Case study for Setting up a pharmaceutical unit in India

ABSTRACT To conduct a study like setting up a pharmaceutical store in India is very demanding and the study of planning a successful business in this topic will obviously increase the efficiency level of a manger in the health care industry The healthcare industry is changing industry. The dynamic characteristic of this industry has its roots in the demands of improvement of service. With the improvement of knowledge and the gradual enhancement of technological dominance in the health care system the managers are often confronted to take on different studies.

Contents ABSTRACT.........................................................................................................................2 Contents...............................................................................................................................3 CHAPTER 1........................................................................................................................4 INTRODUCTION:..............................................................................................................4 1.1 The Aims and Objectives of the project .................................................................10 1.2 PROJECT LIMITATIONS................................................................................11 1.3 CHAPTER CONCLUSION..........................................................................11 Chapter 2...........................................................................................................................12 LITERATURE REVIEW..................................................................................................12 2.1 INTRODUCTION:..................................................................................................12 2.2 Key Issue Culled out from Literature Review:........................................................15 But the Indian market still lacks in the provision of the safety data. As it has been shows that all those drugs which have been taken up from the market in other nations was available in the Indian market. Because of the reason that the various regulatory agencies lack the potential to ascertain the risk and benefits attached to the drugs as they do not use the pharmacovigilance system. This requires that Indian pharmaceutical market should be enforced to use this system of monitoring and evaluation of information so gathered. (Strydom J, 2007) The various agencies like WHO (World Health Organization) and DCGI (Drug Controller of India) the various pharmaceutical companies have drawn their attention the requirement of strong system such as pharmacovigilance in India. For this system to be effective it is required that all the stakeholders should be always alert and careful throughout the lifecycle of drugs which is in the market. (Bishop L, 2007) In order to incorporate the effective business plan it is very essential to focus on the business plan............20 2.4 Conclusion...............................................................................................................23 Chapter 3 ...........................................................................................................................24 METHODOLOGY............................................................................................................24 3.1 Introduction of the chapter.......................................................................................24 3.2 Data Collection Methods.........................................................................................25 3.3 Management models................................................................................................27 3.4 Environmental analysis:...........................................................................................28 3.6 Business strategy analysis:.......................................................................................34 3.7 Ethical constrains.....................................................................................................37 3.8 Chapter Conclusion..................................................................................................37 DATA ANALYSIS............................................................................................................38 4.1 Introduction .............................................................................................................38 4.2 SWOT analysis........................................................................................................39 3

4.3 DEEPEST analysis...................................................................................................40 4.4 Force field analysis .................................................................................................43 4.5 Porters five forces analysis.....................................................................................43 4.6 CAPITAL INVESTMENT STRATEGIC APPROACH:........................................44 CHAPTER 5......................................................................................................................46 Interpretation of Results.....................................................................................................46 5.1 Introduction..............................................................................................................46 5.2 Source of competitive advantage and selection of strategy.....................................46 5.3 Definition of strategy............................................................................................47 5.4 The generic strategies..............................................................................................47 5.5 The resource base strategy:......................................................................................48 5.6 Strategies implementations......................................................................................49 5.7 Marketing plan.........................................................................................................50 5.8 Product development and product diversification...................................................51 CHAPTER 6......................................................................................................................53 Conclusion and Recommendations:...................................................................................53 6.1 INTRODUCTION...................................................................................................53 6.2 TIME CONSTRAINTS ..........................................................................................54 6.3 PROJECT CONSTRAINTS....................................................................................54 6.4 STRENGTH AND WEAKNESS ...........................................................................55 6.5 AREA FOR IMPROVEMENT................................................................................55 Personal development plan................................................................................................55 REFERENCES..................................................................................................................57

CHAPTER 1 INTRODUCTION: The author of this project is well qualified pharmacist from India. Completed his PG MHSC. He has a good experience working as a pharmacist as he worked in hospital for 10 years in India.

The purpose of this chapter is to outline the business plan framework of how the author is going to deploy the projects total plan to open retail pharmaceutical store in India within the time bounded guideline. The author in this chapter will include the aims and objectives to provide the in-depth insight to the prospective reader to understand the business project in a nut shell (Joseph R, 2005).The chapter will attempt to provide the answers to some basic questions on how the project is going to be conducted. It will also provide the answers to the project rationale, limitations of the project and will round up by providing the brief outline of case study for setting up the retail pharmaceutical store in India. Health Care Service is a distinct industry which is very challenging to be defined properly by a single definition. The totality of formal efforts, commitments, personnel, institutions, and economical resources, research efforts that a nation or a society earmarks or devotes to illness, premature mortality, incapacity, prevention, rehabilitation and other health related problems. The health service sector is a very sensitive industry as the concern of human life is directly involved in it. To conduct a project in the health care scenario is thus a very non trivial job and demand profound skills on behalf of the managers. According to Martin (2002) Firstly the roles of the managers in the health care system illustrates that the wide range of activities that the managers have to undertake and the correspondingly wide range of skills and knowledge that they use. Secondly they show that a lot of these skills are common to many management jobs, irrespective of the level of functional specializations involvement and thirdly they show how the various skills and competences described may complement each other to produce an effective managerial approach. It is very clear that the managers in health care system are needed to perform different forms and multidimensional tasks. There is an obvious scarcity of this knowledge and skills in many managers related to health care industry. (Haberberg, 2001) The healthcare industry is obviously an ever changing industry. The dynamic characteristic of this industry has its roots in the demands of improvement of service. With the improvement of knowledge and the gradual enhancement of technological dominance in the health care system the managers are often confronted to take on 5

different projects it is obvious that all the managers are not always well equipped to take on these projects with utmost efficiency. To conduct a project like establishing a retail pharmaceutical store in India is very demanding and the study of planning a successful business in this topic will obviously increase the efficiency level of a manger in the health care industry like me. (Porter M, 1985) Statistical health study of India According to Bohm A, (2008) India, being the second in the world population which is estimated approximately one billion. And it is assumed that it will grow at continuous rate in coming years. The life expectancy for male and female is also expected to be 62.4 years and 63.4 years respectively. The standard capacity of admissions in medical institutions should be approximately 17000 where as the country India has only 14000 medical institutions with an about 490000 recognized doctors and 600000 nurses working and serving these institutions. (Sunararajan, 2007)

The following table shows the major statistical study of the country:

Source: World health organization, annual report 2011 Pharmaceutical market of India According to the IDMA (Indian Drug Manufacturing Association) the Indian pharmaceutical market is not so remarkable with respect to the foreign market. It was estimated that the annual production of drugs and its formulations in the country is Rs. 22,187 crores by the year 2000-2001. Indian pharmaceutical market is significantly adopting the new and advance technologies and investing more in the R & D in order to improve the health and care condition of the country (Tate K, 2005). The government of 7

India is persuading the public as well as private sector and also encouraging more and more foreign investments in India to enforce the growth of the pharmaceutical sector. The following are some possible steps which have been taken by the government of India: Redemption of various taxes on R & D activities Preventing the price rise of the finished stuff. Ensuring the timely availability of the products. Reduction of import duties on the raw material required in the pharmaceutical production. (Levis, 2005) Role of retail division of India in pharmaceutical industry With a thriving population of over 1.5 billion, Indian pharmaceutical industry is the third largest of the world in terms of volume and it ranks fourteenth in terms of the value. Mishra & shethi (2010) states that The Indian Pharmaceutical Industry today is in the front rank of Indias science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. These figures are very encouraging and indicate an optimal view towards establishing a pharmaceutical store in India to become a part of the distribution chain, which indeed works like a middlemen between the pharmaceutical manufacturers and the consumers. Farmantra (January,2011) published an article stated that The distribution system is controlled by the distributor unions which makes it inevitable that companies pay huge margins to the distribution and retailing sectors.

Source: (Haberberg and Rieple, 2001). The above figures are encouraging but it is only the start, the golden era of Indian pharmaceutical industry is only started and it is showing the potentiality to sustain for a long time. According to India today (2009) The Indian pharmaceutical industry is continuing its high growth rate at 13% for the last six years. From foreign control, to domestic grass-roots growth, the Indian pharmaceutical segment has evolved over the last three decades. According to Bio Plan Associates recent report (2009), Advances in Biopharmaceutical Technology in India, the Indian pharmaceutical industry has the potential to reach $25 billion by 2012. (Rieple A, 2001) The retail sector is very important in the total distribution chain of the Indian pharmaceutical industry. And it is advancing more than any other link of the total pharmaceutical chain. In 2006, the market size of Indias pharmaceutical logistics segment (distribution) was valued at around $200 million and the logistics/distribution industry has been growing at an average annual growth rate of 4% since 2002. According to the Indian Retail Druggists and Chemists Association, in 1978, there were roughly 10,000 distributors and 125,000 retail pharmacies in India. Today, the total number of stockiest in India is around 65,000 and the number of pharmacies is about 550,000 but 9

still there is the need for establishing retail pharmaceutical store as the demand for the pharmacy products is not satisfied with the current figures and also with regard to the large demographic as well as geographic area of India. Though there are some regulatory challenges exist in this industry, for example Lack of proper infrastructure, Lack of qualified professionals, problems in supply chain management, Frauds, including vendor frauds, thefts, shoplifting and inaccuracy the Indian pharmaceutical retail sector will be a perfect investment platform. Beside this the pharmaceutical companies also engage itself in various activities like education and creating awareness of various prevalent conditions that may affect the health and hygiene of its people. This makes people aware of their health and empowers them to take the responsibility on their own. (Mintzberg H, 2005) it is seen that between 1991 and 2003 the companies spending on the DTC in United States has raised to $3.2 billions. This spending has made the people and the patients more aware with regard to their medications seen in the various media channels like Lamisil, Mucinex, and Celebrex. These advertisements issued by the pharmaceutical companies have influenced the lot to the people and as a result they asked for the prescription when a patient requires some drugs by name.

1.1 The Aims and Objectives of the project

A clear aim is always a pre requisite of a successful project. According to Reardon (2006) The aims are statements by which you declare your intentions in carrying out your project. They are the purposes that you expect to fill up by doing your project. The aim of the proposed business plan is To construct a business plan which will demonstrate the required strategic, financial, marketing and management measures to establishing a pharmaceutical store in India and also it will demonstrate the overall implementation of the captioned project. (Ghoshal S, 2003)

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To reach the desired solution of the above mentioned management project, the following objectives have to be achieved To perform a valid market analysis (different market analysis tools such as DEEPEST analysis, Force field model etc will be used.) (Drucker, 1974) To find out the proper source of competitive advantage (different strategic will be used to find out the sources) (Johnson M, 2003) To analyze the competitors, and stakeholders (SWOT analysis, Porters five forces model etc will be used.)

1.2 PROJECT LIMITATIONS

Apart from the access to the relevant information the author found great dissimilarities among the various practices available based on the country specification (Mintzberg H, 2005).The process and the principles are remain same however, there are far more modernized approaches are in application here while author found difficulties to incorporate those methods in his own city.

1.3 CHAPTER CONCLUSION

Summarizing the chapter the author would like draw the attention to the reader that this chapter briefly discuss on the project aims & objective and also the rationale of the project. A framework has been developed to provide a clear understanding to the reader about the work. The next chapter will be a discussion on the literature to establish a theoretical base on the project. (Mishra R K 2010)

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Chapter 2 LITERATURE REVIEW 2.1 INTRODUCTION: Literature review is used to analyze and understand the actual information and knowledge with respect to the particular issue (Mintzberg H, 2005)) In this particular case, it has been taken with the context of the concerned business plan to address the need of the case with the help of existing body of literature. Literature review is used to know the fact whether it is known or unknown. It also includes the past several studies on the related issues. The review on literature has been taken from several kinds of sources such as news papers, journals, research paper, library books and internet sites also. All these sources have assisted a lot to carry out the concern business plan. The review of literature can be divided in three basic parts: first is the systematic and well organized review. Second part involves few tools and techniques to understand the plan. Then the third part describes the directions to present the analysis and prepared literature in the proper way. It is expected that the literature review can be taken also from the internet and accessed electronically. These electronic sources generally used to search quick process and make broaden the range. Review of the strategy is vital to plan a search effectively. The author has taken help also from the college and university libraries. Recent examples have also drawn by the author and others have taken to describe the theories more properly. (Lawson R, 2006) So this chapter includes some facet on the selected topic which can be helpful to conduct a well-organized and systematic business plan. This theory is full of the details with respect to well organized and unmatched competitive advantages, process of market scanning, all the forces which affects the industry from inside and outside as well, relationship among all the shareholders, all the plans whether it is financial or market plan that involved marketing approaches, promotional aspect and marketing mix and also the entire stages and fundamentals to accomplish all the business objectives. (Susman G, 2007) 12

According to the IDMA (Indian Drug Manufacturing Association) the Indian pharmaceutical market is not so remarkable with respect to the foreign market. It was estimated that the annual production of drugs and its formulations in the country is Rs. 22,187 corers by the year 2000-2001. According to India today (2009) The Indian pharmaceutical industry is continuing its high growth rate at 13% for the last six years. From foreign control, to domestic grass-roots growth, the Indian pharmaceutical segment has evolved over the last three decades. According to Bio-plans Associates recent report (2009), Advances in Biopharmaceutical Technology in India, the Indian pharmaceutical industry has the potential to reach $25 billion by 2012. (Rieple A, 2001) The scope of pharmaceutical market and industry in India has seen the steady growth over the few years. The pharmaceutical sector is affected by various micro and macro factors. The major pharmacy companies operating in India like Ranbaxy, Dabur, Cipla, DRL have been established and proved their presence. Pharmaceutical industry is the industry which is based on the broad usage of knowledge. Indian market has seen various major changes over the past decades. It has gone through several forces such as changing government policies, effect of global environment, number of competitors and the most important the health and care industry and its influence from these factors. With the repackaging and new formulations from the use of various drugs, it is easy to enter the Indian market with ease as India is a developing country and requires the more concern and in depth analysis in the pharmacy sector. With the view to set up a retail pharmacy store the following index should also be concerned. In the present era India is having more than thousands of government approved and licensed store. (Joseph R, 2005). Some view also revealed that out of the major drugs produced globally major part is produced in India itself thus providing the most important opportunity of not depending on the imports of these drugs. According to the US Food and Drug Administration India have major facilities of manufacturing the drugs. (Mishra R K 2010) With regard to set up a business plan it is primary requirement to set a clear and effective plan. Without this the proper guidelines with regard to business set up will be much hinder. Various techniques such as critical chain analysis can be effectively used for the

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purpose of undertaking the business plan. And each individual technique has its own merits and demerits. (Martin, 2002) The business plan is explained through collection of information and its tools in brief and several types of sources. Search strategy has been detailed in this particular chapter and the several bits of knowledge that from where the data has been gathered for this particular case. (Rieple A, 2001) To collect the information and the literature knowledge the concentration has been held on the books, journals and the internet websites. To get personnel preference, researcher has conducted the survey and interviews also. It all was vital to know the review of new specialized unit. (Ghoshal S, 2003) Majority of the studies based on setting up of business plan has revealed that the management model is of great importance to understand the market very deeply. The most common sources of collection of data are primary and secondary source. (Joseph R, 2005). However the management models can be effectively be used to analyze the secondary data. The management models which are generally used to analyze the market environment include SWOT analysis, DEEPEST analysis, Porters five forces analysis, Force field analysis, Stakeholder analysis, Ansoff matrix, Porters diamond model, marketing strategic models, promotional model etc. The DEEPEST analysis helps to understand the external environment where as the Porters five force model helps to understand the internal environment. The other analysis on the other hand leads to realize the factors which are internal to the organization. (Lawson R, 2006) Various authors have already explained this particular topic and the books written by them are also helpful for the project. That helped to complete most of the piece of the business plan. The theorist has brought the idea of many authors and summarized them in one way to used in the business plan. This is vital to look at any issue with the several kinds of perspectives and then get the ultimate idea to use in the business plan. (Susman G, 2007) In this particular case, where the issues is to be looked for the business plan and the new set up are highlighting which can be the aims and the goals of opening a new business, the difficulties and opportunities for the new business and the problems for the geographical and demographic circumstances of the developing country like India, the 14

opportunities offered for that nation and the quality of the services, the standards of the quality of the services required and the law and policies as well as industry needs for the establishment of the new venture. (Joseph R, 2005) According to Christopher Hart (2008), In order to accomplish the goals and the objectives of the business plan it is essential to collect and assess the data which can be published and unpublished as well with the views and confirmation of the selected topic. In this case, study to set up a new pharmaceutical store in India published data can be helpful. Through the published data one can get an overview of the past business plan study and use data evaluation as fundamentals for the further business plan and executions of the plans as well Smith et al. (2002). In this study several kinds of theories, models, structure and present-day facts will be considered and examined in order to incorporate its implementation. (Westland, 2006) According to Luther W. (2001) it is important to keep an eye on the strategic factors and also would like to focus on the fundamental strategies to set up a health care organization with respect to organization i.e. pharmaceutical store. The all elements like assessment of promotion strategy, aspects of promotion mix, executed marketing theory, external environment approach and analysis for carrying out the business plan with the basis of marketing features like consumer-sales promotion methods, marketplace distribution, media advertising scheme, problem solving and several kinds of other challenges in pharmaceuticals industry will also be highlighted. In the present era of business this caption business case will be well suited. This case study can have appropriate justification with the help of factors regarding the business. (Strydom , 2007) It is important to make out a base of the environment to get vital changes in the services. This chapter will have important contribution and also helpful to understand the selected topic. It will also provide the basis to access and interpret the observed findings. (Bishop, 2007) 2.2 Key Issue Culled out from Literature Review: According to Pritchard (2004) in the literature review the main focus is being analyzed the framework which will be used to analyse the aspects with respect to external surroundings, conditions of the nation, all the opportunities regarding new venture 15

capital, internal framework and the entire surroundings of the organizations. The insights which came out are as follows-

To develop any of the business plans an organization should look on the several types of issue. Among them the most important issues are regarding to external surroundings, conditions of the nations, and the other focus should be on the enhancement of the finance and the venture capital and on all the financial aspects as well.

Some of the important issues were solved with the help of several types of analysis tools such as Porters five forces model and Ansoff matrix. Issues which will have to be discussed with respect to location which is India are that there are lots of literate people which can be work as a good employee, so the new set up can add more employment to the nation. (Lawson R, 2006)

Business model with respect to partnership can be taken as either single pattern for the ownership or they can look for the venture capital. (Kofoed, 2005)What type of pattern of the business model should be taken can affect the opportunities of the new set up with respect to the awareness for the hygiene and health care.

All the decisions regarding the business plan are also depends on the analysis. And the proper analysis can be found through the business tools like Porters five forces framework, SWOT analysis and the DEEPEST analysis. These tools are being used to develop a path towards the accomplishment of plans. (Remenyi D, 2009)

To know all the counterparties which will be benefited from the new set up theorist will be used stake holders analysis. Stakeholders analysis finds out about the key stakeholders as well as the other stake holder who are being get the benefit from it.

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2.3 Role of retail division of India in pharmaceutical industry: According to Corti L, (2005) before setting up the business plan in India it is also necessary to ascertain the role of retail division. It is estimated that there are nearly 5.5 million chemists and druggists in the country. The retail division of pharmaceutical sector is growing at a rapid pace and the expected growth rate is 30%-40%. This growth rate serve as an encouraging factor to the potential business house to establish the pharmaceutical store in the country and thereby becoming the part of this large distribution chain. The retail houses are the most essential component of the distribution network as they are the link to manufactures and the potential customers. (Haberberg, 2001) Farmantra in January, 2011 in his article described that the whole distribution network is organized and controlled by the various distributors group which reveals that it is obvious that the pharmaceutical companies pay high margins to these distributors and retailers. (Porter, 1985)

Source: Dr Venkatiah (2011) It is important before starting any business plan to ascertain the pros and cons and feasibility of the area which is being selected for the pharmaceutical store to establish. 17

The primary requirement is the provision of the hygiene and the assurance of quality services. The hygiene and the ethical issues are factors which are to be followed considerably. (Ghoshal S, 2003) The business plan should adopt such ways so as to maintain the quality standards and the ethical issues with regard to medical sector. This will lead to satisfied customers and the retail group as a whole. In order to determine the quality services and setting the standards should be the focus point for any business plan. The standard requires for maintaining the quality in India is recognized by the ministry of health and family welfare, government of India. These standards cover the various health related issues. In order to set up a new unit in any area it is very important to have the detailed overview of the various conditions and situations. Being a developing country India is having a varied culture and the demographic environment which is vital to incorporate a business plan over here. On the other hand the environmental factors are such that makes the country more prone to diseases and the instability of the climate provides the way to the importance of the concerned sector. Thus for the purpose of study India will serve the good place for set up of the business plan of pharmaceutical store. Whereas, Development and diversification of products and services is the need of the day for any organizations. Organizations are subject to changes because it operates in a dynamic world. Knowledge of ones own organization and the outer world is the most import part of change. Change in strategy can be done in many ways such as by changing the products, service or by upgrading/innovation of product and services. Adopting new technologies, new style of merchandising, including new services with the existing services, upgrade the current service etc are the basic way of product or service diversification. (Mintzberg H, 2005) Future expectations from the market: According to Susman G, (2007) It is expected that in the coming year the companies concerning to medicines will be able to allocate billion of dollars. This shows that the companies can earn more and more revenue by conducting marketing of these medical products. The distribution channel so involved should also be firmly and widely established in order to reach to number of people. For this the company is required to 18

have DTC (Direct to Consumer) which may help a lot to manage its distribution networks. DTC is being used in various televisions channels and magazines in order to inform and guide people with respect to new and recent drugs which are being used in production of medicine. These are more like the advertisement activities and are mostly present in the attractive manner with large prints, pulsating colors and also with the basic information about illness and its cure. (Drucker, 1974) Various medical representatives are also employed in order to have visit to various doctors working in hospitals and clinics to provide them information, free samples of new drugs which their company has manufactured. With respect to influence the health care practitioners the various medical companies play an active role. The representative of these companies presents their products with confidence and side effects of the drugs used in medicine and such other issues. (Westland J, 2006) The study also revealed that there is been the controversial issues on idea with respect to health practitioners and medical representatives. It is found that every year companies spent more than billion of funds on marketing activities and which includes half of it on the medical representatives. It is found at utmost importance to find the extent of this relationship and its impact on various parties concerning to medical sector and also the ultimate end user. Because it is important to know how this issue affects the patients. (Luther W, 2001) The new drug approval decision is based on the risks and benefits and their respective balance and also the information available concerning to the drugs. After marketing the product more and new information could be received. This information so generated has an impact on the balance of the risk and benefit of the medicine. (Mishra R K, 2010) This received information is than evaluated through pharmacovigilance and thus ensure the safe usage of the concerned medicine. No system can guarantee the 100% safety as it is being marketed in the largely populated area. Therefore it is the prime requirement to have an effective pharmacovigilance system which may effectively monitor and evaluate the safety information on continuous basis. This information will be based on the real situations, effects and side effects of the new drugs on the population. (Johnson M, 2003)

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But the Indian market still lacks in the provision of the safety data. As it has been shows that all those drugs which have been taken up from the market in other nations was available in the Indian market. Because of the reason that the various regulatory agencies lack the potential to ascertain the risk and benefits attached to the drugs as they do not use the pharmacovigilance system. This requires that Indian pharmaceutical market should be enforced to use this system of monitoring and evaluation of information so gathered. (Strydom J, 2007) The various agencies like WHO (World Health Organization) and DCGI (Drug Controller of India) the various pharmaceutical companies have drawn their attention the requirement of strong system such as pharmacovigilance in India. For this system to be effective it is required that all the stakeholders should be always alert and careful throughout the lifecycle of drugs which is in the market. (Bishop L, 2007) In order to incorporate the effective business plan it is very essential to focus on the business plan. This project shows the detailed and systematic execution of business plan it involves the planning, organizing, allocation and utilization of resources in order to incorporate the successful business plan. (Martin, 2002). The challenge which is being faced by the business is the achievement of the objectives with regard to the various environment factors and other constraints. Such as time, budget, allocation of major resources etc. thus various business tools and methods will be effectively be used to overcome the constraints. Business Planning and Implementation Strategic business planning: A strategy is actually a set of plans and actions that make an organization different from other equivalent organizations and hence bless it with competitive advantage over others. The simple and detailed explanation of strategy can be acquired from the following definition which states A strategy is the set of actions through which an organization, by accident or design, develops resources and uses them to deliver services or products in a

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way which its users find valuable, while meeting the financial and other objectives and constrains imposed by key stake holders.(Haberberg and Rieple, 2001). The objective and the mission of the business are very significant. To have a well-defined and certain objective helps to set the goals practically. Like all other organizations a pharmaceutical store also requires a proper objective. The objective helps one organization to set up clear goals and to chase them. For a clear and control management system objective is also necessary. As we know the organizational objective and the objective of the individuals associating with the organization usually varies, so for a high efficiency a collective thinking to match these two objectives such a way that they both complement each other is required. According to (Joseph.R:32) Organizational objectives seek to direct the efforts of all members of a team while personal goals are motives of people working in the team. Efficiency is high when two types of objectives are mutually supportive and compatible. Organizational objectives are the goals established to guide the efforts of the company and each of its components. The establishment of objectives is a very important step in planning. Planning can be effective only if objectives are carefully selected. A clear statement of purpose understood by one and all is the best security for effective management. After deciding the objective it is very important to fix a mission statement. Mission statement helps to convey the values and the objectives of the organization to the factors of business environment such as the customers and the stake holders. The Targeted Market The planned retail pharmaceutical store will be targeting people (both child and adult) in the district of Gujarat and surrounding areas. Consumer Profile: The local patients. The patients referred by diagnostic alliance. The patients referred by.

To the enhancement of the feasible plan for the growth of the organization; a business develops itself with the focus on many aspects which are vital for the above established 21

plan and also for the new venture that has to be followed a framed structure. Development of business plan is based on many important aspects which are necessary to develop the feasible business plan which will provide the proper direction and a firm base on which the business can be establish. (Beverly, 1999) For the incorporation of new venture a formal and structured lines are to be followed which are as follows: Business: According to Charvat J, (2003) business should focus on the various important issues related to business and establish a mission statement or objective. It should be short and understandable. Descriptive mission statement should be avoided. Services: According to Tate K, (2005) it is the most important factor and should be very carefully looking after. The business is not only to provide products and goods but also render efficient services. These services to be rendered are the necessary to be included in the business plan. This includes description of services, development schedule, differentiation aspect from others, and point of price. Market: According to Kelly M, (2005) market is the place where business can be done. The important and crucial points of market which are required to look after are the trends of the dollar versus rupees, the efficient market place which can be targeted for rendering its goods and services. . The time period of the availability of the drug in other nations and in the Indian market has also reduced thus preventing the nation on depending on other countries for medicines. (Moore N, 2006). Distribution: According to Lewis, (2002) distribution channels and various related attributes of distribution are very important as the allocation of products and its provision depends on the proper channels of distribution which are engaged in the business. The elements which should be included in the business plan with regard to the distribution are various distribution channels, service providers and users, place of manufacture to the place of utilization. Competition: According to Corti L, (2005) Competitors and Competitive advantages are very important part of the organizations objectives. Some time the planning has to be made according to the strategies of competitors.

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Team: According to Martin (2002) the team for the business is the group of people who make efforts to accomplish all the objectives with the help of each other. Team work is vital to fulfil the requirement of the Background of management and Board composition as well. Financials: According to Pitchard (2004) Finance is the life blood for any of the organization. Financial aspects which are necessary for the expansion of the Business plan can be: Historic and projected Profit & Loss, Projected cash flow, Current balance sheet, Projected head count by functional area, Capitalization schedule, Amount raised, Valuation asked, Use of proceeds. 2.4 Conclusion In this chapter all the issues concerning to the case study of establishing the pharmaceutical store in India have been highlighted which are very essential to be searched for the business plan. Along with the following aforesaid studies several others issues like aims and the goal to open a new business set up, the difficulties, opportunities and threats as well the struggle for that geographical location, the geographical and demographic circumstances of the nation that is because the selected nation is a developing country, the opportunities available and the potential for that nation with respect to the industry attractiveness, the superiority of the services, the standards of the quality of the services required and the law and policies of the state government as well as the central government for the establishment of the new venture. (Schutt, 2006) To know the possibilities to start the new set up in the developing nation like India; this study is a try for the same. It shows all the potentials behind the thought of set up the new venture in India. In the literature review the issue that has taken place is bring light on the few problems which are being faced in the developing nation like India with respect to establish a pharmaceutical store and the study is going to create an attempt to find out the potentialities and feasibilities of Indian market. (Sundararajan, 2007) At the time to develop a new unit of pharmaceutical product it is vital to analyse country as well as the industry to know all the aspects. To go further that is analyzing the entire set business plan the several technique and methods will be used. 23

Analysis will involved several levels of operations with respect to the feasibility of the business plan, the customer survey about the expectations of the services from the new set up. The other chapters of the project will include description of nature of the data, all the collection methods of the data and the analysis of the gathered data as well. (Bohm, 2008) The analysis will be done by using the statistical tools and techniques along with the bar charts and diagrams as well in which it can be showing the results explicitly. The outcomes which are being drawn from the study will give the results and the outcomes of this study on new set up of the pharmaceutical unit. In this scenario to accomplish the work frameworks work has been taken as a theoretical basis. The next chapter is the description about the process of data collection and it deals with research methodology, data collection and findings. (Beverly, 1999)

Chapter 3 METHODOLOGY 3.1 Introduction of the chapter In setting the path for achieving the objectives of this project, whatever method had been used will be explained in detail in this chapter. The search light of this chapter will be on the philosophy of this project, its approaches and strategy as well as means of collecting the data and most importantly the management models which is been used to analyzing those data to find out the proper business environment for the project. Furthermore, mention will be made of the reasons why the methods were used in the project has been chosen above others. (Remenyi D, 2009) Since this project is all about conducting a project on creating a business case plan to establish a pharmaceutical store in India, there will be a distinct difference between this project and any other academic project. However, there are some similarities too between this project and any other marketing studies.

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Some economists argue on the similarities of the academic studies and the management study and suggested that project management should include and distinctly focus on the issues relating to: 1. The way by which the management combines the organizational things into the practice 2. The project should deploy the commercial viability of the project undertaken and the logical evaluation of the organizational resources In this project, various writings are used to explain the basic strategy and methods in order to conduct the study so undertaken. The different managerial theories and models he has used to conduct the project will be explained with the rational listings in this chapter. The framework covers the chapter wise breakdown of the project which includes the introduction of the project, literature review, methodology and drawing the conclusion and recommendation. 3.2 Data Collection Methods There are primarily two broad types of sources where from the researcher could reveal the data. They are named as: Primary data and Secondary data (see Figure 3.5) Secondary data sources are the sources which are already in existence and are published form. This are also treated as the ready-to-use data. The secondary source provides the flexibility to the researcher to gather and build the theoretical framework by accumulating the academic information. The main sources could be academic books, journals, article, periodicals, government publications, newspapers, internet etc. Primary data are often called the raw data as the researcher collects this type of data at the time conducting the project. These are the market data that the researcher gather while conducting the market analysis. The important thing to remember for this type of data is that the researcher needs to avoid the personal biasness and ambiguity while collecting the data. The attention must also be placed to keep the accuracy of the data with the intended project and the topic. Most common sources could be personal observation, interview, survey etc. (Porter M, 1985)

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For the purpose of this project the author would mostly rely on the SECONDARY sources and interpreting the data sources to draw the conclusion. Project implementing method Easter by-Smith et al. (2002) explains that there are mainly two types of the methods which one researcher could apply to conduct and academic project and those are as follows: Qualitative and Quantitative (see Figure 3.6).

Project Method

Source: Created by the Author (2011) Qualitative and Quantitative Method The term quantitative is related with the data which needs to be presented and interpret based on the numerical figures and require the statistical calculation to produce the result to prove the hypothesis and the objectivity of the project. On the other hand, the Qualitative method requires the researcher to explain the subject topic summarizing the and by analyzing of the content of the project .It could be done by following the empirical analysis and underlining the theory in deep. For the purpose of this project the author is going to adopt the QUALITATIVE method to explain the subject and draw the conclusion of the project report. (Smith 2002)

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3.3 Management models

Strategic business planning model (Flow chart of the overall strategic planning process in business case)

For a pharmaceutical store, the mission statement has to have the reflection of being a dependable and trust worthy organization. A mission statement defines the fundamental and unique purpose of a business and identifies its product or service, as well as its customers. The mission of a business is defined by customers satisfaction with its products and services (Antonites et al., 1996). Financial objectives such as determining sell target and earnings growth also help the organization to work efficiently. The whole strategy result related to retail pharmacy is discussed in chapter 5.

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3.4 Environmental analysis: Then the internal analysis of the firm is needed to done. The best tool to perform the internal analysis will be the SWOT analysis. A SWOT analysis is a technique for focusing an individuals or groups attention on the strength, weakness, opportunities and threats. It is useful particularly because strength and weakness (which are actual facts now) can be the case of potential future risks-both opportunities and /or threats. To conduct this project the manager has taken a number of management models to analyze the secondary data. The secondary data are very much related with accordance to this project. The management models which is been used to analyze the market environment include DEEPEST analysis, Porters five forces analysis, Force field analysis, Stakeholder analysis, SWOT analysis, Value chain analysis, Ansoff matrix, Porters diamond model, marketing strategic models, promotional model etc. The DEEPEST analysis is done to understand the external environment while the Porters five force model is done to understand the internal environment. The other analysis on the other hand is done to realize the factors inside the organization. (Lawson R, 2006) The total project can be classified in two folds. The first fold will explain the pre requisite to conduct a proper business plan with all the elements such as the market analysis, financial plan, marketing plan, management plan etc. (Strydom J, 2007) In the second fold a genuine effort will be made to define the steps and elements to conduct the project physically. The second fold will be more related with the project management while the first fold can be more suitable to define as the role of a conventional manager. (Bishop.L,2007). For the purpose of environmental analysis specific and general analysis is taken in which the specific analysis will be conducted through SWOT analysis and in general analysis DEEPEST analysis is taken which are represented as below:

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a). SWOT analysis SWOT is the analysis which helps the organizations to assess and evaluate the current market situation in line with the industry players. Here the author is going to conduct the SWOT analysis to measure the current trends of the pharmaceutical industry of India. It also will examine the possibilities of the opportunities of the market. (Stakepole C S, 2009) b). DEEPEST Analysis of the Industry Based on the summary conclusion of the World Intellectual Property Organization (WIPO) the author is going to discuss the environmental scanning of the industry. The examination will help to realize and demonstrate the feasible possibilities that underpinned in the industry. DEEPEST is the environmental analysis which helps the organization to scan and examine the outside effect of the environmental influences to the company. It will help the organization to cope with the possible challenges to overcome and make the strategy in line with the corporate objectives. The elements of the discussion include: political, economical social, technological, legal and environmental analysis. (Joseph R, 2005) For the undergoing market analysis regarding The set up of a pharmaceutical store in India DEEPEST analysis will be the best appropriate tool. DEEPEST actually stands for political, economical, socio cultural, technological, environmental and legal factors of the business. According to Lawson(1976) A DEEPEST analysis measures the market potential and situation, particularly indicating the growth or decline and thereby market attractiveness, business potential and suitability of access-market potential and fit, in other words DEEPEST analysis six perspectives which gives a logical structure that helps understanding, presentation, discussion and decision making. In the present dynamic situation of the business world, firms can no longer act as a single unit. The external factors of the industry play very important part in shaping the firms future. DEEPEST analysis will, thus help the author to some extent predict the behavior of the external environment while setting a pharmaceutical store in India. The political factors, which include: stable government, social welfare policy of the government, taxation policy, foreign trade policy, etc must have a robust impact on the pharmaceutical business. For example, the pharmaceutical stores are selling both local and imported medicine, will be 29

greatly influenced by the import policy, import duty structure, government regulatory policies, governments trade policy etc. The social welfare policy also plays a big part in the pharmaceutical retail business. (Johnson M, 2003) Geographical Profile: The Geographic situation of the retail pharmaceutical store will be chosen in the intersection of two roads in that way maximum region of the area can be covered. In that way the number of potential customers can also be increased. Implementation Schedule First Year:

The acquisition of the potential space of the pharmaceutical store will be completed. The Financial aspects will be taken care of (i.e. the bank finance, capital from different share holders). The relationship with the whole seller and the pharmaceutical medicine representative will be established. The store will be fabricated. Pharmaceutical software will be used effectively (i.e. DEACOM ERP Software). Download: eType1.com/f.php?FVnP9J The marketing plan will be effectively implemented.

Second Year:

An effort will be made to add value added service with the pharmaceutical domain. The pathological unit will be introduced (The blood test, diabetic test, pressure test) etc. The other wing of the pathological unit with heavy machinery will be introduced (i.e.: X-ray). The vehicle to carry medicines will be bought. 30

The socio cultural factor of the DEEPEST analysis also helps to understand the driving factors of profitability. The socio cultural factor includes population demography, levels of education; income distribution of the consumers, consumerism, etc. socio culture has a decisive impact on the business of the pharmaceutical stores in India. For example if the targeted area of business is densely populated then the business will be much greater than a thinly populated region. . The inventory has to be managed with accordance to the population demography. The age distribution of the region is an important factor in retail business. (Mishra R K, 2010) The pharmaceutical stores which situated in an area where, the population is biased towards the young people, and then there will be more sell of diet products. The income distribution of the customer also determines the demand of different products in different range. The consumerism determines the demand of the product itself. If the customers of the area of business have greater consumerism characteristics then the sell will definite to increase. According to Ripple and Haberberg, 2001 just as consumer purchasing power ultimately determines the magnitude of demand for all goods and services, so consumer tastes ultimately determine where the demand is directed. Sometimes these tastes are manifested in what consumer themselves actually buy. The influence of the Demographic analysis will always be there in the strategic planning of an organization. The demographic conditions of the location for example the population, living standards, the age distribution, income ratio etc all have robust effect on the planning. The areas favorite to the retired people, with higher number of old population will have more patients then, for example a university area. The environmental factor also plays a part in the adaptation of business strategies in a pharmaceutical store. The waste management, waste disposal etc has to be taken care of. After the environment scanning with different tools such as DEEPEST, the external environment can be understood properly. (Luther W, 2001)

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3.5 Stakeholder analysis: Stakeholders are the people or the organizations which directly and indirectly influence the business. By analyzing the stakeholder efficiently the organization achieve the skills of stakeholder management. Stake holder management helps the organization to learn about the changes that happen around it and can react swiftly towards it. Stake holder analyzing is the process where the business organization can identify its key stake holders and manage it effectively. A stakeholder analysis provides information on key stakeholders to help manage relationships with them. The main goal of the stakeholder analysis is to help the project managers to manage relationship with key stake holder. First step towards the stake holder analysis would be the process of stakeholder mapping. There are various methods of stakeholder mapping. But in general the most dominant factors in stake holder mapping are: power of the stake holder, support, need and influence. For a local pharmaceutical store the stakeholders would be the suppliers of the medicines, the customers, the local doctors, the transportation companies etc. (Susman G, 2007) Apart from the market analysis tool a stake holder analysis will be a perfect tool to identify the potential stake holders of the business. The stake holders are the main persons in an organization who will be directly or indirectly influence by the business. They also have the biggest impact on the project. (Kofoed, 2005) So, it is obviously very important to map the stake holders of the business with greatest concern. For example both the sponsor and the supplier of a project are stakeholders. But the sponsor has a greater impact on the project then the supplier of equipments. In the case of a pharmaceutical store establishment, the suppliers of the equipment can be changed easily but to change the sponsor (for example bank) is very difficult. Thus the correct stake holder mapping is the basic element of success. According to Stackpole (2009) The stakeholder matrix is to categorize stakeholders. It can be used to help fill in the stakeholder register. There are three matrices; that can classify the stakeholders of project interms of their involvement and risk. 32

Importance: Oppose Position on project Support Low Power High

Predictability: A Few probability C Powerful but predictable B Unpredictable but measurable D Greatest danger or opportunity

Interest: Low A Powe Minimal effort r High C Keep satisfied B Keep informed D Key players

For example, in the case of a pharmaceutical store the interest Vs position on project stakeholder matrix in cell A the competitors of the industry can be put in where as in cell D the sponsor can be put in. the well wishers and the customers of the pharmaceutical store, who are more likely to be the future customer can also be put in cell D. The supporters of the equipment can be put in C.

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3.6 Business strategy analysis:

PROMOTION STRATEGY Promotion means, To move forward (connotation in Latin). Promotion is a conversation carried out to approach others to adopt ideas or concepts (James F Engel, 2009). Strategy is about planning and implementation of responding communication with customers of organization. Promotion strategy is an integrated more controlled programmed of marketing methods to represent a firm layout its products to customer satisfaction for long term achievements (Hugh G Wales, Jan 2009). According to (David Jobber, Jan 2009) marketing is process of achieving goals of organization through meeting exceeding, consumer needs in competition with rivalry in market. (Peter Drucker, Jan 2009) says marketing is to attract and retain customers at a profit. The strategy planning and integrated programmed structure to represent lay out of long term customer satisfaction will consider the following triangular aspects as shown in figure 2.1, from the point of view of organizational strategy. Figure 2.1 Literature review lay out structure:Promotional Strategy Marketing Promotion Strategy Consumer Sales Promotion Technique Media promotion strategy Literature Review Branding of ASD

Strategy of Pharmaceuticals

Role of Pharmaceuticals Market segmentation Future plans for promotion Pharmaceutical Market Source:-Compiled by author, July, 2011

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a).Force field analysis One of the effective tools in conducting any form of change is the force field analysis. It is usually used while people are involved in the change process. Before introducing any new product and service it usually help to take an effective decision. According to Johnsos (2009) A force field analysis provides an initial view of change problems that need to be tackled, by identify forces for and against change based on a used understanding of the context of change- including the existing culture. (Ghoshal S, 2003)

Findings from force field analysis Driving Forces Easy management ---------------------------Larger profit ----------------New space -------------------------------------------First mover advantage ----------------------------Customer demand ---------------------------------Restraining forces Capital investment----------------------------------Fear ----------------------Lack of incentives -----------------------

b) Porters five force analysis to analyze the competitors Porters five forces model will be an effective tool measure the influence of the competitors and the primary and secondary stake holders. Porters five forces model deals with the suppliers power, buyers power, the threat of substitution, the threat of new entries and the internal rivalry of the industry.

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The five forces model is a efficient way to understand the dynamics of the organization and the stake holders and by analyzing these relationships the company or the business firm can achieve competitive advantage, superior pricing, efficient supply chain mechanism etc. According to (Remenyi D and Brendan R), the five industry drivers or forces determine the relationship of the firm to the other stakeholders in the industry environment and this is in term is a major factor in establishing the organization opportunity to make profit and sustain reasonable growth level. The five forces model explains why some industries are intrinsically highly profitable and others are not. The relationship between the players in a given are not immutably fixed. Organizations can change the balance of power among these factors in the industry by techniques such as locking in clients and creating barriers to new entries. (Westlend J, 2006) c). The Ansoff matrix Development and diversification of products and services is the need of the day for any organizations. Organizations are subject to changes because it operates in a dynamic world. Knowledge of ones own organization and the outer world is the most import part of change. Change in strategy can be done in many ways such as by changing the products, service or by upgrading/innovation of product and services. Adopting new technologies, new style of merchandising, including new services with the existing services, upgrade the current service etc are the basic way of product or service diversification. (Mintzberg H, 2005)

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They are the main ingredient of growth of a company. According to (susman I Gerald: 167) International diversification and product diversification are the two most viable directions for growth. Product diversification refers to firms introduction to new markets and industries. A pharmaceutical unit of has enough opportunity and scope for growth via product diversification and development. The pharmaceutical unit can open up its different unit of photocopy and IT unit. Where the patient will have the opportunity to take photocopies of various medical reports, print out. They can use the internet etc. It can add other services and products such as some diet food items, exercise (work out) stuffs, CDs and DVDs on health and, publications and books on health and medicine etc will benefit the business greatly. (Drucker, 1974) The Ansoff matrix is a way to understand the product diversification in a structured way. According to (Bachmeier A: 2003), Ansoffs model of product/market growth suggest that it is possible to use several strategies simultaneously. It is based on a supposition that the most appropriate growth strategy is appointed by the decision to sell old or new products on old or new markets. Ansoff matrix can also be used in the growth of a local pharmaceutical store.

3.7 Ethical constrains Every project must follow some degree of dealing with the ethics and the author needs to ensure the coherence to the ethics. While collecting the data the author must need to ensure that the purpose of the project is not deviating and he/she does not become bias to the project. It also needs to be ensured that the author comply with the data protecting act by not disclosing any of the data to the third party who are not involved in this project. (Haberberg, 2001) 3.8 Chapter Conclusion

Summarizing the chapter the author would like to recall and recite that in this chapter the author has been discussed and described the various elements of this project which is 37

partially fulfill the requirement of the a project . While describing the each element the author provide the choice of the justification for each topic. On the basis of methodology one of the most important works can be completed which provides fundamentals to execute the project efficiently. With keen observation on the selected issue to open a pharmaceutical store in India, in the methodology researcher used descriptive, qualitative and quantitative data. (Martin V, 2002) To select and collect data non-probable sampling also has been used as per the ease of the researcher. At the same time the researcher has chosen primary data collection data collection as questionnaire and interview as the source of quantitative data collection. The journals, past records etc have been used as the secondary data. Presentation of data along with the analysis and bars and graphs along with pie charts has been also done in the next chapter, analysis of data. (Pritchard C, 2004) Chapter 4 DATA ANALYSIS

4.1 Introduction The main objective of this chapter will present the answers that have been found after conducting different tools in market analysis. The answers will help the author to find out the specific strategy to get a robust competitive advantage over the others. Data analysis is the process in which researcher has done the focused work on the alteration of data. In this section the aim must be just get the proper data then analyze that data to get appropriate result. Project comes to get the final crux only through proper assessment of the data with respect to setting up the pharmaceutical unit in India. Data analysis involves several types of levels with the technique involved in it along with various themes. There is one of the techniques named data mining used to analyse the data. Data mining focused on the knowledge projecting instead of the explanation only. The originator for the data of the analysis is the data integration. Exploratory, descriptive and confirmatory are types of the applications. Exploratory data analysis suggests new 38

features in the data analysis. Confirmatory analysis is for the analyzing the hypothesis. (Corti L, 2005) Main data can be collected through the structured data means a data which is consists of any order. Shapeless data can be converted in the shaped data through the techniques of data analysis. So it is useful to get raw data in the form of relevant data and that can be further be used in project. Proper focused attention is required for the data analysis process because there may be thoroughly filtering in the process of analyzing gathered data. This is the crucial process to get the desired outcome. (Lewis, 2002)

4.2 SWOT analysis

Strength 1. Location (convenient and reachable for local public) 2. Less complex management 3. Minimum inventory. 4. Business from the associated clinic itself. 5. Marketing is easier as more access to patients through the clinic. 6. 24/7 business hour is possible. Weakness 1. the Indian pharmaceutical industry is only sharing 1-2% of the international market 2. Having very low budget and out this 25% of the gross sale are spend on the research and development 3. Animal experiment is one of the major element in the research and development to measure the toxic and molecule investigation however, the Indian animal rights activist block the animal experiment 4. There is no such appropriate drug regulatory system in the country (Beverly, 2009)

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Opportunities 1. The patent law allows the organizations to permit the extended invention in the industry 2. The process will stimulate the economic development and will offer jobs for the graduates 3. The community based development and the population is the potentiality of the major local market 4. the development of an appropriate drug and medicine system will drive the economies of scale in the bulk production and operation (Remenyi D, 2009) 5. The use of the technology by integrating the silicon valley into the process and system Threats 1. The operation of the multinational companies could lead to the decrease trend in the market 2. The market might face the severe threat from the neighboring countries by dumping the bulk drug 3. the factors like environment and the industrialization could also be a possible source of the threat

4.3 DEEPEST analysis Demographical aspect: The featured area of the business is an area of retired army officers The age distribution in the featured area lean towards old population Since the area is at the centre of the city, the population is denser. The level of education in the area is greater than other parts of the city.

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Economical aspect: The development of the pharmaceutical industry will lead to the economic development of the country Increased employment opportunities. Development of the infrastructure and the improved locality Development of the innovative and research centers will attract investors to invest in this sector. The living and the well being standard of the country will be improved. The incorporated venture of the economic and the environmental development will lead to the development relationship (Tate K, 2005) Environmental aspect: There are enough agencies which collect the waste. The environment near the store is soothing. The roads are easily accessible. There are no heavy industry, which may cause sound nuisance near the business location (Charvat J, 2009)

Political aspect: Rapid economic growth will drive the political stability of the nation. There will be an increased level of improvement in the poverty line which is considered as one of the major hardship of the government. The economic development with the integration with the technology sector will help the government to prevent and restrict the un-employment rate of the country. 41

Social aspect: The development of appropriate industry regulations will help to create more job opportunities to the society and for the graduates There will be more versatile use of the technology and the society will be benefited from the modern facilities The society will be benefited from the venture of the new medicines for the diseases like diabetes, cancer etc (Kelli M, 2005) While deploying the research and development scheme in the area of discovery and the innovation the society will be benefited from the huge investment

Technological aspect: The country has already declare Bangalore as the silicon valley which is going to incorporate with the pharmaceutical industry which will demonstrates a improved and modern facilities to the development. There will be further development possibilities in the technology sector (Sundararajan, 2007) The specific analysis through SWOT analysis and the general analysis done through DEEPEST analysis revealed that in spite of large number of pharmaceutical stores available in the country but there still requirement of the pharmacy store because the demand for the pharmacy products is not satisfied with the current figures and also with regard to the large demographic as well as geographic area of India along with this the

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environment of the country is also suitable and in favor for the establishment of the pharmaceutical store.

4.4 Force field analysis Driving Forces Easy management ---------------------------Larger profit ----------------New space -------------------------------------------First mover advantage ----------------------------Customer demand ---------------------------------Restraining forces Capital investment----------------------------------Fear ----------------------Lack of incentives -----------------------

4.5 Porters five forces analysis If we consider the pharmaceutical industry and try to analyze the driving forces we can observe that, the bargaining power of buyer is less here because most of the medicines have their own branded pricing. The bargaining power of supplier will be higher since a local pharmaceutical store does not have the luxury of economy of sales. For a local pharmaceutical store the threat of substitute products/service is higher. The large pharmaceutical chains, the retail chains and the discount chains, the government funded medical facilities such as NHSs pharmacy unit etc. The threat of new entries is not very high unless and until the demography of the store is very attractive regarding the business. (Schutt, 2006).

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Following is the porters force five model applied to retail pharmacy store.
Threat of new entrants (Other retail pharmacy shops)

Bargaining powers of suppliers Such medicine and medical Equipments companies

Rivalry among existing competitors

Bargaining powers of buyers such as patients and health tourists

Threats of substitutes Pharmacy shops run by unqualified Pharmacists.

The results of the following aforesaid studies are discussed in the next chapter on how a successful market plan can be developed and the different strategies could be used to enhance the core competency of the marketer in totally the new and large diversified market of India.

4.6 CAPITAL INVESTMENT STRATEGIC APPROACH: Assessment of current situation: If we talk about current position of pharmaceutical industry, we have to look towards the provision of proper health such as in cities and metros the health conditions are very well and well equipped. The financial condition of population in metros is also high that is why the metros is the great target of pharmaceutical products but in rural area the situation is although different. Still the rural population depends upon the lower priced medical facility and cheap medicines. The purchasers are middle class to higher class that 44

can afford high priced pharmaceutical in metros. There are many pharmaceutical companies in the market therefore there is a humongous competition among them. Assessment of Future Needs: The purchasing strategy of any pharmaceutical retail store is dependent upon the following things and parameters. If marketers can be deal with the following things it can purchase a retail store: The current business goal for any pharmaceutical retail store is to provide wide variety and good quality of pharmaceutical products or medicines to the all classes of consumers. The explanation of this goal is that all kinds of medicines or pharma products are easily accessible to all the consumers and their medical needs can be fulfilled easily. The future service needs is that good customer service is given to the consumers because medicines is not just an FMCG products and not easy to buy so that all the medicines can be given with due prescription of the medical practitioners. The changing needs of consumers and dealing with varied kinds of customers can be a factor of change. The pharmacy retail stores must be taken care about the changing formats of these things. Formulation of options: The 10 years realistic targets can be decided with very care and too much of critical thinking. The investment should be done in this sector but it must be taken care of the following things: The target consumers. The geography or area where you are planning to open your medical retail store, the good option is urban area with literate people. The money can be taken on loan, as well as the partnership is also an added option so that financial risk can be shared. The financial advisor can give a better advice for arranging the capital for pharmaceutical retail store. The successful pharma retail store is run by business giants, because it is very risky sector due to vulnerability of drugs. The medicines are spoiled after certain period of time so before investing in this area one must be considered these factors. 45

CHAPTER 5 Interpretation of Results 5.1 Introduction After carrying out the intensive market scanning and analysis, it is evident that, the factors which influence the business can be determined easily. Both the external and internal market influences can be predicted with the tools which have been used by the authors. After finding out the influences, the main goal of setting a sustainable and inimitable strategy can be achieved. A successful strategic plan can be formulated and the implementation methods of that plan can be found out by focusing, completely on the plan.

5.2 Source of competitive advantage and selection of strategy The word service means to dedicate or serve some efforts. It is considered as the tertiary sector of economies. Services, in economics, the abstract goods and product that the provider present to the consumer or the customer and the consumer do not expect to own the product solely. As same like the traditional industry, the service industry is also goes through a competitive environment while doing business. To achieve the competitive advantage and to cement better and sustainable position over other counterparts requires good strategic business planning, marketing planning and by adding value through services.(Gustafsson and Johnson D, 2003) explains that, Services have come to dominate our economies, whether one manage a traditional service or a manufacturing company, adding value through service has become an essential way to compete. Pharmaceuticals industry is one of the most sensitive and challenging industry in the service oriented business sector. In this assignment it has been tried to produce and develop a strategic business plan for a pharmaceutical store (unit) of a pharmaceutical store. (Lawson R, 2006)

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5.3 Definition of strategy Apart from providing better service other way to develop the business of a service oriented organization is by acquiring a fit, sustainable and distinctive business strategy. A strategy is actually a set of plans and actions that make an organization different from other equivalent organizations and hence bless it with competitive advantage over others. The simple and detailed explanation of strategy can be acquired from the following definition which states A strategy is the set of actions through which an organization, by accident or design, develops resources and uses them to deliver services or products in a way which its users find valuable, while meeting the financial and other objectives and constrains imposed by key stake holders. (Haberberg and Rieple, 2001). A proper and tacit strategy transforms the organization into a dynamic form. It helps the organization to react to the changes of the business environment with less possible time and to gain competitive advantage. According to Kay (1993) states that The strategy of a firm is the match between its internal capabilities and its external relationships. It describes how it responds to its suppliers, its customers, its competitors, and the social and economic environment within which it operates.

5.4 The generic strategies Profitability of an organization depends largely on the competitive advantage factor of that certain firm over other counterparts. Usually with the competitive advantage, the firm can achieve more profitability from the average level of what others are enjoying. The premier goal of an organization thus remain the fact that, how the organization can achieve the competitive advantage. Many factors can be identified that defines the competitive advantage of a firm over the others such as first mover advantage, distinctiveness of the product, efficient service , effective marketing strategy etc. But the main two areas which are independent of any industry and any firm can achieve competitive advantage with them are the cost advantage and the product distinctiveness.

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A competitive advantage is enjoyed when the organization are able to provide the same service at lower cost then their competitors. Or it can provide the customers with such service or product which is very exclusive to the firm itself. (Bishop L, 2007) And these two characteristics can be achievable by generic strategy like cost advantage, differentiation and focus. According to (Porter: 11), The fundamental basis of above average performance is the long run in sustainable competitive advantage. Though a firm can have a myriad of strength and weakness vis--vis its competitors, there are two basic types of competitive advantage a firm can possess: low cost or differentiation. The significance of any strength or weakness a firm possesses is ultimately a function of its impact or relative cost or differentiation.

5.5 The resource base strategy: Resource and capabilities are the two factors with which the firm also can achieve competitive advantage. The resource base view towards competitive advantage believes that, the factors such as patents, reputation, brand quality, trade marks, good will can also give the organization competitive advantage. The company can achieve competitive advantage by performing superior competence as well. Superior pricing of a the products can be a way to enable the pharmaceutical store with the competitive advantage .Minimizing the operational cost is one of the way to gain superior pricing .If the operational cost is less then, economy of sales can be achieved. In a pharmaceutical store the inventory management is very important. Proper inventory management excludes the risk of selling expired medicines. The knowledge about new products is also an intrinsic part of the process to get competitive advantage. By minimizing the fixed costs the superior pricing can also be achieved. (Strydom J, 2007) The product differentiation advantage can be achieved by keeping different varieties of products then other local pharmaceutical stores. Apart from these, the geographic position of the store can give a huge advantage. If the position of the store defines the economies of sell. By gaining good will and reputation in the market by giving efficient service, the store also can brand itself and get competitive advantage.

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In some cases, competitive advantage can be achieved by the process of joint venture and merging. Collaboration and alliance with different organizations can give the firm a very robust strategic advancement then others. For example alliance with a local clinic, local doctors or to local diagnostic centers, can boost the performance of the store. Introducing exclusive and value added services can enable the pharmaceutical store to achieve competitive advantage. For example giving home delivery service facility to the local inhabitants can attract the attention of the consumers. Taking phone orders, internet order can also be help to accessing larger market. A membership system can be introduced for the consumers who need to have medicine regularly. The consumer only have to give his/her prescription, the store will supply them the required medicine after certain time period. In other words the patients can get rid of the tension of buying medicines in regular terms. (Moore N, 2006)

5.6 Strategies implementations The strategies or the ideas which are selected have to be implemented with great precision and in an efficient way. There have to be certain programmed, budget and procedure to implement the strategy correctly. The motivating factor of the employees of the organization is also an issue. Good human resource management such as balancing the reward and appraisal system will also be helpful. Since with every new strategy change comes, so to comprehend the change to the other stuffs and the stakeholders it is necessary to follow a proper change management model. (Joseph R, 2005) The way the strategies are implemented can determine the fate of the strategy in many cases. Several times brilliant strategies can fall of due to faulty implementations. For example if the store buys its own transport to carry the medicine from the suppliers to minimize the operational cost and time but instead of minimizing it if the fuel cost of that transport gets higher then the whole strategy falls. Another example of faulty implementation on would be if, any customers give a home delivery order and the order does not reach him on time. Then the reputation of the store and with that the strategy also falls down. To give fair coaching and training to the employees regarding the strategic change is very challenging. According to (Ripple and haberberg, 2001), 49

employees ability to cope with novelty, particularly problematic if large scale of changes is proposed. Less dramatic change is easier for the people in an organization to cope with, and there fore strategies that are incremental or relatively small in scale are generally easier to implement. It can also relate to the way in which organizations have built up routines, competences or architectures which are dedicated to one way of seeing the world and one type of strategy, and which may also act to block strategies which are different from the norm. 5.7 Marketing plan Marketing is a method of market research and selling product and services to the customer via promoting the product via advertisement. Marketing helps a company to build up strong customer relation. The need and requirement of the customer can also be understood by this process hence it works as a knowledge gathering mechanism for the organization. Marketing helps to capture new areas of customer. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. The marketing plan is a very useful part of the total business plan. Marketing plan lays the foundation for a sound marketing strategy. Marketing plan is done to achieve maximum success with the available resources. A sound marketing strategy allows the organization to get competitive advantage. The marketing strategy roams around identifying customers attraction and satisfaction. The main aims and objectives of a proper marketing plan is to find the level of influence of marketing in the strategy, determining the targeted customers, convey the right message to the right person and finally to manage the marketing effectively. (Ranjini Manjan, 2007) The purpose of the marketing plan is to translate the positioning statement into recognized and preferred brands. To do so it is recommended that the marketing plan consist of six areas: The product or services plan, the marketing communication plan, the sales plan, the customer service plan, the research plan, the internet plan.( Luther M William:11) . These six are the main components of any marketing plan. For a pharmaceutical store also these six steps are very likely to be followed.

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Firstly the product or service plan which is actually the first step of any marketing plan. It determines factors like pricing strategy, packaging strategy, marketing budget etc. In the case of a pharmaceutical store, a well equipped service plan is very essential. It will determine the marketing cost, the service packages, the distribution, the pricing of the products etc. So it will have the luxury to give discount to the resident patient of the clinic. Secondly, the marketing communication plan, which include the advertisement, product promotion and last but not the least the topic of public relation come. The advertising is an important part and parcel of any marketing plan. By advertising proper promotion of different products can be gained. Different strategies can be applied to promote the products in a pharmaceutical stores such as promotional pricing, promotional packages, gifts etc. (Jphnson M, 2003) For proper marketing, it is also very important to train up the employees rightly. To convey the companys idea to the customers proper coaching of the employees is essential.

5.8 Product development and product diversification Development and diversification of products and services is the need of the day for any organizations. Organizations are subject to changes because it operates in a dynamic world. The knowledge of ones own organization and the outer world is the most import part of change. Change in strategy can be done in many ways such as by changing the products, service or by upgrading/innovation of product and services. Adopting new technologies, new style of merchandising, including new services with the existing services, upgrade the current service etc are the basic way of product or service diversification. They are the main ingredient of growth of a company. According to (susman I Gerald: 167) International diversification and product diversification are the two most viable directions for growth. Product diversification refers to firms introduction to new markets and industries.

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A pharmaceutical store has enough opportunity and scope for growth via product diversification and development. The pharmaceutical unit can open up its different unit of photocopy and IT unit. Where the patient will have the opportunity to take photocopies of various medical reports, print out. They can use the internet etc. (Mishra R K, 2010) It can add other services and products such as some diet food items, exercise (work out) stuffs, CDs and DVDs on health and, publications and books on health and medicine etc will benefit the business greatly. The Ansoff matrix is a way to understand the product diversification in a structured way. According to ( Bachmeler A. : 2 ), Ansoffs model of product/market growth suggest that it is possible to use several strategies simultaneously. It is based on a supposition that the most appropriate growth strategy is appointed by the decision to sell old or new products on old or new markets. Ansoff matrix can also be used in the growth of a local pharmaceutical store. In case of capital investment, one must have to consider various things. The target consumers are the first priority because if we do not have the target consumers our business will not be flourished and all the capital investment will go in vein. The urban area is a good strategic option to open a pharmaceutical retail store because urban people are more aware about the quality of medicines and their usage. They are willing to buy even high priced medicines because they know the importance of that medicine. Their purchasing power is appropriate for that. The long term goals are also be taken care off with the investment decisions. The vulnerability of products is also a concern about this sector.

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CHAPTER 6 Conclusion and Recommendations: 6.1 INTRODUCTION This chapter looks into the authors reflective understanding during his career of completion of masters in health and social care. Author adopts certain skills during the achievement of the desired research aims and objectives and thus would like to give spot light on this aspect. It is a great privilege for author to complete post graduation course from the University, and appreciate the facilities and quality of education provided by the education authority. During this course author, learn various skills such as time management, approaching consumer etc. However it is was a wonderful experience in accomplishing this case with the success in terms of achieving the desired aims and objectives. As this study was based on business plan demonstrating the required strategic, financial, marketing and management measures in order to establish a pharmaceutical store in India and also it demonstrated on the overall implementation of the captioned project. The success of the following business project can be measured through the achievement of the following objectives: by conducting a valid market analysis with the help of different market analysis tools such as SWOT and DEEPEST analysis, force field analysis, porters five force model. These strategies assisted a lot to analyze the competitors, and stakeholders So I would like to go ahead as a manager by apply this business plan and its strategies to future business planning for my own retail pharmacy shop in India. Especially during this project, being a project manager it was an exciting experience. Author faces few difficulties during project, as it was not very easy task. However, was a vital project for author as the whole lifetime efforts of the education career was going to reflect through this project? Not all but few of the memorable experiences author would like to highlight in this chapter such as time constrains, personal experience, primary data collection, secondary data collection, technical skill. (Luther W, 2001) 53

6.2 TIME CONSTRAINTS The most difficult part author face during this project was limitation of time. The time allocated was insufficient and author could allow very short duration of time for every chapter. Especially for data collection Author has learn the time management skills during this project. Being a project manager author allocated his own time schedule author was playing the entire role with very little economic recourses available. This skill will help author to work under pressure and to achieve set target by organization.

6.3 PROJECT CONSTRAINTS Being a foreigner author face some language difficulties such as writing difficulties. In spite of the innovative ideas and good in site for the project author, found bit difficulties express them in the project. To get on with the day-to-day life author manager to work, attend course schedule and to spend time on this project which improve authors hard working ability. Obedience is the greatest scarifies. In order to obey the rules set by the University and Government authority author has to scarify many things. (Westland J, 2006) SECONDARY DATA The resources available such as books, journals, articles, were limited. Being student author was not in position to manage the finances for buying articles or books. This help author to learn about how to manage the project with limited resources of finances in the times like recession or economic down full author may not suitable. However author is being trained during this project to find the solution for the critical situation. TECHNICAL TACTICS Author gain the technological skills during this project. The author is not expert in computer skills, which limit to present the ideas in tabular forms or diagrammatic presentation. (susman G, 2007)

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6.4 STRENGTH AND WEAKNESS STRENGTH Author invented the hidden strength within which are Time management Can work under pressure to achieve goal set by organization Analytical ability Looking from outward to inward environment of the firm

WEAKNESS Author found that some of the weakness was not allowing coming up with the expected standards of the project these are . 6.5 AREA FOR IMPROVEMENT To overcome limited technical skill author is looking forward to join short computer course and language course as these skills play vital role for every organization. (Mintzberg H, 2005) Limited technological skills Writing professional language

Personal development plan.

State how developed skills will be used in future work and possibly what further skills are required - define key areas of development/ areas to be worked on for your management practice Produce a detailed personal development plan Skill Current Proficiency 1. Time management I sometimes miss key deadlines that I Target proficiency I need to gain the ability to meet my How it will be developed? I will prepare a daily chart , which will Possible outcomes At least i should be able to meet Time scale By the end of the term. 55

need to meet.

deadlines with accuracy.

help me activities i need to do and re-check

the key

remember the deadlines.

2. Stress management

I get stressed very fast due to and also it takes a toll on my performance sometimes.

Try to overcome the management aspect and improve on my performance.

continuously. By discussing Should gain ways on how to manage my stress with my staff and colleagues and managers. By rehearsing At least be and making a in class tutorial able to give presentation confidently in class. the ability this stress managemen t aspect.

By the end of Business quarters.

pressure of work stress

to overcome the

3. Presentations Not able to give presentation due to nervousness and lack of confidence

To gain self confidence give presentations

By the end of the semester.

and be able to presentation

confidently. By developing and improving my weaknesses, strengths and areas of improvement and by applying business planning strategies I would to go head to open my own retail pharmacy business as this business plan taught me how to do business and how to act like effective manager by providing good quality services to customers.

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