Entry strategies are one of the important decisions in the process of internationalization. Decision on entry mode is one of the most critical decisions having significant and farreaching consequences on a firm's performance and survival in the target foreign market. This study focuses on the path of internationalization of Indian Pharmaceutical industry and makes an attempt to identify the major determinants influencing entry mode decision. The study concludes that both firm specific as well as the policy changes at the country levels, host country’s as well as domestic policies together influences the decision of the firm on entry mode.