THEMATIC REPRESENTATION OF MISSION STATEMENTS- IS IT DIFFERENT FOR INDIAN AND GLOBAL PHARMACEUTICAL COMPANIES?
Indian pharmaceutical industry has been witnessing significant growth and changes over past few years. It is the largest exporter of generic drugs which stands around 17 billion dollars. 20% of worlds generic in terms of volume have a make in India label. Till date, not a single Indian pharma company appears in worlds top twenty-five companies on the basis of sales revenue. This study used Voyant Tool to perform a content analysis of mission statement (MS) across 63 Indian Pharma Companies listed in the Indian stock exchange and top 46 global pharma companies. The Data pertaining to MS was collected from the corporate websites of these 106 companies. The purpose of this study is to explore the content and themes pursued by MS. It has been found that Indian companies emphasize is on two themes i.e. ‘product’ and ‘quality’. The often pursued themes through MS of global top companies are i) patients; ii) health; iii) innovation and iv) people. Based on Flesch-Kincaid Reading Ease scores (FRES) and t-test, it was found that FRES of Indian pharma (M= 25.33, SD= 21.88, n= 63) companies are statistically different than FRES of Global pharma companies (M= 42.19, SD= 26.86, n= 46) as t(85) = 1.98, p = 0.00 (2 tail), at α = 0.001. It was found that MS of Indian companies are difficult to read as compare to global top pharmaceutical companies. With a perspective of MS as a communication tool, Indian companies needs to enhance readability of their MS. If Indian Pharmaceutical companies want to become global then they need to focus upon embracing business elements such as patients (customer’s customer); innovation and people.