Abstract
Mergers and acquisitions (M&A) have become a potent strategy for firms to secure inorganic growth but are also beset with challenges. Pharmaceutical industry has a unique nature due to higher involvement of science in product development and requires firms to develop distinctive and complex capabilities. In this study, the authors undertake a comparative study of different pharmaceutical cases to gather perspectives on M&A practices in Indian and international pharmaceutical industry. Frameworks developed by Bower (2001) and Dyer et al. (2004) are applied to different M&As to understand their applicability and use in Indian and international pharmaceutical contexts. The authors found that Indian firms undertake M&A to reduce R&D investments, to secure strategic resources and to expand product and market reach. Pharmaceutical firms from developed countries mostly acquire firms from developing market for sake of manufacturing knows how and for securing host market.
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