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Bilateral Trade Intelligence · $1.9K Total Trade · 2 Foreign Suppliers · 2 Indian Buyers · DGFT Verified · Updated March 2026
India imported $1.9K worth of pharmaceutical formulations from Iceland across 5 verified shipments, from 2 foreign suppliers to 2 Indian buyers. The top suppliers are Coripharma ehf ($1.1K) and CORIPHARMA EHF ($835). The leading products are Budesonide ($1K) and Raltegravir ($835). Average shipment value: $387.
| # | Formulation | Value | Share |
|---|---|---|---|
| 1 | Budesonide | $1.1K | 56.8% |
| 2 | Raltegravir | $835 | 43.2% |
India imports 2+ pharmaceutical formulations from Iceland with a combined trade value of $1.9K. Key products include Budesonide ($1K), Raltegravir ($835). These are finished dosage forms — tablets, capsules, injectables, and combination drugs — shipped from Indian manufacturing facilities with FDA, WHO-GMP, and EU GMP certifications. Data from 5 verified Indian Customs (DGFT) shipment records.
These are the top pharmaceutical products exported from India to Iceland, each with a dedicated trade route analysis page. Click any product to see detailed export data including Indian suppliers, Iceland buyers, regulatory requirements, and logistics for that specific product corridor. Products include Budesonide ($1K), Raltegravir ($835) — all finished pharmaceutical formulations verified from Indian Customs (DGFT) records.
2 Indian pharmaceutical companies export finished formulations to Iceland. Leading exporters include Coripharma ehf, Coripharma Ehf, . The top exporter accounts for 56.8% of total India–Iceland pharma exports. Source: Indian Customs (DGFT).
Historical evolution, India's market position, and recent developments
The pharmaceutical trade corridor between Iceland and India has experienced modest activity from 2022 to 2026. In 2022, the total import value was $2,000 USD, comprising five shipments from two Icelandic suppliers to two Indian buyers. The average shipment value stood at $387 USD. The primary products imported were Budesonide, accounting for 56.8% of the total value, and Raltegravir, comprising 43.2%. This indicates a niche yet consistent trade relationship, with a focus on specific pharmaceutical formulations.
Iceland's contribution to India's pharmaceutical imports remains minimal, with a total value of $2,000 USD over the past four years. The imports are concentrated in finished pharmaceutical formulations, specifically Budesonide and Raltegravir. This suggests that Iceland's role is limited to supplying specialized pharmaceutical products not readily available from other sources.
Between 2024 and 2026, there have been no significant policy changes by the Central Drugs Standard Control Organisation (CDSCO) affecting the import of pharmaceutical products from Iceland. Similarly, no new trade agreements or regulatory harmonization efforts have been reported during this period. The trade dynamics between Iceland and India in the pharmaceutical sector have remained stable, with no major developments influencing the import landscape.
2 companies in Iceland import pharmaceutical formulations from India. Top buyers include Cliantha Research Limited, Veeda Clinical Research Private Limited, . The largest buyer accounts for 56.8% of India–Iceland pharma imports. Source: Indian Customs (DGFT).
Registration process, GMP requirements, import documentation
Icelandic pharmaceutical companies seeking to export products to India must navigate the CDSCO registration process. This involves obtaining an Import License (Form 10) and ensuring compliance with Indian regulatory standards. The process includes submitting an application through the CDSCO's online portal, providing necessary documentation such as the Certificate of Pharmaceutical Product (COPP), and undergoing technical scrutiny. The timeline for approval can vary, often taking several months, depending on the completeness of the application and the nature of the product. Clinical trial waivers may be granted for certain products, expediting the approval process.
India requires that foreign manufacturing sites adhere to Good Manufacturing Practice (GMP) standards as outlined by the World Health Organization (WHO). Icelandic manufacturers must obtain WHO prequalification and undergo CDSCO inspections to verify compliance with these standards. This ensures that imported pharmaceutical products meet India's stringent quality and safety requirements.
To import pharmaceutical products into India, Icelandic companies must secure an Import License (Form 10) from the CDSCO. Additional required documents include a Certificate of Pharmaceutical Product (COPP), a No Objection Certificate (NOC) from the manufacturer, a test license for product analysis, and adherence to customs procedures. These documents collectively facilitate the legal importation and distribution of pharmaceutical products in India.
Dominant categories, emerging opportunities, and demand drivers
India's pharmaceutical imports from Iceland are predominantly focused on specific therapeutic areas, notably respiratory and HIV treatments. The primary products imported are Budesonide, a corticosteroid used in respiratory conditions, and Raltegravir, an antiretroviral medication for HIV. This indicates a targeted import strategy, sourcing specialized medications not widely available from other suppliers.
Iceland's pharmaceutical exports to India include innovator drugs and novel formulations, such as Budesonide and Raltegravir. These products represent advanced therapies that address specific medical needs, highlighting Iceland's role in supplying specialized pharmaceutical solutions to the Indian market.
India's importation of pharmaceutical products from Iceland is driven by the need for specialized medications not readily available domestically. The focus on patented drugs and biologics, such as Budesonide and Raltegravir, reflects India's demand for innovative treatments to address complex health conditions. Additionally, quality requirements and the absence of domestic manufacturing capabilities for these specific products contribute to the sustained import demand.
Tariff structure, trade agreements, IP and patent landscape
Pharmaceutical formulations imported into India are subject to the Most Favored Nation (MFN) tariff rates, which are periodically updated by the Directorate General of Foreign Trade (DGFT). In addition to the basic customs duty, imports may incur the Integrated Goods and Services Tax (IGST) and health cess, as applicable. These duties and taxes are subject to change based on government policies and international trade agreements.
As of March 2026, there are no specific Free Trade Agreements (FTAs) between India and Iceland that offer preferential duty rates for pharmaceutical imports. Both countries are members of the World Trade Organization (WTO), which provides a framework for trade relations, but no bilateral negotiations have resulted in preferential treatment for pharmaceutical products.
India's patent regime, particularly Section 3(d) of the Indian Patents Act, allows for the rejection of patents on new forms of known substances unless they demonstrate enhanced efficacy. This provision can impact the patentability of certain pharmaceutical products. The National Pharmaceutical Pricing Authority (NPPA) regulates the prices of essential medicines, including imported drugs, to ensure affordability. Imported pharmaceutical products are subject to price controls, which can influence market dynamics and pricing strategies.
Shipping routes, port infrastructure, cold chain compliance
Pharmaceutical shipments from Iceland to India typically utilize major sea routes, with transit times varying based on the specific ports of departure and arrival. Air freight options are also available, offering faster delivery times but at higher costs. The reliability of these routes is generally high, with established shipping lines and air cargo services facilitating the movement of goods.
Iceland's primary export ports include Reykjavik Harbour and the Port of Akureyri, which handle a range of cargo, including pharmaceutical products. In India, major import ports such as Jawaharlal Nehru Port (JNPT) in Mumbai and Chennai Port are equipped to handle pharmaceutical shipments, ensuring compliance with regulatory requirements and efficient customs clearance processes.
Upon arrival at Indian ports, pharmaceutical imports undergo customs clearance, which includes verification of import documentation and adherence to CDSCO regulations. Products requiring cold chain storage are managed in compliance with Good Distribution Practice (GDP) guidelines to maintain product integrity. CDSCO conducts testing of imported pharmaceutical products to ensure they meet safety and efficacy standards before they are released into the market.
Market size, healthcare system, growth outlook
Despite being a major pharmaceutical manufacturer, India imports specialized medications from countries like Iceland to meet specific therapeutic needs. The importation of patented drugs and biologics, such as Budesonide and Raltegravir, addresses gaps in domestic manufacturing capabilities and provides access to innovative treatments not available locally.
Icelandic pharmaceutical companies exporting to India include Coripharma ehf, which has supplied products like Budesonide and Raltegravir. These companies may engage in partnerships with Indian firms to enhance market access and distribution capabilities, leveraging local expertise to navigate regulatory landscapes and consumer preferences.
India's Atmanirbhar Bharat initiative and the Production-Linked Incentive (PLI) scheme aim to boost domestic manufacturing and reduce reliance on imports. While these efforts may lead to increased self-reliance in pharmaceutical production, the demand for specialized and innovative products may continue to sustain imports from countries like Iceland, especially for niche therapeutic areas.
Competing origins, India's edge, challenges and threats
India imports pharmaceutical products from various countries, including the USA, European Union, China, Switzerland, and Japan. Iceland's share in this import landscape is minimal, with a total import value of $2,000 USD over the past four years. This indicates that while Iceland contributes to India's pharmaceutical imports, its market share is relatively small compared to other major exporting countries.
Icelandic pharmaceutical products are recognized for their innovation, quality, and adherence to international manufacturing standards. The country's compliance with WHO-GMP guidelines and the availability of WHO prequalification for certain products enhance their appeal to Indian buyers seeking reliable and effective pharmaceutical solutions.
Indian pharmaceutical manufacturers are increasingly developing alternatives to imported products, including biosimilars and generics, supported by initiatives like the PLI scheme. This growing domestic capacity may pose challenges to the import of specialized products from countries like Iceland, as the Indian market becomes more self-sufficient in meeting its pharmaceutical needs.
India exported pharmaceuticals worth $1.9K to Iceland across 5 verified shipments.
1. Coripharma ehf — $1.1K. 2. CORIPHARMA EHF — $835. Total: 2 suppliers.
1. CLIANTHA RESEARCH LIMITED — $1.1K. 2. VEEDA CLINICAL RESEARCH PRIVATE LIMITED — $835. 2 buyers total.
1. Budesonide ($1.1K, 56.8%); 2. Raltegravir ($835, 43.2%)
Export: . Import: .
India's cost-competitive generic drug manufacturing, WHO-GMP certified facilities, and broad product portfolio. This $1.9K corridor reflects quality compliance and pricing advantages.
WHO-GMP certification, EU GMP approval (for EU markets), product dossier registration (CTD format), and ICH guideline compliance.
$387 per consignment across 5 shipments.
2 Indian companies. Largest: Coripharma ehf with $1.1K.
TransData Nexus covers 2 active exporters with shipment history and trade values at transdatanexus.com.
Access complete shipment records, supplier intelligence, buyer histories, and price analytics for all 5 shipments.
Data sourced from Indian Customs (DGFT) records. Verify regulatory status with the agencies above.
Pharmaceutical Export-Import Analyst & Trade Intelligence Expert
Suresh Sormare is a pharmaceutical export-import analyst with deep expertise in Indian Customs (DGFT) data, HS code classification, and global pharmaceutical supply chains. His analysis covers 10M+ shipment records across 150+ countries and is used by manufacturers, procurement agencies, and trade consultants worldwide. Suresh specializes in identifying verified suppliers and buyers from customs records, mapping bilateral pharmaceutical trade corridors, analyzing tariff structures and regulatory frameworks across 170+ destination markets, and benchmarking competitive positioning for finished pharmaceutical formulations. His methodology combines granular customs transaction data with regulatory intelligence from FDA, EMA, WHO, CDSCO, and 40+ national drug authorities to deliver actionable trade insights for the pharmaceutical formulations sector.
linkedin.com/in/sureshsormareAll trade data is sourced from Indian Customs (DGFT) official shipping bill records — the authoritative government database for India's pharmaceutical trade. Each verified record contains exporter name, consignee (buyer) name, detailed product description, quantity, declared FOB value (USD), port of loading, destination country, and shipment date.
Government-Sourced Data
Official DGFT customs records
Transparent Methodology
Calculations fully disclosed above
2 Exporters
2 buyers tracked
Expert-Reviewed
By pharmaceutical trade specialists