Prelims

Chandrima Chakraborty (Vidyasagar University, India)

Dipyaman Pal (Bethune College, India)

Performance Analysis of the Indian Pharmaceutical Industry: A Global Outlook

ISBN: 978-1-83797-744-4, eISBN: 978-1-83797-743-7

Publication date: 3 February 2025

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Citation

Chakraborty, C. and Pal, D. (2025), "Prelims", Performance Analysis of the Indian Pharmaceutical Industry: A Global Outlook, Emerald Publishing Limited, Leeds, pp. i-xxv. https://doi.org/10.1108/978-1-83797-743-720251013

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Emerald Publishing Limited

Half Title Page

Performance Analysis of the Indian Pharmaceutical Industry

Title Page

Performance Analysis of the Indian Pharmaceutical Industry: A Global Outlook

By

Chandrima Chakraborty

Vidyasagar University, India

and

Dipyaman Pal

Bethune College, India

United Kingdom – North America – Japan – India – Malaysia – China

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Emerald Publishing Limited

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First edition 2025

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ISBN: 978-1-83797-744-4 (Print)

ISBN: 978-1-83797-743-7 (Online)

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Dedication Page

This book is dedicated to our Parents and daughter SHRINIKA

List of Figures and Tables	xi
List of Abbreviations	xiii
About the Authors	xv
About the Foreword Author	xvii
Foreword	xix
Preface	xxi
Acknowledgments	xxv
Chapter 1: Introduction and the Relevance of the Study	1
1.1 Introduction	1
1.2 Objectives of the Present Study	3
1.3 The Structure of the Present Study	5
Chapter 2: Survey of Literature	9
2.1 Introduction	9
2.2 Survey of Literature	10
2.2.1 Econometric Theoretical Literature on Efficiency and Productivity	10
2.2.1.A Econometric Theoretical Literature on Technical Efficiency	10
2.2.1.A.1 Parametric Approach: Stochastic Frontier Production Function Approach.	10
2.2.1.A.2 Non-Parametric Approach: Data Envelopment Analysis.	13
2.2.1.B Econometric Theoretical Literature on Total Factor Productivity Growth (TFPG)	15
2.2.1.B.1 Measurement of TFPG Using Growth Accounting Approach.	17
2.2.1.B.2 Measurement of TFPG using Parametric Approach, i.e. by Estimating Production Function or Cost Function	18
2.2.1.B.3 Non Parametric Approach of Data Envelopment Analysis (DEA).	19
2.2.2 Studies on Performance of the Pharmaceutical Industries in the Indian Context	20
2.2.2.1 Studies on Efficiency in the Indian Pharmaceutical Industry (IPI).	20
2.2.2.2 Studies on Productivity in the IPI	22
2.2.2.3 Other Studies on the IPI	26
2.2.3 Studies on Performance of the Pharmaceutical Industries in the International Context (Other than India)	36
2.3 Conclusion	48
Chapter 3: Analysis of Efficiency and Total Factor Productivity Growth of Indian Pharmaceutical Industry Using Firm-Level Data	51
3.1 Introduction	52
3.2 Methodology and Data	58
3.2.1 Methodology of Estimating TE and Determining Factors of TE	58
3.2.1.1 Measurement of Efficiency	58
3.2.1.2 Panel Regression	59
3.2.2 Methodology of Estimating TFPG and Determining Factors of TFPG	61
3.2.2.1 Biennial Malmquist Index (BMI) of Productivity	61
3.2.2.2 Methodology for Determining the Factors Affecting Change in TFP	63
3.2.3 Methodology of Panel Structural Break	65
3.2.3.1 Testing the Presence of Unit Root	65
3.2.3.2 Methodology for Panel Unit Root Test	67
3.2.3.3 Methodology for Testing the Unit Root Under the Presence of Structural Break	68
3.2.3.4 Methodology for Testing the Presence of Multiple Structural Break	70
3.2.3.5 Methodology for Panel Structural Break	73
3.2.4 Data	75
3.3 Results of Estimation of TE, TFPG and Panel Structural Break	75
3.3.1 Estimated Results of TE and Determinants of TE	75
3.3.2 Estimated Results of TFPG and Determinants of TFPG	80
3.3.3 Results of Panel Structural Break Analysis	84
3.4 Conclusion	87
Chapter 4: Analysis of Efficiency and Total Factor Productivity Growth of Indian Pharmaceutical Industry Using State-Level Data	89
4.1 Introduction	89
4.2 Data and Methodology	91
4.2.1 Methodology	91
4.2.1.A Analysis of Efficiency of the IPI Using State-Level Data	92
4.2.1.B Analysis of TFPG of IPI Using State-Level Data and Determinants of TFPG	94
4.2.2 Data	98
4.3 Result of Estimation	98
4.3.1 Results of TE of Indian States	99
4.3.2 Results of TFPG of Indian States	100
4.4 Conclusion	107
Chapter 5: Total Factor Productivity Convergence in Pharmaceutical Industry Across Indian States	109
5.1 Introduction	110
5.2 Methodology and Data Source	112
5.2.1 Methodology	112
5.2.1.1 Methodology for Estimation of TFP	112
5.2.1.2 Methodology for Studying Convergence of TFPG	112
5.2.1.2.1 Tests for Absolute Convergence (Sigma Convergence)	112
5.2.1.2.2 Tests for Beta Convergence	113
5.2.2 The Data	115
5.3 Empirical Findings	115
5.3.1 Results of Estimation of TFP	115
5.3.2 Results on Tests of Convergence	116
5.3.2.1 Findings on Sigma Convergence	116
5.3.2.2 Findings on Beta Convergence	116
5.3.2.2.1 Results of Panel Unit Root Tests.	116
5.3.2.2.2 Results of Dynamic Panel Model Estimation	117
5.3.2.2.3 Results of System Dynamic Panel Data Estimation	117
5.4 Conclusion	117
Chapter 6: Moving Towards a Growing Indian Pharmaceutical Industry	119
6.1 Introduction	120
6.2 Methodology and Data Source	122
6.2.1 Methodology	122
6.2.2 Data Source	124
6.3 Results of Analysis	125
6.4 Conclusion	128
Chapter 7: Position of Indian Pharmaceutical Industry in the Global Economy	131
7.1 Introduction	131
7.2 Methodology and Data	135
7.2.1 Empirical Procedures of Country-Level Analysis of Pharmaceutical Industry	135
7.2.2 Data	136
7.3 Results of Estimation	137
7.3.1 Results of Growth	137
7.3.2 Results of Panel Structural Break Analysis	140
7.4 Conclusion	144
Chapter 8: Summary and Overall Conclusion	147
8.1 Introduction	147
8.2 Policy Suggestions	160
8.3 Limitations of the Study	160
Appendix 1: Panel Analysis: Fixed and Random Effect Model	161
Appendix 2: Computation of State-Level Data on Export and Import	165
Appendix 3: Measurement of Different Variables	167
Appendix 4: Perpetual Inventory Accumulation Method (PIAM)	169
References and Further Reading	171
Index	213

List of Figures and Tables

Figures

Figure 2.1	Input- and Output-Oriented Measures of Technical Efficiency	14
Figure 2.2	Measurement of TFPG	16
Figure 3.1	Mean TE of Firms	76
Figure 3.2	Mean TFPG of Firms	80
Figure 3.3	Mean TE and TFPG of Firms	86
Figure 4.1	Mean Efficiency Statewise	100
Figure 4.2	Mean TFPG Statewise	103
Figure 7.1	Growth of Export	139
Figure 7.2	Growth of Imports	139
Figure 7.3	Growth of Output	140

Tables

Table 3.1	Average Efficiency for Different Periods	76
Table 3.2	Overall Picture of Efficiency	76
Table 3.3	Estimated Results of Determinants by Panel Regression Taking TE as Dependent Variable	77
Table 3.4	Estimated Results of Determinants by Panel Regression Taking NXI as Dependent Variable	78
Table 3.5	Estimated Results of Determinants by Panel Regression Taking RDI as Dependent Variable	78
Table 3.6	Average Annual Rates of TFP Changes	80
Table 3.7	Decomposition of TFPG	81
Table 3.8	Estimated Results of Determinants by Panel Regression Taking TFPG as Dependent Variable	82
Table 3.9	Estimated Results of Determinants by Panel Regression Taking NXI as Dependent Variable	82
Table 3.10	Estimated Results of Determinants by Panel Regression Taking RDI as Dependent Variable	83
Table 3.11	Results of Panel Structural Break Analysis in TFPG at Firm Level	85
Table 3.12	Determinants of TE and TFPG of Pharmaceutical Firms in India	86
Table 4.1	Estimated values of TE	99
Table 4.2	Estimated Results of Simultaneous Equation Model: The Case of TE Equation	101
Table 4.3	Estimated Results of Simultaneous Equation Model: The Case of Net Export Intensity Equation	102
Table 4.4	Results of Estimated values of TFPG	102
Table 4.5	Estimated Results of Simultaneous Equation Model: The Case of TFPG Equation.	104
Table 4.6	Estimated Results of Simultaneous Equation Model: The Case of Market Share Equation	104
Table 4.7	Estimated Results of Simultaneous Equation Model: The Case of Net Export Intensity Equation	105
Table 4.8	Results of Panel Structural Break in TFPG at State Level	106
Table 5.1	Result of Trend Equation of SD	116
Table 5.2	Result of Trend Equation of COV	116
Table 5.3	Results of Panel Unit Root Test	116
Table 5.4	Results of Arellano-Bond Dynamic Panel Data Estimation	117
Table 5.5	Results of System Dynamic Panel-Data Estimation	117
Table 6.1	Endogenous Structural Break Analysis in All India for Different Variables of IPI	126
Table 7.1	Growth of Export, Import and Output of Different Countries	137
Table 7.2	Position of Different Countries in terms of Export, Import and Production	138
Table 7.3	Panel Structural Break Analysis Results in Case of Output	141
Table 7.4	Panel Structural Break Analysis Results in Case of Export	141
Table 7.5	Panel Structural Break Analysis Results in Case of Import	143

List of Abbreviations

(X-M)/Y	Net Export Intensity
2SLS	Two-Stage Least Square Method
AAGR	Average Annual Growth Rate
AE	Allocative Efficiency
AEMPS	Spanish Agency of Medicines and Medical Devices
AI	Advertisement Intensity
AIFA	Regulatory Framework of The Italian Medicines Agency
API	Active Pharmaceutical Ingredients
ASI	Annual Survey of Industries
BCC	Banker, Charnes, and Coope
BMI	Biennial Malmquist Index
CAGR	Compound Annual Growth Rate
CMIE	Centre for Monitoring Indian Economy
CRS	Constant Return to Scale
CSO	Chief Science Officer
D	Dummy Variable
DEA	Data Envelopment Analysis
DGCI&S	Directorate General of Commercial Intelligence and Statistics
DMU	Decision Making Units
E/L	Employee Per Production Worker / Composition of Work Force
EMA	European Medicines Agency
EU	European Union
FDA	Food and Drug Administration
FDI	Foreign Direct Investment
FGLR	Färe, Grosskopf, Lindgren and Roos
FGNZ	Färe, Grosskopf, Norris and Zhang
GAA	Growth Accounting Approach
GRM	Grand Mean
HFG	High Growth Firms
IDX	Indonesia Stock Exchange
IPI	Indian Pharmaceutical Industry
IPR	Intellectual Property Rights
K/L	Capital Per Production Worker/ Degree of Mechanisation
MF	Intermediate Inputs/ Firm Size
MFDS	Ministry of Food and Drug Safety
MI	Marketing Intensity
MLE	Maximum Likelihood Estimation
MNCS	Multinational Corporations
MOH	Ministry of Health
MPI	Malmquist Productivity Index
MS	Market Share
NHS	National Health Services
NXI	Net Export Intensity
OFDI	Outwards Foreign Direct Investment
PIAM	Perpetual Inventory Accumulation Method
PRC	People’s Republic of China
R&D / R AND D	Research and Development
RBI	Reserve Bank of India
RDI	Research and Development Intensity
REER	Real Effective Exchange Rate
SEC	Scale Efficiency Change
SFA	Stochastic Frontier Analysis
SUR	Seemingly Unrelated Regression
SUS	Sistema Único De Saúde
TC	Technical Change
TE	Technical Efficiency
TEC	Technical Efficiency Change
TFP	Total Factor Productivity
TFPG	Total Factor Productivity Growth
TRIPS	Trade-Related Aspects of Intellectual Property Rights
VRS	Variable Returns to Scale
W	Real Wage Rate
WTO	World Trade Organisation
YOY	Year to Year Growth Rate

About the Authors

Chandrima Chakraborty is currently serving as an Assistant Professor in the Department of Economics, Vidyasagar University in West Bengal, India. Dr Chakraborty did her Post graduation in Economics from the University of Calcutta, India and then she obtained her M.Phil. degree and Ph.D. degree in Economics from Jadavpur University, India. Her major areas of academic interest include industrial growth, productivity and efficiency. She is also interested in environmental economics, gender issues, agricultural economics as well as health and economics of education.

Dipyaman Pal is presently serving as an Associate Professor in the Department of Economics, Bethune College, West Bengal, India. Dr Pal did his Post graduation, M.Phil. degree and Ph.D. degree in Economics from Jadavpur University, India. His major areas of academic interest include agricultural growth, productivity, volatility and efficiency. He is also interested in environmental economics and gender issues.

About the Foreword Author

Bishwanath Goldar is a retired Professor of Economics of Institute of Economic Growth (IEG), Delhi. He was a member of the National Statistical Commission and a National Fellow of the Indian Council of Social Science Research. He was a Professor at the ICRIER, during 2003–2004 and a Visiting Professor at the Centre for International Trade and Development, School of International Studies, Jawaharlal Nehru University, during 2012–2013. He is currently a Non-Resident Senior Fellow at the IEG. His areas of research interest include productivity measurement, industry, trade, foreign direct investment, energy use of industries, river water pollution, and rural water supply.

Foreword

India’s pharmaceutical industry is one of the most important industries in the manufacturing sector. It is a high-technology industry, contributing significantly to India’s merchandise exports. In contrast to petroleum refining, which is also a significant contributor to India’s merchandise exports, manufacturing of pharmaceuticals is much more job-creating. The ratio of employment to fixed capital stock in the pharmaceutical industry is about 19 times that of petroleum refining. This ratio in the pharmaceuticals industry exceeds that in manufacturing computers, another important high-tech industry, and is about half of that in textiles, a highly labour-intensive industry.

In India’s pursuit of becoming a developed country by 2047, a manufacturing-led growth strategy is at the heart of the development efforts. The expansion of India’s pharmaceutical industry, alongside significant increases in pharmaceutical product exports, will play a crucial role in India’s growth process in the next 25 years. According to Economic Survey, 2021, India’s domestic pharmaceuticals market is expected to grow from about US$ 41 billion in 2021 to about US$ 130 billion by 2030. Enhancing the competitiveness of India’s pharmaceuticals industry is essential for sustaining rapid growth, and a study of the efficiency and productivity of the industry, as done in this book, thus assumes great significance.

There are many challenges facing the Indian pharmaceutical industry. There is significant spending on research and development (R&D), but R&D intensity is relatively low compared to international standards. The number of patent applications in pharmaceuticals made with the Indian patent office increased from 2,741 in 2017–2018 to 5,622 in 2019–2020, and the number of patents granted in this area rose from 733 in 2017–2018 to 3,317 in 2021–2022. While there was a setback to the process of pharmaceutical patent applications in the years affected by the COVID-19 pandemic, the upward trend has probably resumed in the post-pandemic era.

India can produce low-cost generic medicine and provide it to the world, and it is recognised as a strategic partner in the drug discovery value chain. India has about 1,400 World Health Organization Good Manufacturing Practices (WHO-GMP)-approved pharmaceutical plants and about 250 European Directorate of Quality Medicines (EDQM) approved plants with modern state-of-the-art technology. However, many relatively small pharmaceutical plants have not been able to implement WHO-GMP. There is a problem of getting employees with requisite talent and skills, and the pharmaceutical industry is affected by a relatively high attrition rate. This factor has an impact on the efficiency and productivity of Indian pharmaceutical firms.

The book contains an excellent, careful analysis of the technical efficiency and productivity of Indian pharmaceutical firms using sophisticated econometric methodology. By examining several vital issues, the book enhanced our understanding of the performance of the Indian pharmaceutical industry and what is needed for performance improvement. Some of the interesting questions examined in the book include the impact of the product patent regime on firm performance and the state-wise differences in the productivity performance of pharmaceutical firms. The book will be of immense value to policymakers, industry experts and scholars. Post-graduate students and researchers will find the empirical applications of efficiency and total factor productivity measurement methodologies useful for their studies.

Bishwanath Goldar

Non-Resident Senior Fellow

Institute of Economic Growth, Delhi

Preface

Pharmaceutical industries have been a favourite sector for policy makers and academicians in both developed and developing countries. Indian pharmaceutical industry (IPI) is the major source of low-cost, quality drugs in the global market. It is imperative to assess its performance.

IPI has developed currently as the active as well as most eminent one, worthy of special consideration. IPI has emerged as the major source of low-cost, quality drugs in the global market. As medicines serve the population with safe well-being, it is favoured for policies in both the advanced and less advanced countries.

The scenario of IPI has changed over time. Till 1970s, about 70% of the Indian market was controlled by the foreign firms and the Patent Act of 1911 dominated IPI (Chaudhuri, 2005). Indian drug prices were very high. But with the modification of the Indian Patent Act 1970, medicine prices in the country declined. Fascinatingly after 1970, the global market recognised IPI with the introduction of process patents.

With the trade liberalisation and the signing of trade-related aspects of intellectual property rights (TRIPS) agreement, substantial changes occurred in the industry. IPI started a complete product patent regime since 2005. This enactment of the Product Patent Act is another milestone in this regard, which considerably changed the scenario and IPI became the frontrunners among the generic drugs producer. Thus, companies were unable to reverse engineer & produce new drugs invented abroad & protected by patents (Chaudhuri, 2005).

Therefore, to encounter the emergent challenge of global competition, enhanced efficiency and productivity of IPI are indispensable. The efficiency and productivity gained extraordinary prominence as in persistent economic slowdown only efficient firms are expected to withstand and develop.

The IPI holds a significant place in the global economy. The IPI is ranked 3rd in the world for producing medicines by volume. The country through the pharma sector is considered to be one of the most valuable nations.

Therefore, to encounter the emergent challenge of global competition, enhanced efficiency and productivity of IPI are indispensable. The efficiency and total factor productivity growth (TFPG) per se has assumed a very high importance in view of the fact that only efficient firms are likely to sustain and grow during a period of all pervasive economic slowdown.

The success of the pharmaceutical industry in India has allowed the country to not only meet these needs but also to export its expertise and knowledge to other countries, helping to improve global health and well-being. Overall, the growth and success of the pharmaceutical industry in India is a testament to the hard work and innovation of its companies and workers, and the important role they play in addressing some of the world’s most pressing healthcare challenges.

The commitment to produce high-quality medications, while adhering to strict rules and regulations, using the expertise and innovation to address the healthcare needs of people everywhere has helped to achieve success in the IPI and to make a positive difference in the lives of people around the world.

This deserves analysis of efficiency and productivity of IPI, identification of different factors encouraging efficiency and productivity as well as the variables deterring efficiency and productivity. Also, it is needful to understand the global position of IPI in order to achieve growth and sustainable solutions for IPI around the world.

In view of the above perspective, the present book tries to touch upon a range of issues which may be considered as important as well as critical in analysing the performance of IPI in the context of global economy.

There are seven chapters in this book. Brief sketch of all the chapters is presented below:

Chapter 1: Introduction and the Relevance of the Study

Chapter 1 contains the introduction of IPI and its position in the global economy. Then the relevance of the present study will be discussed.

Chapter 2: Survey of Literature

Chapter 2 discusses survey of literature on pharmaceutical industry in India and across the globe. It discusses the existing study highlighting the gaps and presents the connection of the present study with the existing literature.

Chapter 3: Analysis of Efficiency and Total Factor Productivity Growth of Indian Pharmaceutical Industry Using Firm-Level Data

Chapter 3 estimates efficiency and productivity of IPI using non-parametric method of data envelopment analysis (DEA) approach. For doing that it measures output-oriented technical efficiency of IPI and total factor productivity growth considering each firm as a decision-making unit. Also, the factors behind the variation in technical efficiency and total factor productivity growth are identified using panel regression. Another important contribution of this chapter is that it verifies the presence of structural breaks, if any, in the total factor productivity growth series at firm level by using panel structural break methodology.

Chapter 4: Analysis of Efficiency and Total Factor Productivity Growth of Indian Pharmaceutical Industry Using State-Level Data

Chapter 4 investigates the performance of IPI using state-level data. It looks at the performance of pharmaceutical industries in major Indian states. It estimates technical efficiency and total factor productivity growth of Indian states. This chapter helps to compare the Indian states as well as to identify the position of the major states in terms of pharmaceutical industries. Also, the major factors responsible for variation in technical efficiency (TE) and TFPG of IPI are found using a panel regression. Another important contribution of this chapter is that it verifies the presence of structural breaks, if any, in the total factor productivity growth series at state level by using panel structural break methodology.

Chapter 5: Total Factor Productivity Convergence in Pharmaceutical Industry Across Indian States

Chapter 5 tries to understand whether total factor productivity of pharmaceutical industry across the major states of India converges or not in terms of sigma and beta convergence by employing the conventional sigma convergence as well as the modern panel data approach of beta convergence.

Chapter 6: Moving Towards a Growing Indian Pharmaceutical Industry

Chapter 6 considers that IPI is one of the few industries which have been affected in a major way due to TRIPS agreement as from the year 2005 the existing process patent regime gave way to the product patent regime although the process of establishing a new patent regime in India started since 1995. In such an environment, it will be interesting to examine whether there has been any improvement in the performance of IPI after 1995, i.e. after the period of first version of the product patent regime. For this econometric analysis has been carried out for some selected variables like output, employment, productivity of labour, productivity of capital, capital labour ratio, export intensity, export price, import intensity and price by applying a recent development using unit root test to estimate the break point of these major variables using All India level data. This chapter clearly identifies the variables whose performance are satisfactory and other showing relatively poor performance and hence needs special attention.

Chapter 7: Position of Indian Pharmaceutical Industry in the Global Economy

Chapter 7 examines the performance of IPI and pharmaceutical industries of leading countries namely the United States, China, Germany, Japan, Ireland, Switzerland, France, Italy, Belgium, United Kingdom, Spain, Brazil, Canada, South Korea and the Netherlands. This chapter looks at the trends of three lead variables namely production, export and import of IPI and pharmaceutical industries of leading countries and tries to compare IPI with the other countries in terms of the above three variables and thus helps to identify the position of IPI in the global context. Also, this chapter verifies the presence of structural breaks, which may appear due to changes in economic regime over time, in the different series of production, export and import using panel structural break methodology.

Chapter 8: Summary and Overall Conclusion

Chapter 8 summarises the whole study and makes the concluding observations on each of the seven chapters and recommends some policies for the betterment of the pharmaceutical industries in the Indian states and for IPI as a whole.

The purpose of the study is to improve IPI and to raise awareness among the stakeholders and institutions, and among the Indian planners to take care to remove economic backwardness of the country and to make it a developed economy, equal development across different firms such that the people of weaker segments benefit from the country’s economic progress. Thus, to reduce firm-level disparities the knowledge about the growth performance of different firms and the firms which are lagging behind are very much needed. Along with it state level analysis of Indian states will be helpful for interstate comparison and special care may be taken for the lagging states. The evaluation of IPI in the global economy, i.e. to understand the global position of IPI may lead to more developed IPI and sustainable one and may help to upsurge the rank of IPI with respect to the global economy.

We hope that the book will provide immense knowledge base to post graduate students, industry people, researchers and faculty members around the globe related to various subjects such as Economics, Industrial Economics; Medicine, Pharmacy, Health economics, Biotechnology, Microbiology, Business & Management among others. The volume will also be helpful for policy makers, multi-nationals and government officials as well as the general readers interested in the field.

Chandrima Chakraborty

Dipyaman Pal

The Authors

Acknowledgements

With extensive hard work on the stages from submission of the book proposal to final submission of the proposed book titled, Performance Analysis of the Indian Pharmaceutical Industry: A Global Outlook, it is an abundant pleasure for the authors as well as everyone related that the book is now published.

In carrying out the entire project, the help and support of different organisations, academicians and other members of the society who are directly or indirectly associated to the project cannot be forgotten.

First and foremost, we must acknowledge the cooperation and support of the Emerald Publishing Ltd. team for approving the proposal and continuously guiding us at all stages of developments of the book.

Secondly, we are highly grateful to Prof B. N. Goldar for his valuable contribution and adding to the existing literature through his foreword.

Thirdly, we are indebted to our little daughter, Ms Shrinika Pal for the support and sacrifice in carrying out this lengthy project.

At last but not in least, we would like to thank everyone who helped and motivated us to work on this project.

Chandrima Chakraborty

Dipyaman Pal

Book Chapters

Prelims

Chapter 1: Introduction and the Relevance of the Study

Chapter 2: Survey of Literature

Chapter 3: Analysis of Efficiency and Total Factor Productivity Growth of Indian Pharmaceutical Industry Using Firm-Level Data

Chapter 4: Analysis of Efficiency and Total Factor Productivity Growth of Indian Pharmaceutical Industry Using State-Level Data

Chapter 5: Total Factor Productivity Convergence in Pharmaceutical Industry Across Indian States

Chapter 6: Moving Towards a Growing Indian Pharmaceutical Industry

Chapter 7: Position of Indian Pharmaceutical Industry in the Global Economy

Chapter 8: Summary and Overall Conclusion

Appendix 1: Panel Analysis: Fixed and Random Effect Model

Appendix 2: Computation of State-Level Data on Export and Import

Appendix 3: Measurement of Different Variables

Appendix 4: Perpetual Inventory Accumulation Method (PIAM)

References and Further Reading

Index