Source: Business Monitor International. Table 1: Pharmaceutical Sales in Major Global Markets Table 3: Number of Employees in the Organisation It can be observed from the above Table 4 that 71.7 per cent of the respondents belong to organisations with an annual sales turnover of more than Rs. 4000 crores. This finding also proves that larger companies tend to perform better in export markets. Table 4: Annual Turnover of the Organisation It can be observed from Table 5 that 73 per cent of respondents belong to organisations with an exporting intensity (ratio of export sales to annual sales turnover) of more than 40 per cent. This is in accordance with the findings of the earlier empirical studies. Table 6: Number of Countries Exporting It can be observed from Table 7 that all the respondents belong to organisations with more than 20 years of existence while 43.3 per cent of respondents belong to ogranisations with more than 40 years of existence in their business. When we further examine the number of years of exporting experience, 91.7 per cent of employees belong to organisations that have an exporting experience of more than 20 year as can be Table 5: Exporting Intensity of the Organisation 122 Table 9: Mode of Exports at the Time of Entry into Export Markets It can be seen from Table 9 that the most common form of mode of export at the time of entry as reported by 41.7 per cent of the respondents is through setting up a subsidiary in the export market. The next most common form of mode of export was direct exporting, as responded by 33.3 per cent of the respondents. Findings of Table 8: Number of Years of Exporting Experience It was also observed from seconday data that organisations with long years of existence have entered the export markets after considerable years of domestic business experience than the organisations with lesser years of existence. Younger organisations entered into export marketing in a relatively lesser time frame in comparison to older generation organisations. Two diametrically opposite views exist with regard to the effect of business experience on export behaviour. One group of researchers suggested that younger firms are more interested in foreign operations than older ones, the rationale being that the former find exporting the only feasible strategy available to increase sales and achieve growth, as opposed to the latter which are often well-entrenched in the domestic market (Lee and Brasch 1978, Czinkota and Ursic 1983). The other group posited that established companies are more likely to export, because of extensive experience in handling business operations and saturated home opportunities (Welch and Wiedersheim-Paul 1980). Table 10: Type of Formulations Exported at the Time of Entry into Export Markets It can be seen from Table 10 that the most popular type of formuations exported at the time of entry into export markets were generic exports to developed countries. This is in line with the observation that the developed countries offered the most promising export opportunity due to their increasing preference for generic formulations to reduce their healthcare costs. Table 11: Types of Medicines Exported Table 12(a): Therapeutic CategoryTable Table 12(b): Ranking of Therapeutic Category (Multiple Responses). (Multiple Responses). Table 13(b): Ranking of Export Market Table 13(a): Markets Exported It is observed from Table 12(a) that the most attractive therapeutic segments for exports are cardiovascular, anti-diabetes and central nervous system formulations. This is due to the increasing and higher levels of those disease profiles in the develoed and the developing countries. It is also observed from Table 12(b) that cardiovasculars is the most attractive market segment followed by anti-diabetes and central nervous system formuations. Table 15: Correlations and distribution channel effectiveness. Multiple strengths have a negative correlation with transportation strategy. High R&D expenditures have a positive correlation with trade promotion activities, distribution channel effectiveness and longer credit period. Participation in trade fairs have a positive correlation with all the variables and exhibited highest correlation with amount of sampling. Quality of salesmen has a negative correlation with trade promotion activities and longer credit period. Amount of sampling has a positive correlation with all the variables and has highest correlation with competitive pricing policy. Advertising in medical literature has a positive correlation with all the variables. Trade promotion activities have a negative correlation with distribution channel effectiveness. Distribution channel effectiveness has a positive correlation with competitive pricing policy. Transportation strategy, competitive pricing policy and longer credit period exhibited a positive correlation with all the other variables. It can be observed from Table 16 that the top five variables affecting export performance are introduction to novel drug delivery systems, availability of multiple dosage forms, legal restrictions of export markets, advertising in medical literature and transportation strategy. The rules governing the development and manufacturing of medicines are getting tighter. Both the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) now focus more heavily on risk management. The FDA is building an active surveillance system to monitor the safety of all medicines in the US Table 16: Descriptive Statistics 7. CONCLUSIONS
