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Article
Publication date: 30 November 2023

Mohammad Rifat Rahman, Md. Mufidur Rahman, Athkia Subat and Tanzika Imam Tarin

This study empirically aims to examine the relationship between Bangladesh’s pharmaceutical industry growth and macroeconomic indicators such as the inflation rate, gross domestic…

Abstract

Purpose

This study empirically aims to examine the relationship between Bangladesh’s pharmaceutical industry growth and macroeconomic indicators such as the inflation rate, gross domestic product (GDP) growth, foreign direct investment (FDI) inflows, exchange rate and export growth through the long- and short-run relationship.

Design/methodology/approach

Using the time series data from 1986 to 2020, this study was developed based on the autoregressive distributed lag (ARDL) framework for co-integration. In contrast, the Toda–Yamamoto Granger Causality approach was also used for finding the direction of causality.

Findings

This study used the ARDL bounds test, which found strong co-integration among the variables, indicating a long-term relationship between them. In the long run, inflation, exchange rate and export growth significantly positively influence the pharmaceutical industry’s growth. Surprisingly, an FDI inflow has a negative impact. In the short term, the exchange rate and GDP growth were found to influence the growth of the pharmaceutical industry positively. Bidirectional causality between the growth of the pharmaceutical industry and the exchange rate was also identified using the Granger causality approach.

Research limitations/implications

This paper emphasizes developing the policy as well as making concrete decisions regarding the development of the pharmaceutical industry and economic development in Bangladesh. The results also highlight the necessity for strategic macroeconomic management to support this sector’s long-term development and global competitiveness.

Originality/value

To the best of the authors’ knowledge, this paper is conducted to identify the short- and long-run relationship of pharmaceutical industry development with the economic indicators and progress, where no study has been found on this dimension.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-6123

Keywords

Article
Publication date: 2 October 2017

Nitin Arora and Preeti Lohani

Foreign firms have certain advantages which may spillover to domestic firms in the form of improvements in total factor productivity (TFP) growth. The purpose of this paper is to…

Abstract

Purpose

Foreign firms have certain advantages which may spillover to domestic firms in the form of improvements in total factor productivity (TFP) growth. The purpose of this paper is to empirically observe the presence of TFP spillovers of foreign direct investment (FDI) to domestic firms through analyzing source of TFP growth in Indian drugs and pharmaceutical industry.

Design/methodology/approach

This paper examines the sources of TFP spillovers of FDI in Indian drugs and pharmaceutical industry over the period 1999 to 2014. The data of 304 firms has been used for estimation of the growth rates of TFP and its sources under stochastic frontier analyses based Malmquist productivity index framework. For frontier estimation, the Wang and Ho (2010) model has been executed using translog form of production function.

Findings

The results show that there exists significant TFP spillover effect from the presence of foreign equity in drugs and pharmaceutical industry of India. The results also show that the major source of TFP fluctuations in the said industry is managerial efficiency that has been significantly affected by FDI spillover variables. In sum, the phenomenon of significant Intra-industry (horizontal) efficiency led productivity spillovers of FDI found valid in case of Indian drugs and pharmaceutical industry.

Research limitations/implications

The number of foreign firms is very less to imitate the significant impact of foreign investment on TFP growth of Indian pharmaceutical industry at aggregated level; and the Wang and Ho (2010) model is failing to capture direct impact of FDI on technological change under Malmquist framework.

Practical implications

Since, there exists dominance of domestic firms in Indian drugs and pharmaceutical industry, the planners should follow the policy which not only attract FDI but also benefit domestic firms; for example, developing modern infrastructure and institution which will further help domestic firms to absorb spillovers provided by the Multinational Corporations and also accelerate the growth and development of the economy.

Social implications

In no case, the foreign firms should dominate the market share otherwise the efficiency spillover effect will be negative and the domestic firms will be destroyed under the self-centric approach of foreign firms protected by the recent patent laws.

Originality/value

The study is a unique attempt to discuss the production structure and sources of TFP spillovers of FDI in Indian drugs and pharmaceutical industry with such a wide coverage of 304 firms over a period of 16 years under Wang and Ho (2010) model’s framework. The existing studies on TFP spillovers are using either a small sample size of firms or based upon traditional techniques of measuring spillover effects.

Details

Benchmarking: An International Journal, vol. 24 no. 7
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 12 December 2023

Jeong Hoon Choi, Sangdo Choi and Nallan C. Suresh

The objective of this study is to explore the structural attributes of the pharmaceutical industry before the onset of the COVID-19 pandemic by examining the relationship between…

Abstract

Purpose

The objective of this study is to explore the structural attributes of the pharmaceutical industry before the onset of the COVID-19 pandemic by examining the relationship between inventory and firm performance and developing a taxonomy of pharmaceutical firms based on the earns-turns matrix.

Design/methodology/approach

This study examines the inventory–firm performance linkage, considering both total inventory and its discrete inventory components in pharmaceutical firms. In addition, this research develops a new taxonomy of pharmaceutical firms based on the earns-turns matrix. A large panel dataset of firms in the US pharmaceutical industry was collected for the period 2000–2019.

Findings

The results reveal that strategic groups identified based on this taxonomy show different levels of profitability and inventory turns in the earns-turns matrix. Most pharmaceutical firms moved from the low-right to the top-left section in the earns-turns matrix, indicating that these firms have generally pursued profitability rather than effective inventory management.

Research limitations/implications

This study explores the structural attributes of the pharmaceutical industry using the earns-turns matrix. This two-dimensional analysis may not, however, capture the full complexity of inventory–firm performance dynamics.

Practical implications

The mapping of strategic groups on the earns-turns matrix provides a useful tool for visual representations of the dynamics of strategic groups in terms of financial performance and inventory management performance. Practitioners can use the earns-turns matrix to benchmark their firm's position against their competitors.

Originality/value

This study broadens the scope of operations management research by introducing the earns-turns matrix as an empirical validation tool for operational and strategic management theories. This study emphasizes the effectiveness of the earns-turns matrix in analyzing strategic groups of pharmaceutical firms.

Details

International Journal of Operations & Production Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 1 August 2004

Rama Prasad Kanungo

In the last two decades application of E‐commerce is evolving from technology driven to more user driven. Thus E‐commerce has become synonymous with communication, strategy and…

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Abstract

In the last two decades application of E‐commerce is evolving from technology driven to more user driven. Thus E‐commerce has become synonymous with communication, strategy and business practices. E‐commerce aids to exchange information and execute transactions among enterprises and individuals. It facilitates electronic adaptation of communication for business process via EDI (Electronic Data Interchange). More often R&D intensive industries like the pharmaceutical industry implements innovative technologies to gain competitive advantage in the market. E‐commerce provides the pharmaceutical industry with better mode of transaction to achieve competitive advantage and sustained growth. E‐commerce has a considerable impact on the business‐to‐business application, when a diverse group of enterprises become involved in the decision making process particularly in the pharmaceutical industry. This enhances the value of the industry through key underlying processes such as, high value drug innovation, clinical development and trial, project and people management, marketing and sales. This synchronisation of E‐commerce and corporate strategy creates significant value for this industry. The achievement of real value through Ecommerce has three major impacts. First, it enhances the value of the latest clinical developments; second, it increases shareholders’ value and third, it successfully reduces the time‐cycle of research and application. These achievements add substantial value to the industry. Therefore, this article reviews the application of E‐commerce and discusses its significance in the pharmaceutical industry. The theoretical discussion used in previous studies is also presented and four major aspects are highlighted explaining the success of E‐commerce in the pharmaceutical industry.

Details

Management Research News, vol. 27 no. 8/9
Type: Research Article
ISSN: 0140-9174

Keywords

Article
Publication date: 30 May 2019

Mert Demir and Maung Min

This paper aims to examine the consistencies and discrepancies in corporate social responsibility (CSR) reporting by analyzing the CSR reports of pharmaceutical companies. Despite…

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Abstract

Purpose

This paper aims to examine the consistencies and discrepancies in corporate social responsibility (CSR) reporting by analyzing the CSR reports of pharmaceutical companies. Despite the major role pharmaceutical companies play in the CSR field, our knowledge of the extent to which their disclosures provide comprehensive, material, credible and accurate information on their actual performances is limited because of a lack of sufficient literature on the CSR reporting practices of pharmaceutical companies.

Design/methodology/approach

The authors present a literature review that serves as the basis to develop the two key research questions: Do pharmaceutical companies publish comprehensive CSR reports? Are company reports that cover more material issues more comprehensive? Using the information on material CSR topics provided by the Sustainability Accounting Standards Board (SASB) and CSR reporting quality scores by the CSR-Sustainability Monitor®, the authors analyzed the CSR reports of the world’s 15 leading pharmaceutical companies. A total of 11 material topics from SASB were mapped onto the corresponding contextual elements in the CSR-Sustainability Monitor. The Monitor evaluates CSR reports published by the world’s largest companies in terms of the degree of transparency and external verification of reporting.

Findings

The analyses revealed that while the pharmaceutical industry outperforms other industries in terms of the overall comprehensiveness of reporting, certain discrepancies exist among these companies in the content of their disclosures. Specifically, pharmaceutical companies beat the averages on multiple key CSR topics. However, while disclosures on mature areas such as environment and labor relations show some level of standardization, those focusing particularly on sensitive areas such as human rights and supply chain are far from being standardized. The authors also find that CSR reports that do not include all of SASB’s material topics are just as comprehensive as those that do. A detailed analysis of US and non-US companies separately further revealed that this result is valid for both groups of companies.

Research limitations/implications

Considering the voluntary nature of CSR reporting, pharmaceutical companies still resort to selective disclosure techniques to highlight their achievements in areas where they feel more confident while leaving out others that can have potential negative consequences on the company. These results underscore the evolving nature of CSR reporting in the pharmaceutical industry and call for more attention and further investigation from managers and researchers alike.

Originality/value

The originality and value of the research show that despite its rapid growth and wide recognition by different segments of society and business as an effective and promising concept, CSR reporting has not yet reached a point where its expected benefits are realized. Focusing on the disclosure side of the story, this paper tries to identify the extent to which the pharmaceutical industry appropriately addresses increasing societal demand for enhanced transparency on its sustainable business policies and practices.

Details

Sustainability Accounting, Management and Policy Journal, vol. 10 no. 2
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 23 November 2012

Sushmita A. Narayana, Rupesh Kumar Pati and Prem Vrat

This paper aims to present a review of literature to assess the progress of research on managerial issues in the pharmaceutical industry globally.

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Abstract

Purpose

This paper aims to present a review of literature to assess the progress of research on managerial issues in the pharmaceutical industry globally.

Design/methodology/approach

Literature from peer‐reviewed journals available on online databases was collected for the last decade, using the keyword search technique, and then classifying it according to major managerial issues, research methodologies used and geographical zones.

Findings

Behavioral issues at the consumer/physician level and non‐behavioral issues in pricing and medical expenses are studied the most, followed by supply chain management, research and development and manufacturing and services operations management. There is scope for conjunction of research efforts across themes and players. The studies focus on the developed nations through the application of field research and mathematical modeling techniques. The studies in the American region focus more on development and marketing while studies in Europe are aligned towards manufacturing and distribution in the industry. Studies in the developing nations are mostly exploratory in nature and require more focus on issues of research and development and marketing in addition to a substantial increase in overall research efforts. More trans‐continental studies are needed to consolidate research efforts globally.

Research limitations/implications

The review is not exhaustive of all studies available on the industry and each of the issues. Conference papers, unpublished material and lectures were excluded.

Practical implications

Identification of the present and emerging issues together provides practitioners in healthcare systems with an idea of available techniques and strategies to solve problems in healthcare/pharmaceutical management.

Originality/value

A study on research of management issues in the pharmaceutical industry across the world has perhaps not been conducted in the recent past: this paper fills part of that gap.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. 6 no. 4
Type: Research Article
ISSN: 1750-6123

Keywords

Article
Publication date: 5 September 2023

Lea Prevel Katsanis, Alan Williams and Kajan Srirangan

The purpose of this study is twofold: first, to determine if pharmaceutical companies can be grouped based on their espoused values, and second, to examine the relationship…

Abstract

Purpose

The purpose of this study is twofold: first, to determine if pharmaceutical companies can be grouped based on their espoused values, and second, to examine the relationship between these values and company reputation.

Design/methodology/approach

A descriptive study design is used with two separate analyses: cluster analysis for grouping the companies; and descriptive data analysis for determining cluster differences.

Findings

The findings suggest that there are three value clusters: competent, community and interpersonal, with the community group showing the highest relative reputation, and the interpersonal cluster as the lowest. Brand portfolio composition appears to positively contribute to reputation. The effect of portfolio specialization is based on a company’s closeness to its therapeutic community, which may be influenced by the outward characteristics of its values.

Research limitations/implications

Future research should examine the longitudinal effects of values on reputation combined with case studies.

Practical implications

Regardless of cluster classification, all firms should develop strong ties with their therapeutic communities using both personal and digital/omnichannel strategies.

Social implications

A company’s values are becoming an important consideration for all customers and stakeholders.

Originality/value

To the best of the authors’ knowledge, this study is the first to systematically examine the activities of leading pharmaceutical firms to link a specific value cluster to company reputation.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. 17 no. 4
Type: Research Article
ISSN: 1750-6123

Keywords

Article
Publication date: 29 July 2022

Kali Charan Sabat, Som Sekhar Bhattacharyya and Bala Krishnamoorthy

The purpose of this study is to explore circular economy (CE) initiatives and apply the stimulus-organism-response theory to find the socio-political drivers and enablers of CE in…

Abstract

Purpose

The purpose of this study is to explore circular economy (CE) initiatives and apply the stimulus-organism-response theory to find the socio-political drivers and enablers of CE in the pharmaceutical industry. CE as a concept was relatively not studied much with respect to socio-political interests from operations management perspectives. This was especially so in the pharmaceutical industry.

Design/methodology/approach

This research study was anchored in the theoretical conversation of stimulus-organism-response theory to find the socio-political interests and enablers of the regenerative CE principles. These were the functions of remanufacturing, reuse and recycle. For this research study, data was collected in two steps. First, eight industry practitioners were interviewed to understand the CE practices in the pharmaceutical industry. Then 166 chiefs of production and operations functions from 124 pharmaceutical companies were surveyed. The quantitative data was empirically analyzed using SmartPLS3 software.

Findings

This research study revealed that pressure from suppliers and other public stakeholders were driving regenerative CE practices in the pharmaceutical industry. The results further stated that CE enablers such as green information technology systems and internal environmental management were critical for making pharmaceutical manufacturing operations circular.

Research limitations/implications

This research study measured the constructs on a formative scale. Studies measuring socio-political interests, CE enablers and sustainability practices constructs on a formative scale were much required for the development of the CE theory. This research study output could be applied across geographies and industries to measure the indicators of CE.

Practical implications

This research study indicated that in the context of the pharmaceutical industry, there was an overemphasis on the remanufacture and reuse principles. However, the focus on recycling principles was mostly subdued. For managers and regulators in the pharmaceutical sector, this research study provided clear insights that for more effective CE implementation. This was based on an effective application of recycling practices in the critical functions in pharmaceutical industry.

Originality/value

Earlier research studies on green and environmental manufacturing were focused on linear production models. To provide clear and robust foundations for CE theory, this research study considered operations management from the perspective of the value chain. This comprised the entire circular production model. Earlier research studies had treated socio-political interests, CE enablers and sustainability practices as reflective constructs. This study was one of the foremost to measure these constructs on a formative scale.

Details

European Business Review, vol. 34 no. 6
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 31 December 2020

Lea Prevel Katsanis, Dennis Pitta and Anne Morinville

The purpose of this study is two-fold: first, to identify the degree of adoption of patient centricity in the pharmaceutical industry and second, to understand how the industry

Abstract

Purpose

The purpose of this study is two-fold: first, to identify the degree of adoption of patient centricity in the pharmaceutical industry and second, to understand how the industry operationalizes this strategy. It is an important shift in the industry because of its central focus on the patient.

Design/methodology/approach

A content analysis was used based on publicly available documentation that includes industry publications, company and brand websites and clinical trial publications to identify the frequency of words used to describe patient centricity.

Findings

The key finding of this study is that the leading pharmaceutical firms overwhelmingly use patient support/access programs as the primary method of implementing patient centric strategies.

Research limitations/implications

Future research is needed to identify what impact these strategies have on patients; and whether or not these strategies have an impact on lowering drug prices and improved clinical outcomes for patients.

Practical implications

Future research is needed to identify what impact these strategies have on patients; and whether or not these strategies have an impact on lowering drug prices and improved clinical outcomes for patients. Limitations include the reliance on publicly available documentation.

Social implications

Pharmaceutical firms need to be aware that their publically available profile suggests a one-dimensional approach to patient centricity and this may influence the way patients, physicians and policymakers view their attitudes toward patients. This study is the first to systematically examine the activities of leading pharmaceutical firms with respect to the adoption and implementation of patient-centric strategies in a comprehensive fashion.

Originality/value

This study is the first to systematically examine the activities of leading pharmaceutical firms with respect to the adoption and implementation of patient-centric strategies in a comprehensive fashion.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. 15 no. 1
Type: Research Article
ISSN: 1750-6123

Keywords

Open Access
Article
Publication date: 4 August 2021

Giuseppe Festa, Ashutosh Kolte, Maria Rosaria Carli and Matteo Rossi

This study aims to access, analyze and highlight opportunities and problems of the Indian pharmaceutical sector in the broader national health-care industry. The recent changes in…

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Abstract

Purpose

This study aims to access, analyze and highlight opportunities and problems of the Indian pharmaceutical sector in the broader national health-care industry. The recent changes in the field, at the institutional and corporate levels, have placed India in the spotlight of the global pharmaceutical market, but several threats and weaknesses could limit this expansion.

Design/methodology/approach

Descriptive and inferential analyses have been based on empirical data extracted from authenticated data sources. Subsequently, a narrative strengths, weaknesses, opportunities and threats analysis was performed based on the results of prior investigations and on qualitative data that were retrieved from a marketing intelligence examination to generate an overall scenario analysis.

Findings

Indian pharmaceutical companies have faced several challenges on various fronts. In the home market, drug prices are controlled by the drug price control order; therefore, there is strong pressure on revenues and subsequently on costs. In the international market, threats derived from pharmaceutical multinational companies are emerging as tough obstacles to overcome.

Practical implications

More focus on patents for innovative drugs is required, instead of concentrating primarily on generic drugs. There is a need for policymakers to work on the sustainability and development of the industry, while the companies must redesign their orientation toward enhancing innovation capabilities. In addition, at the level of corporate strategy, firms should establish collaborations and alliances and expand their industrial marketing vision.

Originality/value

This study provides a global overview of the potential growth and development of the Indian pharmaceutical sector, comparing it with internal trends and external competition. The most relevant contribution of the research relies on the shift to innovative production that Indian companies must adopt (after years of focusing only on generic drugs), and in this vein, appropriate industrial marketing solutions are indispensable.

Details

Journal of Business & Industrial Marketing, vol. 37 no. 8
Type: Research Article
ISSN: 0885-8624

Keywords

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