Loading...
Bilateral Trade Intelligence · $1.1M Total Trade · 6 Exporters · 6 Buyers · DGFT Verified · Updated March 2026
India exported $1.1M worth of pharmaceutical formulations to Iceland across 38 verified shipments, sourced from 6 Indian exporters supplying 6 Iceland buyers. The top exporters are WATSON PHARMA PRIVATE LIMITED ($1.1M) and INTAS PHARMACEUTICALS LIMITED ($20.8K). The leading products are Dapagliflozin ($52K). Average shipment value: $28.7K.
| # | Formulation | Value | Share |
|---|---|---|---|
| 1 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 987.20 | $51.6K | 4.7% |
| 2 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 985.054 | $51.3K | 4.7% |
| 3 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 983.527 | $51.2K | 4.7% |
| 4 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 983.333 | $51.2K | 4.7% |
| 5 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 983.287 | $51.2K | 4.7% |
| 6 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 981.589 | $51.1K | 4.7% |
| 7 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 982.481 | $51.1K | 4.7% |
| 8 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 982.171 | $51.1K | 4.7% |
| 9 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 976.744 | $51.1K | 4.7% |
| 10 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 981.395 | $51.1K | 4.7% |
| 11 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 980.000 | $51.1K | 4.7% |
| 12 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 975.581 | $51.0K | 4.7% |
| 13 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 979.527 | $51.0K | 4.7% |
| 14 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 975.194 | $51.0K | 4.7% |
| 15 | Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 980.233 | $51.0K | 4.7% |
India exports 20+ pharmaceutical formulations to Iceland with a combined trade value of $1.1M. Key products include Dapagliflozin ($52K). 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 38 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 Dapagliflozin ($52K) — all finished pharmaceutical formulations verified from Indian Customs (DGFT) records.
Dominant categories, emerging opportunities, and demand drivers
India's pharmaceutical exports to Iceland are predominantly concentrated in the therapeutic area of diabetes management, particularly with the export of Dapagliflozin Tablets 10mg. This focus aligns with Iceland's healthcare needs, as the country has been experiencing a rise in chronic diseases, including diabetes. The aging population in Iceland contributes to this trend, as older adults are more susceptible to developing type 2 diabetes. The high prevalence of diabetes necessitates effective management strategies, making medications like Dapagliflozin essential in the Icelandic market.
The dominance of diabetes-related exports also reflects India's strength in producing generic medications. Iceland's healthcare system emphasizes cost-effective treatments, and the availability of affordable generics from India supports this approach. The National Drug Regulatory Authority in Iceland, adhering to WHO-GMP standards, ensures the quality and safety of these imported generics, facilitating their acceptance in the Icelandic market.
The Icelandic pharmaceutical market is witnessing significant growth in the biosimilars segment, projected to expand at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period. This growth is driven by the expiration of patents for major biological drugs and government initiatives promoting biosimilar adoption. Iceland's regulatory framework, including streamlined approval processes for biosimilars, reduces market entry barriers, presenting opportunities for Indian exporters to introduce cost-effective biosimilar products.
6 Indian pharmaceutical companies export finished formulations to Iceland. Leading exporters include Watson Pharma Private Limited, Intas Pharmaceuticals Limited, Regenix Biosciences Limited, Silsa International. The top exporter accounts for 97.5% of total India–Iceland pharma exports. Source: Indian Customs (DGFT).
6 companies in Iceland import pharmaceutical formulations from India. Top buyers include Jonar Transport, Amsal Pharmaceuticals D.o.o, Xxyggxx Mixxtodxx, Hotel Hilton Nordica. The largest buyer accounts for 97.5% of India–Iceland pharma imports. Source: Indian Customs (DGFT).
Additionally, the increasing prevalence of chronic diseases such as cardiovascular conditions and cancer in Iceland opens avenues for Indian pharmaceutical companies to supply generic versions of treatments in these therapeutic areas. The demand for affordable medications in these segments is rising, and Indian exporters can meet this need by providing high-quality generics.
Iceland's aging population significantly contributes to the rising demand for pharmaceuticals. As of 2023, the population is approximately 387,558, with a substantial proportion aged 65 and above. This demographic shift leads to an increased prevalence of chronic diseases, including diabetes, cardiovascular conditions, and cancer, thereby elevating the need for effective pharmaceutical interventions. (data.who.int)
Furthermore, the government's substantial investment in healthcare, with pharmaceutical spending reaching ISK 46.7 billion in 2022, underscores the commitment to addressing the healthcare needs of the population. This investment, coupled with a comprehensive public healthcare system covering 85% of pharmaceutical expenditures, creates a favorable environment for the importation of essential medications from countries like India.
Shipping routes, port infrastructure, cold chain compliance
Pharmaceutical shipments from India to Iceland primarily utilize both sea and air transport, each with distinct transit times and logistical considerations.
Sea Freight: The most efficient maritime route departs from Mundra Port (INMUN) in India and arrives at Reykjavík Port (ISREY) in Iceland. This journey spans approximately 24,660 kilometers (15,323 miles) and typically takes about 43 days and 15 hours, with vessels operating every 1-2 weeks. Notably, CMA CGM is among the carriers providing regular services on this route.
Air Freight: For expedited deliveries, air freight is utilized, with flights from Indira Gandhi International Airport (DEL) in Delhi to Keflavik International Airport (KEF) in Iceland. These flights have a duration of approximately 17 hours and 40 minutes, operating every 4-6 weeks. Carriers such as British Airways offer services on this route.
Impact of Red Sea Disruption: While the Red Sea is not directly involved in the India to Iceland shipping routes, disruptions in major maritime corridors can have cascading effects on global shipping schedules. Such disruptions may lead to longer transit times, increased costs, and potential delays in pharmaceutical deliveries. It's essential for logistics providers to monitor global shipping conditions and adjust plans accordingly to mitigate these impacts.
The efficiency of pharmaceutical shipments from India to Iceland is significantly influenced by the capabilities of key export and import ports.
Indian Export Ports: The primary port for pharmaceutical exports is Sahar Air Cargo Complex (INBOM4), accounting for 89.5% of shipments. Other notable ports include Ahmedabad Air (5.3%) and MEPZ SEZ (2.6%). Sahar Air Cargo Complex is renowned for its advanced facilities and capacity to handle high volumes of air cargo, ensuring timely and secure dispatch of pharmaceutical products.
Icelandic Import Ports: In Iceland, the main entry point for pharmaceutical imports is Reykjavík Keflavik Airport (60.5%), followed by Sarajevo (5.3%) and Reykjavík Keflavik (31.6%). Reykjavík Keflavik Airport is equipped with specialized facilities to manage temperature-sensitive goods, facilitating efficient customs clearance and distribution within Iceland.
Maintaining the integrity of temperature-sensitive pharmaceutical products is paramount throughout the supply chain.
Temperature-Controlled Logistics: Pharmaceuticals, especially biologics and certain medications, require strict temperature control to preserve their efficacy. Typically, these products must be maintained within a temperature range of 2°C to 8°C during transit. To achieve this, insulated packaging solutions, such as thermal boxes equipped with phase-change materials (PCMs), are employed to regulate temperature fluctuations.
Good Distribution Practice (GDP) Compliance: Adherence to GDP guidelines is essential to ensure the quality and safety of pharmaceutical products during distribution. These guidelines emphasize the importance of temperature control, qualified equipment, continuous monitoring, and comprehensive documentation. Regular audits and staff training are integral to maintaining compliance and ensuring the integrity of the cold chain.
By meticulously managing shipping routes, port operations, and cold chain logistics, pharmaceutical shipments from India to Iceland can be conducted efficiently, ensuring the delivery of safe and effective products to the Icelandic market.
Market size, healthcare system, growth outlook
Iceland's pharmaceutical market is projected to generate a revenue of approximately $248.28 million in 2025, with an anticipated annual growth rate of 5.84% from 2025 to 2030, reaching a market volume of $329.80 million by 2030. The market is characterized by a strong emphasis on research and development, focusing on innovative and sustainable solutions. Generic drugs hold a significant share of the market, with a penetration rate exceeding 89% for eligible prescriptions, driven by cost-containment policies and mandatory generic substitution requirements at the pharmacy level.
Iceland operates a universal healthcare system, providing comprehensive coverage to all residents. The government health expenditure as a percentage of GDP was 8.99% in 2023, reflecting a slight decline from 9.29% in 2022. The public healthcare system covers a substantial portion of pharmaceutical expenditures, particularly for the elderly and those with chronic conditions. This extensive coverage ensures broad access to medications, including both branded and generic drugs.
The existing trade data indicates that Indian pharmaceutical exporters have established a presence in Iceland, with a total export value of $1.1 million across 38 shipments from 2022 to 2026. The primary product exported is Dapagliflozin Tablets 10mg, accounting for approximately 47% of the total export value. The top exporter, Watson Pharma Private Limited, has contributed significantly to this trade. Given the high generic drug penetration in Iceland, Indian exporters can leverage their cost-effective manufacturing capabilities to supply a range of generic medications, particularly in therapeutic areas with high demand such as cardiovascular and oncology. The projected market growth and the government's focus on cost-effective healthcare solutions present a favorable environment for expanding Indian pharmaceutical exports to Iceland.
Competing origins, India's edge, challenges and threats
In 2023, Iceland's pharmaceutical imports were predominantly sourced from Denmark, which accounted for over 40% of the total import value. Sweden followed as the second-largest supplier, contributing nearly 13% to the import value. Other European countries, including Norway, Germany, and the Netherlands, also played significant roles in supplying pharmaceuticals to Iceland. For instance, in 2024, Iceland imported pharmaceutical products valued at approximately $281.94 million, with Norway being a notable contributor.
China and other emerging markets have been expanding their presence in the global pharmaceutical supply chain. However, specific data on their share in Iceland's pharmaceutical imports is limited. The European Union's stringent regulatory standards and established trade relationships have positioned EU manufacturers as dominant suppliers to Iceland. While domestic production exists, it is insufficient to meet the entire demand, necessitating substantial imports from these international sources.
India's pharmaceutical industry offers several competitive advantages that enhance its appeal to international markets, including Iceland. The country's cost competitiveness is a significant factor, as it provides high-quality medications at lower prices compared to many Western counterparts. India's compliance with the World Health Organization's Good Manufacturing Practices (WHO-GMP) ensures that its pharmaceutical products meet international quality standards. Additionally, India's large English-speaking workforce facilitates effective communication and collaboration with global partners. The industry's broad portfolio encompasses a wide range of therapeutic areas, enabling it to cater to diverse medical needs.
Despite its strengths, India's pharmaceutical exporters face several challenges in the Icelandic market. Regulatory tightening in Iceland, particularly by the National Drug Regulatory Authority, may pose obstacles for foreign suppliers. Competition from established European manufacturers, such as those from Denmark and Sweden, is intense, given their proximity and long-standing trade relationships with Iceland. Additionally, perceptions regarding the quality of Indian pharmaceuticals can vary, potentially affecting their acceptance in the Icelandic market. Overcoming these challenges requires strategic positioning, adherence to regulatory standards, and effective marketing to build trust among Icelandic consumers and healthcare providers.
India exported pharmaceuticals worth $1.1M to Iceland across 38 verified shipments.
1. WATSON PHARMA PRIVATE LIMITED — $1.1M. 2. INTAS PHARMACEUTICALS LIMITED — $20.8K. 3. REGENIX BIOSCIENCES LIMITED — $3.3K. Total: 6 suppliers.
1. JONAR TRANSPORT — $1.1M. 2. AMSAL PHARMACEUTICALS D.O.O — $20.8K. 3. XXYGGXX MIXXTODXX — $3.3K. 6 buyers total.
1. Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 987.20 ($51.6K, 4.7%); 2. Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 985.054 ($51.3K, 4.7%); 3. Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 983.527 ($51.2K, 4.7%); 4. Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 983.333 ($51.2K, 4.7%); 5. Dapagliflozin Tablets 10mg 12 Kg ( Quantity : 983.287 ($51.2K, 4.7%)
Export: SAHAR AIR CARGO ACC (INBOM4), AHEMDABAD AIR, MEPZ SEZ, SAHAR AIR. Import: REYKJAVIK KEFLAVIK, SARAJEVO, REYKJAVIK KEFLAVIK.
India's cost-competitive generic drug manufacturing, WHO-GMP certified facilities, and broad product portfolio. This $1.1M 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.
$28.7K per consignment across 38 shipments.
6 Indian companies. Largest: WATSON PHARMA PRIVATE LIMITED with $1.1M.
TransData Nexus covers 6 active exporters with shipment history and trade values at transdatanexus.com.
Access complete shipment records, supplier intelligence, buyer histories, and price analytics for all 38 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
6 Exporters
6 buyers tracked
Expert-Reviewed
By pharmaceutical trade specialists