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Question: Discuss about the International Studies of Management. Answer: Industry to be analysed: The industry to be analysed for meeting the purpose of this assignment is the Indian pharmaceutical industry. This industry ranks third in the world in terms of volume, while in terms of value, it is ranked 14th in the world. In accordance with the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, the overall turnover of the pharmaceutical industry of the nation has been $21.09 billion in 2009 (Abrol, Prajapati and Singh 2017). The main pharmaceutical hubs of India include Mumbai, Bangalore, Hyderabad and Ahmedabad and the value of the domestic market was $13.8 billion in 2013. There is strengthening of the government in relation to the progress of manufacturing drugs on the part of the Indian organisations in the beginning 1960s and with the Patents Act in 1970. This particular act eliminated patents of composition from drugs and food and despite the continuation of process patents, the timeframe has been reduced within five to seven years (Ashwin, Krishnan and George 2016). Reasons for choosing the Indian pharmaceutical industry: Over the past decade, the Indian pharmaceutical organisations have been going through tough situation, in which the shareholders, regulators and the market have formed considerable pressures for change within the industry. The main issues for majority of the drug organisations include in-house research and development, raising regulatory and legal concerns, patent expiration of various major drugs and pricing problems (Banerjee and Thakurta 2015). Due to this, the bigger pharmaceutical organisations are switching over to new business model having higher outsourcing of services, discovery, manufacturing and clinical research. The recent financial conditions in the global economy and the recessionary threat drove the schedule in order to implement transformational changes in the international organisations. This is because the industry encounters lower prices of shares along with the cost-averse customers. The market players of the biggest international pharmaceutical firms realise the need for transformational modification in their firms; however, they are required to progress promptly for assuring sustained growth (Bouet 2015). The transformations in the business model of the bigger pharmaceutical organisations offer additional opportunities for the Indian pharmaceutical organisations. The pharmaceutical cost of production are nearly 50% lower in India in contrast to the western countries, while the overall costs related to research and development are nearly 1/8th and the expense related to clinical trial are nearly 1/10th of the western levels (Jagadeesh and Sasidharan 2014). The share market of India might be dreading a likely recession; however, the pharmaceutical organisations of India do not seem to be fazed by the fears of slowdown. Riding on greater sales in the export and domestic markets, the Indian pharmaceutical industry is anticipated to carry on with its sound performance. In the current era, the Indian pharmaceutical industry could wait for the upcoming years with higher expectations. The opportunities are inherent to diversify the group of generic products, since additional molecule come-off patent, outsourcing and concentrating into drug delivery come from conventional plays due to additional profit. At the same time, the pharmaceutical industry of India might have to combat with various challenges, which primarily include the following: Impact of new product patent, Control in prices of drugs Regulatory reforms Development of infrastructure Adherence to international standards Quality management According to Mahajan, Nauriyal and Singh (2015), it is anticipated that India would experience the maximum number of mergers and acquisitions in the healthcare and pharmaceutical sector. Moreover, the progress of the pharmaceutical organisations of India would be fostered due to the rapid growing molecules in skincare, diabetes and segment of eye care. Furthermore, the Indian pharmaceutical organisations like Ranbaxy, Cipla, Lupin and Dr. Reddys Labs might become parts of the ambitious Jan Aushadhi project of the government. For commercialising the project, the Indian government is probably to rope in the private sector for procuring generic drugs in bulk from them. Hence, the plan of the government is to expand such stores across the nation within the upcoming years. Method of proceeding with the industrial analysis: The approach that is adopted to proceed ahead with the analysis of the Indian pharmaceutical industry is carried out with the following series of steps, which are demonstrated briefly as follows: Reviewing available reports: Firstly, all the available and pertinent industrial reports and statistics would be gathered to obtain in-depth knowledge about the specified industry. However, it would not be feasible to rely on the existing reports due to the volatility of the market and change in industrial factors. Hence, for this particular analysis, a current report needs to be chosen and then its relevancy is to be envisaged in the existing market. Approaching the correct industry: Since an industry contains sub-parts, it is significant to concentrate on the pertinent industry. This is because it would not be possible to depict rightful industrial analysis report. Demand and supply scenario: It is highly required for an economist to review the demand and supply scenario for a specific industry to study its previous trends and anticipate future (Singh and Singh 2017). With the help of demand and supply forecasting of the Indian pharmaceutical industry, the investors could gain an overview of the feasibility of future investments in relation to gains and losses. Competitive scenario: The most important part of an industrial analysis is to study the competitive position with the help of Porters Five Forces Model, as it acts as the basis for the stated analysis (Taylor 2017). These forces primarily include threat of new entrants, bargaining power of the suppliers, bargaining power of the buyers, threat of substitutes and threat of competition. Current developments: The analyst is required to incorporate influencing factors at macro-level like current industrial developments, valuation of sector, international comparative analysis and innovation in report of industrial analysis. Concentration on industrial dynamics: The industrial analysis needs to be specific to the Indian pharmaceutical sector and hence, it is significant to concentrate along with gaining an insight of the industrial dynamics. Thus, the industrial analysis would be in-depth and specific. Since this assessment would focus on the Indian pharmaceutical industry, it is necessary to know about the consumption of volume in the nation. References: Abrol, D., Prajapati, P. and Singh, N., 2017. Globalization of the Indian pharmaceutical industry: implications for innovation.Institutions and Economies, pp.327-365. Ashwin, A.S., Krishnan, R.T. and George, R., 2016. Board Characteristics, Financial Slack and RD Investments: An Empirical Analysis of the Indian Pharmaceutical Industry.International Studies of Management Organization,46(1), pp.8-23. Banerjee, K. and Thakurta, R., 2015. Innovations in the Indian pharmaceutical industry: The present scenario and an agenda for the future.Journal of Generic Medicines,12(2), pp.50-59. Bouet, D., 2015. A study of intellectual property protection policies and innovation in the Indian pharmaceutical industry and beyond.Technovation,38, pp.31-41. Jagadeesh, H. and Sasidharan, S., 2014. Do stronger IPR regimes influence RD efforts? Evidence from the Indian pharmaceutical industry.Global Business Review,15(2), pp.189-204. Mahajan, V., Nauriyal, D.K. and 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), pp.56-73. Singh, J. and Singh, P., 2017. Production Structure and Technical Efficiency of the Indian Pharmaceutical Industry: A Parametric Analysis.Arthshastra: Indian Journal of Economics Research,6(5), pp.7-23. Taylor, H., 2017. Uncovering the institutional foundations of specialization patterns in the Indian pharmaceutical industry.Transnational Corporations,24(1), pp.57-79.