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This report has two sections. In the first section, we have analysed the major factors that govern the Dynamics of the Pharmaceutical Industry in India. The analysis bases itself on industry-level data and the annual reports of 31 companies for the last five years. Of these 31 companies, 18 are Indian with the rest 13 being subsidiaries of multinational corporations. The 31 companies mentioned accounted for over 68% of the industry revenue in India during FY98. The second section of the report is a corporate digest with abstracts on 31 prominent Pharmaceutical Companies in India. The focus of the scrutiny in the first section is about the dynamics of the Pharmaceutical Industry and the factors that determine its operations and profitability. Chapter 1. Introduces the industry, giving it a historical perspective, and presents the status of the healthcare infrastructure in the country. Chapter 2. Discusses the importance of research and development in the Pharmaceutical Industry. The focus here is on the areas of research, cost of research and recent trends in research. Chapter 3. Looks at the role of regulation, covering issues related to patents, the Drug Price Control Order (DPCO), and quality. Chapter 4. Sketches the global pharmaceutical scenario, covering issues relating to size, growth, therapeutic segments and market. Chapter 5. Focuses on the market structure for the Indian Pharmaceutical Industry. The issues discussed here include market size, growth, structure, price behaviour and global trade. Chapter 6. Discusses the therapeutic segments in the Indian market in greater detail. in Chapter 7. We have looked at the economics of the pharmaceutical business in India. The issues covered include capital structure, operating cost and its components, besides the returns generated by the industry. This chapter also looks at the financial performance of the 31 pharmaceutical companies in our sample and their relative positions. Finally, Chapter 8. Presents our conclusions, with a discussion on the key success factors for the industry, the emerging trends in the global and domestic markets, and the outlook for Indian companies. The second section of the report, that is the corporate digest, presents two-page abstracts on 31 prominent companies in the Indian Pharmaceutical Industry. The format for the abstracts is the same for all companies. The first page presents the key financial indicators and the basic information about the company. The second page presents analytical briefs on the operations, financials, plans and prospects of the company. The abstracts are based on the company's published accounts for the past several years, which have analysed in considerable detail.