ABSTRACT
The basic data for the analysis have been taken from Capitaline (see www.capitaline.com). Data for the period of 1999-2000 to 2010-2011 are used for the analysis. In the Capitaline data-source, pharmaceutical companies have been divided into five groups: (1) Bulk drugs manufacturing domestic firms; (2) Bulk drugs and formulations manufacturing domestic firms – large; (3) Bulk drugs and formulations manufacturing domestic firms – medium and small; (4) Formulations manufacturing domestic firms and (5) Multinational firms. Data could be obtained for about 180-230 firms for different years in the period under study. This is an unbalanced panel and the firms included in the dataset vary from year to year. For about 30% of the firms, data are available for all 12 years. On the other hand, for another 30% of the firms, data are available for four years or less.
