Survival Strategies of Domestic & International Pharma Companies in Radically Innovative Ecosystem: A Case of India

Abstract

The pharmaceutical industry in any country is fostered with a culture of radical innovation. This paper seeks to provide an insight on the survival strategies used by Indian Pharmaceutical firms for sustained growth in the face of constantly changing environment. These survival strategies revolve around the organization culture, its HR practices and investment in product and process innovation. The study gains relevance as in the last 15 years India’s IPR and FDI regime has become more conducive to big foreign players with huge investment budgets. In the constantly changing environment, the domestic firms in India need to develop fluidity considering the growing competition and pressures in the face of several legal, economic and technological changes. The importance of radical innovation is still unrealized by Indian pharma firms which succumb to internal pressures that often push them to low risk-immediate profit avenues. Therefore, the paper is an attempt to develop a framework of strategic interventions for the firms who are risk averse and are struggling to survive as opposed to those who have been able to adapt themselves with the changing environment.