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FINANCIAL PERFORMANCE AND SIZE DETERMINANTS: GROWTH TREND AND SIMILARITY ANALYSIS OF INDIAN PHARMACEUTICAL INDUSTRY
Corresponding Author(s) : Anis Ali
Humanities & Social Sciences Reviews,
Vol. 8 No. 4 (2020): July
Abstract
Purpose of the study: The purpose of the present study is to find out the growth trend, Similarity in financial performance, and co-movement, sensitivity, or governance of firms' size determinants on the profitability of Indian pharmaceutical companies.
Methodology: The analysis is based on ratio analysis, while Chain based index numbers are calculated to get the trend of financial performance and size determinants. Statistical tools, ANOVA, and coefficient of variations (CV) used to get the Similarity of profitability and Liquidity while Chain based index numbers are the base to calculate the movements of variables and Similarity.
Main Findings: The trend of profit measures growth governs the growth trend of the size measurements of the Indian pharmaceutical companies. The pharmaceuticals companies are utilizing their funds equally and total resources in the pharmaceuticals companies govern the operational profitability (EBIT), short term, and long term liquidity while it does not affect the short-term movement symmetry of the profitability and size determinants. There is no significant difference in short term movement or sensitivity of profitability and firms' size determinants of Indian pharmaceutical companies.
Applications of this study: The finding of the study implies that the funds invested in total resources enhance the profits while equal utilization of resources by selected pharmaceutical companies. So, this study recommends enhancing the investment in total resources to get increased amounts of profits.
Novelty/Originality of this study: This study is one of the few studies that measure the trend of Similarity and sensitivity of financial performance and size determinants of Indian pharmaceutical companies. In this process, it performs the trend, movement sensitivity, and financial performance similarity analysis using the index numbers of financial variables of Indian pharmaceutical companies.
Keywords
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- Ali, A. (2020). Working capital, profit and profitability: An absolute and relational study of selected leading Indian pharmaceutical firms. Accounting, 6(6), 951-960. https://doi.org/10.5267/j.ac.2020.8.001 DOI: https://doi.org/10.5267/j.ac.2020.8.001
- Ali. A., Haque, M.I. (2014). Ratio Analysis: A Comparative Study of National Petrochemicals Co. and Sahara Petrochemicals Co. of Saudi Arabia. International journal of management Academy, 2(4), 53-61. https://doi.org/10.1016/S1351-4210(14)70002-2 DOI: https://doi.org/10.1016/S1351-4210(14)70002-2
- Basak, R. (2019). Analysis of consistency in profitability: A study in the context of select Indian pharmaceutical companies. PIMT Journal of Research, 12(1)13-21.
- Bhunia, A. (2010). Financial Performance of Indian Pharmaceutical Industry A Case Study. Asian Journal of management research, 427-451.
- Bhunia, A., & Das, A. (2015). Underlying relationship between working capital management and profitability of pharmaceutical companies in India. American Journal of theoretical and applied business, 1(1), 27-36.
- Boldeanu, D. M., & Pugna, I. B. (2014). The analysis of the influence factors affecting the performance of pharmaceutical companies. Theoretical & Applied Economics, 21(7). 23-42.
- Brigham, E., & Ehrhardt, M. (2013). Financial management: theory & practice. Cengage Learning.
- Chowdhury, A. Y., Alam, M. Z., Sultana, S., & Hamid, M. K. (2018). Impact of working capital management on profitability: A case study on pharmaceutical companies of Bangladesh. Journal of Economics, Business and Management, 6(1), 27-35. ttps://doi.org/10.18178/joebm.2018.6.1.546 DOI: https://doi.org/10.18178/joebm.2018.6.1.546
- De Wet, J. H. V. H., & Du Toit, E. (2007). Return on Equity: A popular, but flawed measure of corporate financial performance. South African Journal of Business Management, 38(1), 59-69. https://doi.org/10.4102/sajbm.v38i1.578 DOI: https://doi.org/10.4102/sajbm.v38i1.578
- Dhanalakshmi, C.(2107). 'Growth of Indian Pharmaceutical Industry: An Overview'. S.K. International Journal of Multidisciplinary Research Hub, 4(12), 6-12. https://doi.org/10.17512/pjms.2017.15.1.22
- Ferdaous, J., & Rahman, M. M. (2017).The effects of research and development expenditure on firm performance: an examination of pharmaceuticals industry in Bangladesh. Business & Entrepreneurship Journal, 6(2), 1-20.
- Gibson, C. (2010). Financial reporting and analysis: Using financial accounting information. Cengage Learning.
- Gupta, K., Goel, S., & Bhatia, P. (2020). Intellectual Capital and Profitability: Evidence from Indian Pharmaceutical Sector. Vision, 24(2), 204-216. https://doi.org/10.1177/0972262920914108 DOI: https://doi.org/10.1177/0972262920914108
- Industry Report on Pharmaceutical Industry: India Brand Equity Foundation. (2020, June 14). Retrieved from https://www.ibef.org/industry/pharmaceutical-india.aspx
- Infographic on the Growth of Pharmaceutical Industry in India: India Brand Equity Foundation. (2020, June 14). Retrieved from https://www.ibef.org/industry/pharmaceutical-india/infographic
- Jaisinghani, D. (2016).Impact of R&D on profitability in the pharma sector: an empirical study from India. Journal of Asia Business Studies. 10(2), 194-210. https://doi.org/10.1108/JABS-03-2015-0031 DOI: https://doi.org/10.1108/JABS-03-2015-0031
- Johny, J., (2017). Profitability and Liquidity. Do they move together?. International Journal of Trend in Scientific Research and Development, 2(1), 1518-1522. https://doi.org/10.31142/ijtsrd8279 DOI: https://doi.org/10.31142/ijtsrd8279
- Kumar, S., Anjum, B., & Nayyar, S., (2012).Financing decisions: A study of pharmaceutical companies of India. International journal of marketing, financial services & management research. 1(1), 14-28.
- Kumar, S., Srivastava, P., Sinha, S. K., & Goyal, R. (2016). A Study of Financial Efficiency and Liquidity Position of Indian Pharmaceutical Industry Special Reference to Cipla Ltd. International Journal of Innovations in Engineering and Technology, 7(1), 702-711.
- Liesz, T. (2002). Really modified Du Pont analysis: Five ways to improve return on Equity. In Proceedings of the SBIDA Conference.
- Mahajan, V. (2020).Is productivity of Indian pharmaceutical industry affected with the introduction of product patent act?. Indian Growth and Development Review. 13(1), 227-258. https://doi.org/10.1108/IGDR-11-2018-0116 DOI: https://doi.org/10.1108/IGDR-11-2018-0116
- Mahajan, V., Nauriyal, D. K., & Singh, S. P. (2014). Efficiency and ranking of Indian pharmaceutical industry: does type of ownership matter?. Eurasian Journal of Business and Economics, 7(14), 29-50. https://doi.org/10.17015/ejbe.2014.014.02 DOI: https://doi.org/10.17015/ejbe.2014.014.02
- Mahajan, V., Nauriyal, D. K., & Singh, S. P. (2014). Technical efficiency analysis of the Indian drug and pharmaceutical industry. Benchmarking: An International Journal, 21(5), 734-755. https://doi.org/10.1108/BIJ-10-2012-0070 DOI: https://doi.org/10.1108/BIJ-10-2012-0070
- Mahajan, V., Nauriyal, D. K., & Singh, S. P. (2015). Trade performance and revealed comparative advantage of Indian pharmaceutical industry in new IPR regime. International Journal of Pharmaceutical and Healthcare Marketing. 9(1), 56-73. https://doi.org/10.1108/IJPHM-05-2013-0030 DOI: https://doi.org/10.1108/IJPHM-05-2013-0030
- Mayliza, C. S., Manurung, A. H., & Hutahayan, B. (2020). Analysis of The Effect of Financial Ratios to Probability Default of Indonesia's Coal Mining Company. Journal of Applied Finance and Banking, 10(5), 167-179.
- McLaney, E. J. (2006). Business finance: theory and practice. Pearson Education.
- Mehralian, G., Rajabzadeh, A., Sadeh, M. R., & Rasekh, H. R. (2012). Intellectual capital and corporate performance in Iranian pharmaceutical industry. Journal of intellectual capital, 13(1), 138-158. https://doi.org/10.1108/14691931211196259 DOI: https://doi.org/10.1108/14691931211196259
- Mondal, S.S., & Pingali, V., (2017). Competition and intellectual property policies in the Indian pharmaceutical sector. VIKALPA, 42(2), 61-79. https://doi.org/10.1177/0256090917704561 DOI: https://doi.org/10.1177/0256090917704561
- Narwal, K. Pal, Ramandeep (2014). The Relationship between Intellectual Capital and Financial Performance: An Empirical Study of Indian Pharmaceutical Industry. MERC Global's International Journal of Management, 2 (4), 151-169.
- Palanisamy, A., & Sengottaiyan, A. (2015). Analysis of Working Capital Position of Selected Pharmaceutical Companies in India. International Journal in Management & Social Science, 3(8), 97-106.
- Panigrahi, A.K. (2019). Analysis of Financial Performance: A Study of Selected Pharmaceutical Companies. Global management horizon, 8, 47-56.
- Panigrahi, C. M. A., Raul, N., & Gijare, C. (2018). Liquidity and Profitability Trade-off: A Study of Indian Pharmaceutical Companies. NMIMS Journal of Economics and Public Policy, 3(1). 42-56.
- Panigrahi, C. M. A., Sharma, R., & Dhande, H. (2018). Fundamental Analysis of Indian Pharmaceutical Companies. Global Management Horizon, 1-24. Available at SSRN: https://ssrn.com/abstract=3202129
- Ramya, A., Sekar, M. (2014). Study on Financial Analysis of Selected Indian Pharmaceutical Companies. Research Journali's Journal of Commerce, 2(5), 1-12.
- Rani, D. (2020). An analysis of the trends in Indian pharmaceutical trade. JAC : A Journal Of Composition Theory, 8(1), 724-734.
- Rentala, S., Anand, B., & Shaban, M. (2017). Institutional Reforms and Export Efficiency of Indian Pharmaceutical Industry-A Comparative Analysis of Transitory-TRIPS and Post-TRIPS Periods. TSM Business Review, 5(1). 1-27.
- Ross, S., Westerfield, R., Jaffe, J. & Jordan, B. (2008). Modern Financial Management. eighth edition, McGraw Hill, New York.
- Saravanan, S., & Prabhu, R. (2018). A Study on Financial Performance of Pharmaceutical Company. IJTSRD, 2(3), 1904-1907. https://doi.org/10.31142/ijtsrd11425 DOI: https://doi.org/10.31142/ijtsrd11425
- Sharma, C. (2012). R&D and firm performance: evidence from the Indian pharmaceutical industry. Journal of the Asia Pacific Economy, 17(2), 332-342. https://doi.org/10.1080/13547860.2012.668094 DOI: https://doi.org/10.1080/13547860.2012.668094
- Sharma, S., & Modgil, S. (2019).TQM, SCM and operational performance: an empirical study of Indian pharmaceutical industry. Business Process Management Journal, 26(1), 331-370. https://doi.org/10.1108/BPMJ-01-2018-0005 DOI: https://doi.org/10.1108/BPMJ-01-2018-0005
- Sheela, S. C., & Karthikeyan, K. (2012). Financial performance of pharmaceutical industry in India using Dupont analysis. European Journal of Business and Management, 4(14), 84-91.
- Shivdas, A., & Ray, S. (2017). Resource utilization by pharmaceutical companies in India: Emphasis on R&D, labor and capital. In 2017 International Conference on Data Management, Analytics and Innovation (ICDMAI), 19-23. https://doi.org/10.1109/ICDMAI.2017.8073479 DOI: https://doi.org/10.1109/ICDMAI.2017.8073479
- Sivakumar, K., Roy, S., Zhu, J., & Hanvanich, S. (2011). Global innovation generation and financial performance in business-to-business relationships: the case of cross-border alliances in the pharmaceutical industry. Journal of the Academy of Marketing Science, 39(5), 757-776. https://doi.org/10.1007/s11747-010-0229-y DOI: https://doi.org/10.1007/s11747-010-0229-y
- Smriti, N., & Das, N. (2017). Impact of intellectual capital on business performance: evidence from Indian pharmaceutical sector. Polish Journal of Management Studies, 15(1), 232-243. https://doi.org/10.17512/pjms.2017.15.1.22 DOI: https://doi.org/10.17512/pjms.2017.15.1.22
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- Srivastva, A. (2017).Diagnosing Inter Firm Profitability of Pharmaceutical Industry: An Empirical Analysis for India. IJCRR, 9(9), 32-36. https://doi.org/10.7324/IJCRR.2017.993236 DOI: https://doi.org/10.7324/IJCRR.2017.993236
- Sudershan, K., Muppani, V. R., Khan, M., & Ali, A. (2012). Foreign direct investment and export performance of pharmaceutical firms in India: An empirical approach. International Journal of Economics and Finance, 4(5), 216-226. https://doi.org/10.5539/ijef.v4n5p216 DOI: https://doi.org/10.5539/ijef.v4n5p216
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- Tannoury, M (2017). The influence of emerging markets on the pharmaceuticals industry. Current therapeutic research, 86, 19-22. https://doi.org/10.1016/j.curtheres.2017.04.005 DOI: https://doi.org/10.1016/j.curtheres.2017.04.005
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References
Ali, A. (2020). Working capital, profit and profitability: An absolute and relational study of selected leading Indian pharmaceutical firms. Accounting, 6(6), 951-960. https://doi.org/10.5267/j.ac.2020.8.001 DOI: https://doi.org/10.5267/j.ac.2020.8.001
Ali. A., Haque, M.I. (2014). Ratio Analysis: A Comparative Study of National Petrochemicals Co. and Sahara Petrochemicals Co. of Saudi Arabia. International journal of management Academy, 2(4), 53-61. https://doi.org/10.1016/S1351-4210(14)70002-2 DOI: https://doi.org/10.1016/S1351-4210(14)70002-2
Basak, R. (2019). Analysis of consistency in profitability: A study in the context of select Indian pharmaceutical companies. PIMT Journal of Research, 12(1)13-21.
Bhunia, A. (2010). Financial Performance of Indian Pharmaceutical Industry A Case Study. Asian Journal of management research, 427-451.
Bhunia, A., & Das, A. (2015). Underlying relationship between working capital management and profitability of pharmaceutical companies in India. American Journal of theoretical and applied business, 1(1), 27-36.
Boldeanu, D. M., & Pugna, I. B. (2014). The analysis of the influence factors affecting the performance of pharmaceutical companies. Theoretical & Applied Economics, 21(7). 23-42.
Brigham, E., & Ehrhardt, M. (2013). Financial management: theory & practice. Cengage Learning.
Chowdhury, A. Y., Alam, M. Z., Sultana, S., & Hamid, M. K. (2018). Impact of working capital management on profitability: A case study on pharmaceutical companies of Bangladesh. Journal of Economics, Business and Management, 6(1), 27-35. ttps://doi.org/10.18178/joebm.2018.6.1.546 DOI: https://doi.org/10.18178/joebm.2018.6.1.546
De Wet, J. H. V. H., & Du Toit, E. (2007). Return on Equity: A popular, but flawed measure of corporate financial performance. South African Journal of Business Management, 38(1), 59-69. https://doi.org/10.4102/sajbm.v38i1.578 DOI: https://doi.org/10.4102/sajbm.v38i1.578
Dhanalakshmi, C.(2107). 'Growth of Indian Pharmaceutical Industry: An Overview'. S.K. International Journal of Multidisciplinary Research Hub, 4(12), 6-12. https://doi.org/10.17512/pjms.2017.15.1.22
Ferdaous, J., & Rahman, M. M. (2017).The effects of research and development expenditure on firm performance: an examination of pharmaceuticals industry in Bangladesh. Business & Entrepreneurship Journal, 6(2), 1-20.
Gibson, C. (2010). Financial reporting and analysis: Using financial accounting information. Cengage Learning.
Gupta, K., Goel, S., & Bhatia, P. (2020). Intellectual Capital and Profitability: Evidence from Indian Pharmaceutical Sector. Vision, 24(2), 204-216. https://doi.org/10.1177/0972262920914108 DOI: https://doi.org/10.1177/0972262920914108
Industry Report on Pharmaceutical Industry: India Brand Equity Foundation. (2020, June 14). Retrieved from https://www.ibef.org/industry/pharmaceutical-india.aspx
Infographic on the Growth of Pharmaceutical Industry in India: India Brand Equity Foundation. (2020, June 14). Retrieved from https://www.ibef.org/industry/pharmaceutical-india/infographic
Jaisinghani, D. (2016).Impact of R&D on profitability in the pharma sector: an empirical study from India. Journal of Asia Business Studies. 10(2), 194-210. https://doi.org/10.1108/JABS-03-2015-0031 DOI: https://doi.org/10.1108/JABS-03-2015-0031
Johny, J., (2017). Profitability and Liquidity. Do they move together?. International Journal of Trend in Scientific Research and Development, 2(1), 1518-1522. https://doi.org/10.31142/ijtsrd8279 DOI: https://doi.org/10.31142/ijtsrd8279
Kumar, S., Anjum, B., & Nayyar, S., (2012).Financing decisions: A study of pharmaceutical companies of India. International journal of marketing, financial services & management research. 1(1), 14-28.
Kumar, S., Srivastava, P., Sinha, S. K., & Goyal, R. (2016). A Study of Financial Efficiency and Liquidity Position of Indian Pharmaceutical Industry Special Reference to Cipla Ltd. International Journal of Innovations in Engineering and Technology, 7(1), 702-711.
Liesz, T. (2002). Really modified Du Pont analysis: Five ways to improve return on Equity. In Proceedings of the SBIDA Conference.
Mahajan, V. (2020).Is productivity of Indian pharmaceutical industry affected with the introduction of product patent act?. Indian Growth and Development Review. 13(1), 227-258. https://doi.org/10.1108/IGDR-11-2018-0116 DOI: https://doi.org/10.1108/IGDR-11-2018-0116
Mahajan, V., Nauriyal, D. K., & Singh, S. P. (2014). Efficiency and ranking of Indian pharmaceutical industry: does type of ownership matter?. Eurasian Journal of Business and Economics, 7(14), 29-50. https://doi.org/10.17015/ejbe.2014.014.02 DOI: https://doi.org/10.17015/ejbe.2014.014.02
Mahajan, V., Nauriyal, D. K., & Singh, S. P. (2014). Technical efficiency analysis of the Indian drug and pharmaceutical industry. Benchmarking: An International Journal, 21(5), 734-755. https://doi.org/10.1108/BIJ-10-2012-0070 DOI: https://doi.org/10.1108/BIJ-10-2012-0070
Mahajan, V., Nauriyal, D. K., & Singh, S. P. (2015). Trade performance and revealed comparative advantage of Indian pharmaceutical industry in new IPR regime. International Journal of Pharmaceutical and Healthcare Marketing. 9(1), 56-73. https://doi.org/10.1108/IJPHM-05-2013-0030 DOI: https://doi.org/10.1108/IJPHM-05-2013-0030
Mayliza, C. S., Manurung, A. H., & Hutahayan, B. (2020). Analysis of The Effect of Financial Ratios to Probability Default of Indonesia's Coal Mining Company. Journal of Applied Finance and Banking, 10(5), 167-179.
McLaney, E. J. (2006). Business finance: theory and practice. Pearson Education.
Mehralian, G., Rajabzadeh, A., Sadeh, M. R., & Rasekh, H. R. (2012). Intellectual capital and corporate performance in Iranian pharmaceutical industry. Journal of intellectual capital, 13(1), 138-158. https://doi.org/10.1108/14691931211196259 DOI: https://doi.org/10.1108/14691931211196259
Mondal, S.S., & Pingali, V., (2017). Competition and intellectual property policies in the Indian pharmaceutical sector. VIKALPA, 42(2), 61-79. https://doi.org/10.1177/0256090917704561 DOI: https://doi.org/10.1177/0256090917704561
Narwal, K. Pal, Ramandeep (2014). The Relationship between Intellectual Capital and Financial Performance: An Empirical Study of Indian Pharmaceutical Industry. MERC Global's International Journal of Management, 2 (4), 151-169.
Palanisamy, A., & Sengottaiyan, A. (2015). Analysis of Working Capital Position of Selected Pharmaceutical Companies in India. International Journal in Management & Social Science, 3(8), 97-106.
Panigrahi, A.K. (2019). Analysis of Financial Performance: A Study of Selected Pharmaceutical Companies. Global management horizon, 8, 47-56.
Panigrahi, C. M. A., Raul, N., & Gijare, C. (2018). Liquidity and Profitability Trade-off: A Study of Indian Pharmaceutical Companies. NMIMS Journal of Economics and Public Policy, 3(1). 42-56.
Panigrahi, C. M. A., Sharma, R., & Dhande, H. (2018). Fundamental Analysis of Indian Pharmaceutical Companies. Global Management Horizon, 1-24. Available at SSRN: https://ssrn.com/abstract=3202129
Ramya, A., Sekar, M. (2014). Study on Financial Analysis of Selected Indian Pharmaceutical Companies. Research Journali's Journal of Commerce, 2(5), 1-12.
Rani, D. (2020). An analysis of the trends in Indian pharmaceutical trade. JAC : A Journal Of Composition Theory, 8(1), 724-734.
Rentala, S., Anand, B., & Shaban, M. (2017). Institutional Reforms and Export Efficiency of Indian Pharmaceutical Industry-A Comparative Analysis of Transitory-TRIPS and Post-TRIPS Periods. TSM Business Review, 5(1). 1-27.
Ross, S., Westerfield, R., Jaffe, J. & Jordan, B. (2008). Modern Financial Management. eighth edition, McGraw Hill, New York.
Saravanan, S., & Prabhu, R. (2018). A Study on Financial Performance of Pharmaceutical Company. IJTSRD, 2(3), 1904-1907. https://doi.org/10.31142/ijtsrd11425 DOI: https://doi.org/10.31142/ijtsrd11425
Sharma, C. (2012). R&D and firm performance: evidence from the Indian pharmaceutical industry. Journal of the Asia Pacific Economy, 17(2), 332-342. https://doi.org/10.1080/13547860.2012.668094 DOI: https://doi.org/10.1080/13547860.2012.668094
Sharma, S., & Modgil, S. (2019).TQM, SCM and operational performance: an empirical study of Indian pharmaceutical industry. Business Process Management Journal, 26(1), 331-370. https://doi.org/10.1108/BPMJ-01-2018-0005 DOI: https://doi.org/10.1108/BPMJ-01-2018-0005
Sheela, S. C., & Karthikeyan, K. (2012). Financial performance of pharmaceutical industry in India using Dupont analysis. European Journal of Business and Management, 4(14), 84-91.
Shivdas, A., & Ray, S. (2017). Resource utilization by pharmaceutical companies in India: Emphasis on R&D, labor and capital. In 2017 International Conference on Data Management, Analytics and Innovation (ICDMAI), 19-23. https://doi.org/10.1109/ICDMAI.2017.8073479 DOI: https://doi.org/10.1109/ICDMAI.2017.8073479
Sivakumar, K., Roy, S., Zhu, J., & Hanvanich, S. (2011). Global innovation generation and financial performance in business-to-business relationships: the case of cross-border alliances in the pharmaceutical industry. Journal of the Academy of Marketing Science, 39(5), 757-776. https://doi.org/10.1007/s11747-010-0229-y DOI: https://doi.org/10.1007/s11747-010-0229-y
Smriti, N., & Das, N. (2017). Impact of intellectual capital on business performance: evidence from Indian pharmaceutical sector. Polish Journal of Management Studies, 15(1), 232-243. https://doi.org/10.17512/pjms.2017.15.1.22 DOI: https://doi.org/10.17512/pjms.2017.15.1.22
Spathis, C., Doumpos, M., & Zopounidis, C. (2002). Detecting falsified financial statements: a comparative study using multicriteria analysis and multivariate statistical techniques. European Accounting Review, 11(3), 509-535. https://doi.org/10.1080/0963818022000000966 DOI: https://doi.org/10.1080/0963818022000000966
Srivastva, A. (2017).Diagnosing Inter Firm Profitability of Pharmaceutical Industry: An Empirical Analysis for India. IJCRR, 9(9), 32-36. https://doi.org/10.7324/IJCRR.2017.993236 DOI: https://doi.org/10.7324/IJCRR.2017.993236
Sudershan, K., Muppani, V. R., Khan, M., & Ali, A. (2012). Foreign direct investment and export performance of pharmaceutical firms in India: An empirical approach. International Journal of Economics and Finance, 4(5), 216-226. https://doi.org/10.5539/ijef.v4n5p216 DOI: https://doi.org/10.5539/ijef.v4n5p216
Swadia, B. U. (2018). A Comparative Study of Profitability of Selected Pharma Companies of India. Journal of Business Administration Research, 7(1), 27-31. https://doi.org/10.5430/jbar.v7n1p27 DOI: https://doi.org/10.5430/jbar.v7n1p27
Tannoury, M (2017). The influence of emerging markets on the pharmaceuticals industry. Current therapeutic research, 86, 19-22. https://doi.org/10.1016/j.curtheres.2017.04.005 DOI: https://doi.org/10.1016/j.curtheres.2017.04.005
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