Understanding Strategic Mindset of Pharmaceutical Companies in India

Abstract

Corporate strategy is used as a way to identify new rules and modifying existing rules of doing business. The present paper first discusses the concept of corporate strategy and various approaches followed by the organizations for strategy making. Properly recognized strategic processes help not only in improving the existing strategies but also in identifying the new ventures to enter. The objective of the present study is to understand the strategic mindset of the pharmaceutical companies operating in India and the extent to which they have succeeded in implementing the concept of corporate strategy using the literature on strategy formulation that describes various strategy-making modes as strategic mindsets. The study used a survey approach for data collection on a 7-point Likert Scale. The results of the study indicate that in the Indian pharmaceutical companies strategic outcomes are a result of an ad- hoc approach across various planning mindsets rather than an outcome of strategic management approaches.