Globalization has resulted in connectivity among markets and increased awareness and communication of various business opportunities worldwide. Technological advances have brought new global investment opportunities and information about new markets at the fingertips. The distance is not an issue anymore. Both potential risks and profit opportunities have become within easier reach, thanks to the latest technological developments across the globe.
Because of openness in global trade, companies have started getting the advantage of differences in pricing structures and exchanging labor and product supplies in different markets. The globalization potentially aids in protecting the economic health, newer acquisitions, revenues, and profits through increased investments. The international investments are a chain reaction and globalization encourages more and more economies to increase international investments and opportunities (Wolf & Martin, 2014).
The globalization plays a pivotal role in cross border exchange of ideas, labor, and technology, higher investment opportunities thereby increasing per capita productivity, strengthening economies, self-sustainability, employment opportunities, and empowering the new eco-system in a way to inflect GDP for a longer period (Stever, H. Guyford, 1972). It is absolutely essential for the policymakers or government bodies to visualize globalization as an opportunity and not a threat. This is because the pro-globalization mindset attracts investment activity as a basis for social and economic change necessary to produce a modern industrialized economy. Pharma companies across the world have spread their operations to all continents to reap the benefits offered by globalization. Globalization has helped the world population to get access to quality, affordable healthcare products in their fight against most diseases and disorders. Aided by globalization, during the past two decades several Indian pharma companies have taken a quantum leap on global markets and have been rightly rewarded with benefits of cross-border trade and accolades.
For Citing this Article use:
- V, J. R. A. (2017). Digital Strategy in the Globalization of Medium-Sized Indian Pharma Companies_An Empirical Study.