Is your organisation leveraging data to gain insights into customs duty, as well as your patients and customers?
Patient treatment is becoming increasingly personalised and, as such, more complex. Poor treatment of data means the life sciences industry is at risk of losing sight of how products are effectively used. There is a growing trend towards leveraging alternative data sources to offer treatment insights to the industry in a timely and effective manner.
Similarly, your own organisation’s trade data can be examined to offer insights into whether your organisation is efficiently managing international trade, is significantly over or underpaying customs duty, or is at risk of exposure to penalties.
Customs duty rates are determined by a number of factors. Getting it wrong can be a costly exercise. What is identified as a therapeutic good locally may be identified as a foodstuff in another jurisdiction, and therefore subject to a different duty rate. Additionally, third parties may not be accurately reporting your imports, leading to under or over payment of duty.