This paper analyses and examines the current situation, recent developments, issues and challenges for Pharmaceutical companies in India from the perspective of marketing management. This paper highlights the current position of pharmaceutical companies in the Global pharma markets in order to understand its implications for current market challenges faced by the pharma industry. The challenges faced by pharmaceutical companies in the Indian market with reference to the Marketing function have been examined in this article. The discussion is focused on the marketing mix for pharmaceutical companies comprising the 4Ps, namely, Product, Price, Place and Promotion. This paper suggests a few effective strategies to overcome the challenges faced by the pharmaceutical industry