Institutional Support and Institutional Environment for Entrepreneurship Development: Pharmaceutical SMEs in India

Abstract

Entrepreneurship development in small scale industries is vital for pharmaceutical industry in India. Pharma SMEs having 70 percent total industry product output and 35 percent in total value, most of the firms are acting as a non-entrepreneurial, a smaller amount of innovative and risk taking. This paper will discuss about the role of institutional support and institutional environment for promoting entrepreneurship in Pharma SMEs. After new policy regime in pharmaceutical industry, SMEs got chance to expand business into global and also got various opportunities, as same time number challenges has been increased. Institutional support is indeed for SMEs act entrepreneurial for facing future challenges in the global market, recent changes in business regulations also encouraging SMEs towards competing in global market.