Several regulatory agencies, including FDA-USA, EMA-Europe, MHRA-UK, MCC-South Africa, TGA-Australia, ANVISA-Brazil, WHO-Geneva, BPHARM-Germany, KFDA-Korea and PMDA-Japan, have certified their facilities.

Their track-record of successful collaborations includes various in and out -licensing of products and technologies, joint ventures, as well as mergers & acquisitions.

Sun pharmaceutical started exporting products to neighboring countries of India in 1989. Then in 1991, fall in bulk drug prices was a setback for the company. It realized the mistake of depending on a single product line, so it started to diversify across multiple formulations. Russia became the biggest export market for Sun, but the 1998 collapse of the Russian economy came as a big jolt for the company. Sun has become too focused on Russia as the country and lost a big chunk of business due to the political upheaval. That's when Sun decided to focus on three main therapeutic areas by employing similar production technology. It allowed Sun to serve different market segments while using the same techniques and thereby allowing them access to the best markets of the world.

In 1997, Sun made its first international acquisition. The primary motive of the acquisition was to acquire the technology. As a result, Sun acquired many companies with the equity stake. MJ Pharma, TDPL were few of them. Apart from acquisition as a mode of internationalization Sun also focused on exports. In 1997, Sun reported the exports as 18 percent of their total sales. Although Sun was present in many regulated and unregulated markets, USA remained the single most important country.

In 2004 Sun Pharma bought a few exclusive brands to consolidate its positions as a leader in the segment. The brands were purchased from the USbased company Women's First Healthcare (WFHC). Acquisition of WFHC was the foundation stone for entering the branded generic space in the US at a reasonable cost. In same year Sun Pharma increased its stake in Coraco to over 60% from 44% by acquiring a common stock and options from 2 large shareholders of Caraco.

In 2005 Sun acquired a Hungarian firm to operate in the controlled substance market. The Company bought raw materials and dosage form manufacturing operations of ICN Hungary from Valeant Pharmaceuticals. In the same year, Sun acquired a manufacturing plant in Bryan, Ohio, USA, and work begun on increasing the capacity and making operations more efficient.

Sun although being a new company of the selected sample, manages a broad scope of operations. It is actively pursuing mergers, acquisitions, and other strategic tie-ups. Sun pharmaceutical targets API market in Europe and US as these markets are gradually opening up to the use of low-cost generics. There is intense competition from API manufacturers in many other developing countries. Therefore, the company is trying to diversify its product offerings by targeting specialty API. The company's acquisition of Knoll's bulk drug facility and its purchase of controlling stakes in Gujarat Pharma, MJ Pharma, and Caraco (U.S.) provide Sun with additional R&D capabilities and access to U.S. FDA approved factories.

As can be seen in Fig1, increase in R&D had a positive impact on the export intensity of the company. After the thorough analysis it can always be said that Sun Pharma is internationalizing with a high pace, but still, challenges are on the way. Sun is taking corrective measures to eliminate the threat of increased patent protection. It is investing heavily in sales and marketing capacities and plans to implement its branded generic strategy in multiple markets.