Reading ease of Mission statements – A comparative study of Indian and Global Pharmaceutical Companies.
Indian pharmaceutical industry has been witnessing significant growth and changes over past few years. From a market size of USD 30 billion in 2015, the Indian pharmaceutical market has grown
to USD 50 billion in 2019. It is the largest exporter of generic drugs which stands around 17 billion dollars. 20% of worlds generic in terms of volume have a make in India label. As per volume, India is ranked 3rd in the world and as per value it is ranked 10th in the world. The CAGR is expected to be 17.5% at USD 55 billion by 2020. However, the industry is primarily focused on
manufacturing of generic medicine and export of bulk drugs. The focus on development of new drugs began only with introduction of new Patent regime in 2005. Till date, not a single Indian pharma company appears in worlds top twenty-five companies on the basis of sales revenue. This
study took mission statement (MS) across 63 Indian Pharma Companies listed in the Indian stock exchange and top 46 global pharma companies. The Data pertaining to MS was collected from the
corporate websites of these 106 companies. The purpose of this study is to explore the reading ease of MS. Based on Flesch-Kincaid Reading Ease scores (FRES) and t-test, it was found that FRES of
Indian pharma (M= 25.33, SD= 21.88, n= 63) companies are statistically different than FRES of Global pharma companies (M= 42.19, SD= 26.86, n= 46) as t(85) = 1.98, p = 0.00 (2 tail), at α =
0.001. It was found that MS of Indian companies are difficult to read as compare to global top pharmaceutical companies. With a perspective of MS as a communication tool, Indian companies
needs to enhance readability of their MS.