Procedure for export of Pharmaceutical Product. Ph. Regulatory Science

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Pharma products or medicines are known as medicines or drugs which are a fundamental component of both modern and traditional medicines.

The Indian pharmaceuticals market is the third largest in terms of volume and the 13th largest in terms of value. It has established itself as a global manufacturing and a research hub. A large raw material base and the availability of skilled workforce gives the industry a definite competitive advantage. The Indian pharmaceutical industry is expected to grow at a compound annual growth rate (CAGR) of 22.4% to touch US$ 55 billion by 2020.

The Indian pharmaceuticals market is dominated by generic drugs which constitute nearly 70% of the market, whereas over the counter (OTC) medicines and patented drugs make up to 21% and 9 per cent, respectively.

India plans to set up a nearly Rs. 1 lakh crore (US$ 1.3 billion) fund to boost companies to manufacture pharmaceutical ingredients domestically by 2023.

Export and Advantage India

· Pharmaceuticals export from India stood at US$ 20.70 billion in 2019–20.

· India is expected to rank among the top three pharmaceutical markets in terms of incremental growth by 2020.