China, known as world’s manufacturing powerhouse, is moving fast towards a more value-add economy and there is one big industry where the country could dominate the market both as a maker and consumer: healthcare industry.
That is because, in a matter of decades, China rocketed into its position as the world’s second-largest economy under a strict one-child policy, contributing to a rapidly aging society with rising there needs.
The pharmaceutical industry is one of the leading industries in China. It is covering synthetic drugs and chemicals, medical devices, hygiene materials, prepared Chinese medicines, pharmaceutical machinery, apparatus and instruments, and packing materials.
According to health-care information company (IQVIA), China was the world’s second-largest national pharmaceutical market in 2017 — it was worth 122.6 billion US Dollars. It was also the biggest emerging business market for pharmaceuticals with growth gained from $145 billion to $175 billion by 2022.
China showed interest in buying drugs from India
Chinese officials from Guiyang city expressed their interest in buying medicines form Indian pharmaceutical companies and invited to Guiyang city to discuss on the modalities and issues concerning India’s export of medicines to the Chinese markets.
The Pharmexcil has invited pharmaceutical companies of India to utilize this export opportunity to supply the drugs to the Chinese market. It is a long-term opportunity for Indian pharmaceutical companies to sustain a long-term export business.
The committee along with the Indian embassy in China and the department of commerce, government of India were actively working hard with the Chinese government to organize a meeting in Guiyang city which was held on 18-19 October 2018.
When this export opportunity was informed by the Uday Bhaskar, director general of Pharmexcil said:
“Based on our continuous supplication with the Chinese government on various occasions, we have received a communication from the Indian embassy stating that the Guiyang province is interested in buying medicines from Indian companies. This is a great opportunity for the Indian pharmaceutical companies to venture into the Chinese markets.”
Below is the letter by Uday Bhaskar, director general of Pharmexcil informing Indian pharmaceutical companies to take this opportunity.
PROCEDURE FOR EXPORTING PHARMA PRODUCTS AND MEDICINES FROM INDIA
- Get the IEC (Import Export Code) Number
- Appoint distributors or agents, otherwise, you need to register office in the country to export
- Register your product in the country
- Send products to custom clearance
WHAT IS CUSTOM CLEARANCE?
Customs clearance is an important document that should be obtained when you want to export medicines to China.
You can get by yourself or hire a customs clearance agent. Generate online shipping bill electronically. Thus, the material is moved to the shipping area where custom experts inspect it.
Custom clearance department issues ‘Let Export Order’ which means that the shipping bill can be printed.