The case describes the strategy formulation and implementation issues facing the top management of Torrent Pharmaceuticals Limited. In 1998, the company was among the top five pharmaceuticals companies in India. Significant domestic and international changes in the competitive, regulatory, and technological environment had threatened the sustenance of the performance of the company. The top management of the company was required to review the changed situation and formulate a new strategy. The team was also required to think through an action plan for implementing its recommendations.