicines, of which it has been the world’s largest provider.  During the three months ended June, 2021, Indian pharmaceutical companies exported $5.78 billion in drugs and pharmaceuticals, up 4.58% from $5.53 billion during the same period in the previous year.  In addition, the growing customer diversification away from China and some countries implementing the ‘China plus one’ policy have led to an increased demand for active pharmaceutical ingredients (APIs) from India. 

Indian pharmaceutical exports are primarily sold to North American countries like- 
  • United States 
  • Canada 
  • Mexico 

In 2020-21, North America accounted for more than 34 percent of the Indian pharmaceutical export market, followed by USA, Canada, and Mexico with 12,6%, 30%, and 21.4% growth, respectively.   As of the second wave of the Covid-19, the pharma industry in the country has experienced greater growth than the previous year, when it was hampered by the lack of raw materials and trade restrictions.  The vast majority of Indian exports are generic medicines, which are the most demanded exports in the world as they account for 70% of exports worldwide.  Pharmaceutical Export Promotion Council of India (Pharmexcil) reported that India exported $24.44 billion in medicines during the fiscal year 2020-21, an 18% increase over the $20.58 billion recorded in the fiscal year 2019-2021.  In spite of a decrease by 1-2 per cent in the global pharma market in 2020, the sector recorded its best export performance in value terms due to a surge in demand for Indian drugs. 

Conclusion-  

Over the next two years, the market share of Indian pharma exports is expected to reach about $60 billion, a 11% increase over the current level.   Vendors and companies in the Indian pharmaceutical export industry can use these opportunities to increase their efforts toward global dominance.  If you are one of those who want to export their own export import business join our import export classes. Or attained our live webinar.   Click the link below to attend the webinar https://chat.whatsapp.com/Bqz4SWH55nSGtKj3GnJAC8  Do visit our website!

Documentation of High Sea Sales

High Sea Sales is defined as a transaction in which the recipient of a carrier document sells the goods to another buyer whilst the cargo is still on the high seas (or after the cargo has left the port or airport of origin and before it reaches the port / airport of destination). Know more about international import and export and start your business with us.  Go through the article to know what are the documentation required for high sea seals.  Documents related to the sale should be referenced as on high sea sale bases. Invoices, packing lists, bills of ladings, etc. need to be written in this manner. A high sea sale invoice can either have the value of an existing invoice or the value of a new high sea sale invoice that is decided by the buyer and seller.  Alternatively, the seller can issue a new invoice that states the high sea sale value instead of disclosing the original sale rate.  HSS agreements should be signed after goods have been dispatched from origin and before they arrive at destination. They should be signed on stamp paper.  The carrier must accomplish all necessary endorsements on bill of ladings before the arrival of goods. Title of goods passes to the high sea sale buyer when endorsements on the bill of ladings are completed.  Did you like our article? Do share your feedback and experience.  The above information is a part of Digital Exim Online Training Course.    

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