
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Australia’s pharmaceutical market is estimated to be worth $8.9 billion. You can grab a slice of the pie by starting your own trading company. From controlled substances to medical compounds, you can build a thriving pharmaceuticals business that facilitates trade around the world.
Import/export businesses fall into three main types. What’s best for you comes down to where your interests lie.
An export management company (EMC) helps a company in Australia export its medicines and pharmaceuticals. It manages tasks such as hiring distributors, developing marketing materials and preparing shipping logistics.
An export trading company (ETC) looks into the needs of foreign buyers and finds domestic companies in Australia to meet those needs.
This involves buying the merchandise directly from the manufacturer – overseas or local – and then reselling it abroad. It involves a bigger risk, but it can lead to higher profits without the middleman that the other business types involve.
Check out our guide for more on starting your own import/export company
To meet the needs of your target customers, you need to choose the pharmaceuticals that you’ll offer. Choose something that you have the most experience with. For instance, do you have a science background with knowledge of medical compounds? Have you worked with controlled substances in a hospital setting? Do you know about a specific sector of the medical industry?
Existing experience with your target area is a plus, but having a passion for it widens your advantage. You’ll understand the jargon of your niche and you may already have contacts.
Source: The Observatory of Economic Complexity, 2016 data.
A majority of pharmaceuticals will need either a licence, permit or both to be imported or exported in Australia. To find out what requires permission to import and export, visit the Office of Drug Control’s website (ODC). This index can also tell you what you’ll need in the way of permits and licences. Let’s look at a few examples.
Name | What application will I need? | Import permit needed? | Import licence needed? | Export licence and permit needed? |
---|---|---|---|---|
Morphine | Narcotic/psychotropic application | Yes | Yes | Yes |
Testosterone | 5G/5H | Yes | No | No |
This info is sourced from the ODC’s website on 6 November 2018.
Your new business will require you to make and receive international payments, which means you’ll make transactions between currencies and across borders.
You can safely and affordably manage your business payments – with lower fees and stronger exchange rates – by comparing the services of a money transfer specialist.
The pharmaceuticals import/export business is for people who love building relationships in other countries, and success requires an organised mind that can handle logistics. When dealing with medicines and similar goods, a willingness to thoroughly comply with relevant regulations is a must.
If you have these qualities, take the plunge into creating a thriving pharmaceuticals import/export business.
These are the best gaming monitors you can buy right now in Australia.
There’s no shortage of cooling options when camping, working or 4WDing, but what are the best portable fridge freezers in Australia?
These are the 6 best rums you can buy right now in Australia.
These are the best camera-equipped drones you can buy right now in Australia.
These are the 7 best swags you can buy right now in Australia.
These are the 6 best Samsung Galaxy Note 20 cases you can buy in Australia right now.
These are the seven best carry-on bags you can buy right now in Australia.
Find out what you need to know before starting an accounting business.
Learn how you can get started on your journey to a profitable career as a mechanic.
Here's how to get started if you want to turn your skills as an electrician into a business.