Opportunities and challenges for Indian Pharmaceutical companies in overseas markets and need of digital tools for sustainable success

Background: The era of globalization has helped many Indian Pharma companies to expand operations beyond home turf. Changes in regulatory, patent and market trends will drive opportunities for generic drugs and hence very big opportunities for Indian pharmaceutical companies in global markets. India is the largest manufacturer and exporter of generic drugs in the world and considered as the pharmacy of the world. However many Indian pharma companies find it difficult to survive in global markets due to the competition, lack of market knowledge, complex regulatory pathway and not embracing the latest digital technologies adopted by global companies. Objective: The objective of this research is to study the need of various digital tools available for different domains of pharma industry to become successful in global markets. Methods: Researcher has adopted an empirical study to conduct this research using primary and secondary data. Primary research was done by identifying target participants from pharma industry and adopted purposive sampling technique to collect the data online through a structured and validated questionnaire. Data was extracted, analyzed and interpreted using graphical analysis. Results: The results of this study found that in all the questions in questionnaire, majority of the participants were in favor of adopting digital tools in pharma industry irrespective size and type organization. Conclusion: Based on the outcome of this empirical study, it was established that there is a clear need of domain based digital tools for Indian pharma companies to compete and sustain in global markets.