CAREER TRANSITIONS AND ENTREPRENEURSHIP: INSIGHTS FROM PHARMACEUTICAL INDUSTRY IN INDIA

Abstract

This Chapter is about career transition and entrepreneurship. In career transition towards becoming an entrepreneur, there is significant role of prior qualification, and experience. In this chapter, authors have explored the career transition of founders of top pharmaceutical companies in India. Pharmaceutical domain requires scientific background and technical expertise so it is expected that founders hold extensive experience and appropriate qualification to take the plunge into entrepreneurship. Authors took top pharmaceutical companies based on ‘market capitalization’ as well as ‘market share’ in Indian pharmaceutical market. In each of these categories, top 35 Indian pharmaceutical companies were selected as pharmaceutical companies of foreign-origin were excluded. Certain pharmaceutical companies figured among top companies in both categories so that reduced the number to below 55. By considering qualification (science, pharmacy, business or other), and experience (in pharmaceutical companies), it has been observed that scientific/technical qualification helped in gaining domain expertise, and experience of working in pharmaceutical companies helped founders to go ahead with entrepreneurial venture and helped them navigate changes in their professional lives to pursue entrepreneurial endeavours in pharmaceutical sector in India. Only founders were taken as in second generation, there is high probability of family members taking over the reins of the business as predominantly, family-owned business run pharmaceutical sector.