Abstract
Rising environmental issues and production of hazardous waste by the pharmaceutical industry has created a harmful impact on society, the environment, and pharmaceutical companies' reputation. It has given rise to the need to adopt and integrate green and sustainable pharmaceutical company’s practices to mitigate environmental degradation's negative effects. The aim is to identify hierarchical interrelationships between these variables and determine their significance through MICMAC analysis and Interpretive Structural Modelling (ISM). The study identified ten significant enablers by exploring literature review and consultation with the industry experts from the Indian Pharmaceutical sector, which led to an understanding of their interrelationships. A four-level model was derived through the ISM technique. Pressure from the customer was found to be the most important enabler, followed by top management commitment and regulation. These enablers carry high driving power. The model developed through this study will help the pharmaceutical companies and their managers to implement green processes systematically.
Highlights
Pharmaceutical industry has been growing at a significant rate in recent years
Along with confirming the important role of certain variables, MICMAC helps reveal the importance of indirect variables
It enables the practitioners to understand the significance of enablers through relationship links and a structured model
Summary
Pharmaceutical industry has been growing at a significant rate in recent years. Its valuation stood at 1.25 trillion USD till the end of 2019. The United States is a leading market for pharmaceuticals, followed by emerging countries such as Russia, Brazil, China, and India. The pharmaceutical sector is amongst the fastest growing sectors of the Indian Economy, with the potential to grow to 100 billion USD by 2025. ‘Pharma Vision 2020’ was launched by the Government of India to achieve global leadership in end-to-end manufacturing. India captured the international market with active pharmaceutical ingredients and engineered generic drugs produced innovatively. In the US market, India accounts for 30% (in volume) and 10% (in value) in USD 70-80 billion [1]
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