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}{% \vskip8pt \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt } \usepackage[absolute,overlay]{textpos} \makeatother \usepackage{lineno} \linenumbers \begin{document} \author[1]{Dr. Amisha Gupta} \affil[1]{ Jgan Institute of Management Studies delhi India} \renewcommand\Authands{ and } \date{\small \em Received: 6 December 2017 Accepted: 3 January 2018 Published: 15 January 2018} \maketitle \begin{abstract} Sun Pharma is a global pharmaceutical company. It manufactures and markets a huge basket of pharmaceutical formulations in India, US and several other markets across the world. In India, the company formulate the products in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, orthopedics and ophthalmology. \end{abstract} \keywords{} \begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) \textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark} \end{textblock*} \begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) \textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}} \end{textblock*} \let\tabcellsep& \section[{O}]{O}\par 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.\par Their track-record of successful collaborations includes various in and out -licensing of products and technologies, joint ventures, as well as mergers \& acquisitions. \section[{II.}]{II.} \section[{Path to Internationalization}]{Path to Internationalization}\par 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.\par 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.\par 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.\par 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. \section[{III. Analysis \& Conclusion}]{III. Analysis \& Conclusion}\par 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.\par 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. \begin{figure}[htbp] \noindent\textbf{1} \par \begin{longtable}{} \end{longtable} \par \caption{\label{tab_0}Table 1 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{2} \par \begin{longtable}{P{0.17467637540453074\textwidth}P{0.147168284789644\textwidth}P{0.09421521035598705\textwidth}P{0.2386326860841424\textwidth}P{0.06808252427184466\textwidth}P{0.12722491909385114\textwidth}} \tabcellsep \multicolumn{2}{l}{Headquarters}\tabcellsep Mumbai, India\tabcellsep \\ \tabcellsep \multicolumn{2}{l}{Public or Private}\tabcellsep Public\tabcellsep \\ \multicolumn{3}{l}{Year of Establishment}\tabcellsep 1983\tabcellsep \\ \multicolumn{3}{l}{Revenues (2013-14)}\tabcellsep \$2.56 bn\tabcellsep \\ \tabcellsep \multicolumn{2}{l}{Specialties}\tabcellsep Formulations, API, US Generics,\tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep Specialty brands, Technically\tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep complex formulations\tabcellsep \\ \tabcellsep I.\tabcellsep \multicolumn{2}{l}{Synopsis of the Company}\tabcellsep \\ \tabcellsep \multicolumn{4}{l}{ver 72\% of Sun Pharma sales are from markets}\\ \tabcellsep \multicolumn{4}{l}{outside India, primarily in the US. The US is the}\\ \tabcellsep \multicolumn{4}{l}{single largest market. It accounts for about 60\%}\\ \multicolumn{5}{l}{turnover in all be it in the form of formulations or finished}\\ \multicolumn{5}{l}{dosage. It manufactures across 26 locations, including}\\ \multicolumn{4}{l}{plants in the US, Canada, Brazil, Mexico and Israel.}\tabcellsep \\ Year\tabcellsep \multicolumn{2}{l}{Modes of internationalization}\tabcellsep Company Name\tabcellsep Country\tabcellsep Motivating factor\\ 1989\tabcellsep \tabcellsep Exports\tabcellsep \tabcellsep Neighboring countries of India\\ 1996\tabcellsep \tabcellsep subsidiary\tabcellsep Sun Pharma Global Inc.\tabcellsep The British Virgin Islands\\ 1997\tabcellsep \tabcellsep Acquisition\tabcellsep Caraco Pharmaceutical Laboratories\tabcellsep USA\tabcellsep Technology and R\&D seeking\\ 1997\tabcellsep \tabcellsep Equity Stake\tabcellsep MJ Pharma\tabcellsep UK\\ 2001\tabcellsep \tabcellsep Subsidiary\tabcellsep \tabcellsep Bangladesh\tabcellsep Market access\\ 2004\tabcellsep \tabcellsep Subsidiary\tabcellsep Sun Pharmaceutical Industries, Inc.\tabcellsep USA\tabcellsep Market access\\ 2004\tabcellsep \tabcellsep Acquisition\tabcellsep Niche brands from Women's First\tabcellsep USA\tabcellsep To enrich the product portfolio\\ \tabcellsep \tabcellsep \tabcellsep Healthcare\tabcellsep \\ 2005\tabcellsep \tabcellsep Subsidiary\tabcellsep Sun Pharmaceutical UK Limited\tabcellsep UK\tabcellsep Market access\\ 2005\tabcellsep \tabcellsep Acquisition\tabcellsep Manufacturing Unit in Bryan, Ohio\tabcellsep USA\\ 2005\tabcellsep \tabcellsep Acquisition\tabcellsep Able Laboratories\tabcellsep USA\tabcellsep The Expansion, to make a presence of controlled\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep substances.\\ 2005\tabcellsep \tabcellsep Acquisition\tabcellsep ICN\tabcellsep Hungary\tabcellsep Band building\end{longtable} \par \caption{\label{tab_1}Table 2 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.03648068669527897\textwidth}P{0.11582618025751074\textwidth}P{0.21523605150214592\textwidth}P{0.05745708154506438\textwidth}P{0.425\textwidth}} \tabcellsep \tabcellsep \tabcellsep Australia\tabcellsep Market access\\ \tabcellsep subsidiary\tabcellsep \tabcellsep \tabcellsep \\ 2008\tabcellsep Acquisition\tabcellsep Chattem Chemicals Inc.\tabcellsep USA\tabcellsep To enrich the product portfolio and become a more active\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep player in pain management.\\ 2009\tabcellsep subsidiary\tabcellsep Sun Pharmaceuticals Germany GmbH\tabcellsep Germany\tabcellsep Market access\\ 2009\tabcellsep Acquisition\tabcellsep Products from Forest Inwood\tabcellsep USA\tabcellsep Through Coraco\\ 2010\tabcellsep Acquisition\tabcellsep Taro Pharmaceuticals\tabcellsep USA\tabcellsep Expansion in the theUSA\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep DUSA's business will bring\\ 2012\tabcellsep Acquisition\tabcellsep DusaPharmaceuticals\tabcellsep USA\tabcellsep entry into dermatological treatment devices, where\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep Sunpharma seesthe growth\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep opportunities.\\ 2012\tabcellsep Acquisition\tabcellsep The Generic business of URL\tabcellsep USA\tabcellsep \\ \tabcellsep \tabcellsep pharmaceuticals.\tabcellsep \tabcellsep \\ \tabcellsep Acquisition\tabcellsep Ranbaxy\tabcellsep Various countries\tabcellsep Brand building. Sun pharma\\ 2014\tabcellsep \tabcellsep \tabcellsep \tabcellsep became world fifth largest\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep generic pharma company.\\ \tabcellsep Acquisition\tabcellsep Pharmalucence\tabcellsep USA\tabcellsep Manufacturer of human\\ 2014\tabcellsep \tabcellsep \tabcellsep \tabcellsep injectable pharmaceuticals.\\ 2014\tabcellsep Licensing agreement\tabcellsep Merck \& Co. Inc.\tabcellsep USA\tabcellsep Enrich the product portfolio\\ 2015\tabcellsep Acquisition\tabcellsep GSK'S opiates business in Australia.\tabcellsep Australia\tabcellsep Expansion in the niche segment of controlled substances.\end{longtable} \par \caption{\label{tab_2}}\end{figure} \backmatter \begin{bibitemlist}{1} \bibitem[ Total Assets & Export Intensity Sun Pharma]{b1}\label{b1} \textit{}, \textit{Total Assets \& Export Intensity Sun Pharma} \bibitem[ Export Intensity Total Assets ()]{b0}\label{b0} \textit{}, \textit{Export Intensity Total Assets} 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013. (in million dollars) \end{bibitemlist} \end{document}