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DGFT initiates various policy interventions to boost exports through e-commerce
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Shardul Nautiyal, Mumbai
February 21 , 2024
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To promote exports and leverage the potential of e-commerce, the Directorate General of Foreign Trade (DGFT) has implemented various policy interventions, recognizing e-commerce as a crucial medium for supporting this initiative.
It organized a series of capacity-building programmes recently focused on e-commerce exports, foreign trade policy, packaging, payments, and banking. These programs took place in Maharashtra's Thane, a significant industrial hub known for its diverse sectors, including pharmaceuticals, and micro, small, and medium enterprises (MSMEs).
In recent years, the pharmaceutical industry has increasingly turned to e-commerce as a means to expand its export market. This shift presents both opportunities and challenges for the sector.
DGFT has taken proactive steps by signing Memorandums of Understanding (MoUs) with prominent e-commerce players. These collaborations fall under the ‘Districts as Export Hubs’ initiative, aiming to empower MSMEs to export their products through online platforms.
While the government's initiatives underscore its commitment to boosting exports through e-commerce, addressing challenges such as market dynamics and global uncertainties remains crucial for sustainable growth in this sector.
E-commerce platforms offer a convenient and transparent way for pharmaceutical companies to connect with international buyers, distributors, and wholesalers. These platforms provide features such as online catalogues, secure payment gateways, and trackable shipping options, facilitating smooth transactions and enhancing customer trust. Moreover, e-commerce allows for real-time data analytics, enabling companies to adapt their marketing strategies and product offerings based on market demand and consumer feedback.
According to experts, despite its potential benefits, the pharmaceutical sector encounters several challenges in utilizing e-commerce for exports. Regulatory compliance, particularly regarding product safety, labelling requirements, and cross-border shipping regulations, poses a significant hurdle for companies operating in multiple jurisdictions. Moreover, concerns related to counterfeit drugs, data privacy, and intellectual property protection necessitate robust measures to ensure the integrity and authenticity of pharmaceutical products sold online.
Governments, industry associations, and e-commerce platforms must collaborate to establish standardized regulatory frameworks and quality assurance mechanisms for pharmaceutical exports. Implementing secure authentication and tracking technologies, such as blockchain and RFID tagging, can help mitigate the risk of counterfeit products and ensure supply chain transparency. Furthermore, investing in cybersecurity infrastructure and data encryption protocols is essential to safeguard sensitive patient information and intellectual property rights in the digital realm.
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