View of A STUDY OF EXPORT BUSINESS OF INDIAN PHARMA SMES

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Vol.04, Issue 01, January 2019 Available Online: www.ajeee.co.in/index.php/AJEEE

1 A STUDY OF EXPORT BUSINESS OF INDIAN PHARMA SMES Neelam Shah

Ph.D. Scholar, Business Administration, Mohan Lal Sukhadia University, Udaipur (Raj.) 1 INDIAN PHARMACEUTICAL

INDUSTRY (IPI)

The Indian Pharmaceutical Industry is a highly uneven sector, with organized and unorganized units of various sizes. The top pharmaceutical companies about 20,000 registered units compete with each other on the basis of price and are affected by severe government price control. The size on the industry is very huge and scattered in fragments with 250 large units approx. an about 8000 small scale units which form the core of this industry in India. Th e industry also includes 5 public governed units. The operational cost of indian pharma companies is lowest around the globe due to supply of cheap factors of production.

This low production cost is the advantage

to us in the world. The cost of pharma production in India is approx. 60% less as compared to America and when compared to EU it is just half.

This cost advantage gives an upper age to the industry and is the main determinant of increase in pharma exports from India. Almost 50 percent of revenue is derived from exports and America is the largest importer of Indian pharma products accounting for almost 41 percentage of estimated exports. The other major buyers of Indian pharma products are Europe (19.7%), Africa (19.1%), and Other Asian countries (18.8%) This has given rise to the increasing revenue to the economy with growing export contribution. India derives USD 16.8 billion in 2016-17.

Source: CARE,CMIE

Please refer below for the structure of the IPI 1.1 Forthcoming Trends Outlook

The government wants to control the prices of the pharma drugs to regulate the demand and supply conditions and insure the availability of the products at proper Rates. This can be done only by having a control on the prices and to minimize the adverse factors affecting it.

The continuous growth of the industry has in impact on the local and global

market and it is backed by availability of medicines for chronic disease and innovations in the product development.

The rate of growth of the industry

depends upon the changing lifestyle of the

people, increasing purchasing power,

health insurance, awareness about health

care facilities and improvement in access

to service providers. The Indian generic

medicines in the global market spacing

high competition from other foreign

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2 countries and the increasing pressure of new drug approvals.

2 REVIEW OF LITERATURE

Kaviraj Singh (2004) in his paper Basic of Patent Law India has discussed the development of Indian Patent Laws, Patentable, not patentable Inventions under the Patents Act 1970 and the Patent Application Process under the Act.

Saji (2004) centers around multinationals from everywhere throughout the world are accelerating the pace of their immediate interests in abroad R&D and strategic partnerships.

Already, organizations extended their R&D operations overseas basically to help nearby assembling and showcasing activities.

However, now, organizations are making abroad ventures to supplement their domestic research, innovation, and item portfolios. They are integrating their local and abroad R&D offices into worldwide R&D networks there by accomplishing cost decreases and value points of interest.

Buckley (2003) centers around the Need to Develop Responsible Marketing Practice in the Pharmaceutical Sector. This paper distinguishes and discusses current advertising practice in the pharmaceutical segment, as it relates to therapeutic pharmaceuticals. It looks at the potential dangers related withcertain promoting rehearses, for example, the effect of deceiving publicizing andthe probability of infection mongering. The techniques presently used to regulate industry advancement practice are studied and recommendations are made for improvements, including a move from industry self-control to an independently observed code of training for pharmaceutical showcasing.

3 RESEARCH METHODOLOGY 3.1 Objectives of the Study

The proposed research will help to understand the effect and extent of importance of critical factors like investment on regulatory compliances and capabilities development, infrastructural standards, technical knowhow, F&D and/or R&D capabilities, marketing and business development strength as well as financial position of company on export business growth in

Indian pharma SME‟s. the study is undertaken with following objectives:

1. To identify significant factor affecting export of Indian pharma SME‟s.

2. To calculate the extent or weightage of various factors identified as determinant of export business of Indian pharma SME‟s.

3.2 Research Design

1. A research design is a framework or blueprint for conducting the research. It details the procedure necessary for obtaining the information needed to structure or solve the research problem.

2. The research design used by the researcher is in accordance with the exploratory study requirements. As such, it covers the type of data collected, the methodology of data collection and the various statistical tools and techniques used for analysis of data and hypotheses - testing.

3. Being an exploratory study, it is based on primary data collected by the researcher through well designed, structured and comprehensive questionnaire developed in view of the theoretical literature and existing research findings, personal interview and discussions.

4. A descriptive research design was used to conduct the study of export business of Indian pharma SME‟s.

For the purpose of analysis, the researcher used Factor Analysis, ANOVA Test and Chi-square Test.

4 DATA ANALYSIS AND

INTERPRETATION

 Conceptual Model of Determinants of Export Performance of Pharma SMEs:

 Based on the theoretical framework it

is seen that the export performance

of pharma SMEs depends upon both

internal and external factors. The

research proposed a theoretical

model of the export performance of

SMEs, the dependent variable with

the factors that affects the export

performance- the independent

variable. This model is empirically

tested by applying multiple

regression analysis.

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116 The primary data collected was analyzed with the help of tables graphs, descriptive statistics and test like chi square, ANOVA and regression. First part of the chapter includes the demographic details of the

respondents where the sample has been classified on the basis of various socio demographic variable like age, gender, and so on.

Table 1: Gender of Respondents

Gender of Respondents Frequency Percentage

Male 178 71.20%

Female 72 28.80%

Total 250 100.00%

Fig 1: Gender of Respondents

The sampled respondents are segregated on the basis of gender. The table above shows that out of 250 respondents 178 i.e. 71.2% of them are males and rest are females.

Export Perfor

manc e of Pharm

a

SME’s

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4 Table 2: Age Group of Respondents

Age Group of Respondents Frequency Percentage

Less than 20 4 1.60%

20-30 87 34.80%

30-40 118 47.20%

More than 40 41 16.40%

Total 250 100.00%

Fig 2: Age Group of Respondents The respondents are classified on the

basis of age in the category of years Less than 20, 20-30, 30-40 and More than 40. In which the data reveals that maximum respondents 118

(47.2%) are belongings of the age group of 30-40 yrs. And minimum (1.6%) of them are having age less than 20 yrs.

Table 3: Highest Level of Education

Highest Level Of Education Frequency Percentage

Below Graduate 21 8.40%

Graduate 49 19.60%

Post Graduate 110 44.00%

Professional Courses 55 22.00%

Other 15 6.00%

Total 250 100.00%

Fig 3: Highest Level of Education

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6 The classification of respondents on the basis of their level of education is shown in the above table. Maximum respondents 110 (44%) are having graduate degree and 53 (22%) are qualified professionally. About 49 (19.6%) are graduates and 21 (8.4%) are having below graduations their education status. Some of them 15 (6.0%) are having other category of education in their highest level of education.

Table 4: Number of years in export business

Number of years Frequency Percentage

Less than 2 years 59 23.60%

3 years 44 17.60%

4 years 43 17.20%

5 years 11 4.40%

Over 5 years 93 37.20%

Total 250 100.00%

Fig 4: Number of years of doing export business The data related to number of years of

their operation of the pharma companies reveals that maximum 93 (37.2%) of firms have more than 5 years of operation and 59 firms are in

operation from less than 2 years.

Almost equal number of firm‟si.e.

17% have a span of operation of 3 or 4 years.

Table 5: Number of employees

Number of employees Frequency Percentage

Less than 10 34 13.60%

10-20 74 29.60%

20-30 43 17.20%

30-40 69 27.60%

More than 40 30 12.00%

Total 250 100.00%

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7 Fig 5: Number of employees

The number of employees working in the firms are divide into 5 groups viz. Less than 10, 10-20, 20-30, 30-40 and More than 40and it was found that maximum 74 firms which is almost 30% are having 10-20 employees working in their company. Only 30 firms i.e. about 12% were having more than 40 employees.

Table 6: Have You Registered Your Business?

Have You Registered Your

Business? Frequency Percentage

Yes 198 79.20%

No 52 20.80%

Total 250 100.00%

Fig 6: Have You Registered Your Business

The response regarding compliances of regulations of the business is shown in the

above table. Almost 80% of the companies have registered their business with some

registration authority and only 20% of them are running them business without any

proper authenticated registration.

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8 Table 7: Legal status of your Business

Legal status of your Business Frequency Percentage Limited Liability Company 64 25.60%

Sole Proprietorship 99 39.60%

Limited by Guarantee 43 17.20%

Partnership 44 17.60%

Total 250 100.00%

Fig 7: Legal status of your Business The above mentioned factors are the

most prominent ones in determining the export performance of the pharma SMEs.

The lowest mean value is scored by the factor Management and labor relations.

All the 26 factors and their relative

importance is shown by individual graphs

which represent the level of importance of

each factor and its impact on the export

performance of the pharma SMEs

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8 4.1 Multiple Regression Analysis

The coefficient of determination (R

²

) is used to measure how far the regression model is able to explain the variation of the independent variables.

4.2 The coefficient of determination

a. Predictors (Constant) Internal and External Factors b. Dependent variable Export Performance

The data showed that a high adjusted R- Sq. is 0.702which shows that the independent variable under the study were able to explain 70.2% variations in the performance of SMEs. While the remaining 29.8% is explained by variables or other aspect outside the model.

The result of multiple regression analysis obtained Regression coefficient t- value and significance level as shown in table.

Null Hypothesis: The export performance is not affected by both internal and external factors.

4.3 Multiple Regression Analysis Result

Coefficient

Model Unstandardized Coefficient Standardized Coefficient

Beta t Sig.

B Standard Error

Constant 3720 1840 1,224

X_IF ,072 ,129 ,062 3,225 0.000

X_EF ,275 ,083 ,406 ,640 0.002

a. Dependent variable Export Performance Based on the level of significance obtained fromthe above given table it can be seen that the p-value is less than level of significance 5%(0.05)that is p-value 0.000 and 0.002 for internal factor and external factor is less than 0.05 which means that the test is significant and we can reject the null hypothesis which stated that the export performance is not affected by both internal and external factors. So it can be concluded that the export

performance od pharma SMEs is affected by both internal and external factors 4.4 ANOVA (F-test)

F-test is done to test the effect of independent variables on dependent variable that is export performance simultaneously. F statistics test basically shows whether all the independent variable included in the model are jointly influencing the dependent variable under study.

Model R R Square Adjusted square Std. Error

1 0.8449 0.714 0.702 1.12

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10 Internal and external factors do

not affect dependent variable simultaneously.

ANOVA

^a

Model Sum of Sq Df Mean Sq F Sig Regression 82,880 4 23,221 0.000

^b

Residual 61,101 30 1010

Total 143981 34

a. Dependent variable b. Predictors

Based on the results of the ANOVA test or F-test in above table with level of significance 5%, the obtained result shows that p-value is less than 0.05 which is significant and it can be stated that the independent variables affect the dependent variable simultaneously which statistically rejects the null hypothesis.

Table 15: Statements Related To Achievements of Company during the Past Five Years

S. No

Determinants Strongly

Agree Agree Neutral Disagree Strongly

Disagree

Total a.

Development new

products 45 52 92 29 32

250 b.

Up gradation of

technologies 69 41 74 52 14

250 c.

Development of new business processes

59 62 82 10 37

250 d.

Sales growth 69 50 91 20 20

250 e.

Growth in Profit 97 18 85 18 32

250 f.

Innovation in product

48 37 24 87 44

250 g.

Modernization in Marketing Strategies

57 45 21 50 77

250 h.

Expansion to new export markets

27 89 41 58 35

250 i. Increase in export turnover

37 49 63 54 47 250

Fig: Statements Related To Achievements of Company during the Past Five Years

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11 The main four achievements reported by maximum firms in the strongly agree category are Growth in Profit, Sales growth, the main achievements reported by maximum firms in agree category is Expansion to new export markets

Table 16: Major Problems Affecting the Export of Company

S. No Determinants Yes No Total

a. Handicap in obtaining finance 67 183 250

b. High cost of credit 192 58 250

c. Limited access to funds 211 39 250

d. Inadequate infrastructure (e.g.

electricity and water)

143 107 250

e. Problems of policies, incentives and operating environment

92 158 250

f. Problems of dumping of cheap foreign products

145 105 250

g. Limited management and Entrepreneurial Skills

187 63 250

h. Limited access to market 44 206 250

i. Inadequate support from Government

79 171 250

j. Shortage of raw materials and other inputs

87 163 250

k. All the above 67 183 250

Fig Major Problems Affecting the Export of Compan

HYPOTHESIS TESTING

Null Hypothesis: the export business of Indian pharma SMEs is not in dependent of the

investment on development of technical know-how through R & D capabilities. Alternate

Hypothesis: the export business of Indian pharma SMEs is independent of the investment

on development of technical know-how through R & D capabilities.

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11 Table 17: Cross Ta

The above table explains the investment done by various firms under study which is categorized as high, medium and low and the number of years of doing export business.

108 firms out of 250 have high investment on technical know –how and research and development and out of which 42 firms are doing exports from more than 5 years

Table

Chi square test result

Calculated value Tabular value Df Significance level Accepted/Rejected

0.7933 12.592 6 5% Ho accepted

The above hypothesis was tested by applying chi sq test. The results are shown in the table. The calculated value is found to be 0.7993 is smaller than the tabular value at 6 degree of freedom and 5% level of significance.

So the null hypothesis is accepted which can be concluded as the export business of Indian pharma SMEs is not independent of the investment on development of technical know-how through R & D capabilities. It is

statistically proven that export performance and investment in research and development are associated with each other.

Null Hypothesis: the export performance of the pharma SMEs is not independent of the regulatory compliances

Alternate Hypothesis: the export performance of the pharma SMEs is independent of the regulatory compliances

Table 18: Cross Tab 2

Export Performance

Compliances

of Regulations Productivity Goodwill Quality Revenue Total

Yes 44 44 38 72 198

No 10 6 12 24 52

TOTAL 54 50 50 96 250

The above table shows the effect of compliance on export performance of the business, out of 250 respondents 198 said that they comply with the regulations and only 52 said that they do not follow the legal laws. The cross tabs shows the effect of compliance on the four parameters of export performance of the firms out of 250, maximum 96 said that increase in revenue is the main factor of performance and out of which 72 firms comply with the legal regulations

Investment on technical knowhow Number of years of doing

export business High Medium Low Total

Less than 2 years 24 12 23 59

3 years 21 11 12 44

4 years 17 10 16 43

5 years 4 3 4 11

Over 5 years 42 37 14 93

TOTAL 108 73 69 250

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11 Hypothesis Testing.

Chi square test result

Calculated value Tabular value Df Significance Level Accepted/Rejected

0.7258 7.815 3 5% Ho accepted

The calculated value of chi square is 0.7258 which is smaller than the tabular value 7.815 at 3 degree of freedom and 5% level of significance. Thus it shows that the null hypothesis is accepted which states and proves the export performance of the pharma SMEs is not independent of the regulatory compliances and so it has an important linkage in improving the performance of the firms. The compliance of legal guidelines and regulatory framework is an essential determinant of export performance.

5 CONCLUSION

Overall, the effect of export performance on the pharma SME‟s was studied on four parameters viz. Increases Productivity, Improves Goodwill, Improves Quality and Increases Revenue. the study concludes among other things that males and the youth dominate the workforce of SMEs in the pharmaceutical industry and they lack managerial and entrepreneurship skills and technical competence that has led to slow growth performance. Themain problem is limited access to funds and the second most trouble is high cost of credit.

Next biggest problem is limited management and technical skills which also hampers the export performance of the pharma SMEs.The study also revealed that the government and other support institutionshave failed to sustain the growth of SMEs in the pharmaceutical industry. It was also exposed that SMEs in pharmaceutical industry are facing extremerivalry from the imported and dumped inferior pharmaceutical products. It is highlighted that the most of the SMEs do not get access to financial assistance from the financial institutions since access to tribute has become one of the major confront to expansion of export performance of SMEs in the pharmaceutical industry. The review of existing literature has underlined numerous factors that could impact on the export performance of SMEs. These determinants can be internal (characteristics, management, innovation and export strategy) or external, i.e.

related to all what is around the firm (the industry and to a larger extent the

environment). Varied theoretical frameworks explain the relationships between all these determinants and the export performance. The statistical analysis does not facilitate the solutions to many issues which is fulfilled by the literature review. The role played by export commitment and export orientation in the export success is clearly identified. Finally, the link between the export strategy and export performance is still vague and needs to be focused on, especially in the case of SMEs.

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