Digital Strategy in the Globalization of Medium Sized Indian Pharma Companies_An Empirical Study

Abstract

Global pharmaceutical industry is regarded as one of the most recognized sector because of its contribution to keep global population healthy and disease-free. Changes in newlineregulatory, patent and market trends is expected to drive opportunities for generic drugs and thus ensuring greater opportunities for Indian pharmaceutical companies in global markets. Pharma industry is intense capital and technology driven industry because of newlineintrinsic complexities like developmental challenges for new drugs, regulatory challenges for commercialization, huge capital requirement, longer gestation period, and delay in return on investments (ROI) and frequent changes in disease trends. newlineGlobalization increases cross border transaction between various countries and has played a key role for principal pharmaceutical companies in India to achieve a higher feat mainly in three areas developing state of the art processes for active ingredients, developing newlinegeneric formulations and their commercialization in the global market. As globalization newlinecontinues to have its powerful and positive impact, we try to ponder on opportunities that newlinethe Indian pharmaceutical industry could have, having seen its past track record in newlineinfluencing global healthcare sector. newlineIndia rightly said to be the pharmacy of the world boosts of having the highest number newlineof pharmaceutical manufacturing facilities and export of generic drugs globally. Since most companies operating in global markets are medium sized, it is very important to understand how these companies embrace globalization and technologies to shift quickly newlineto development wave and exploit global markets cost effectively. In spite of pharma newlineindustry s success and growth, Indian pharma industry continues to face challenges newlineglobally in the area of innovation, quality issues, supply delays, marketing challenges, adoption of latest digital technologies and many more. newline