Problem: The paper explores whether the organizational environment of pharmaceutical companies in India have encouraged innovativeness, have helped in diversification and identification of product areas with growth potential, and whether have supported it with allocation of funds for Research and Development for sustained growth. Methodology: Text mining is used to derive frequency of key words from annual reports of Indian Pharmaceutical companies for different years. The key words represent innovativeness, research and development and organizational environment. The latter is represented by factors like leadership, market orientation, technology orientation, human resource management and customer orientation. Suitable metrics are defined and applied for the analysis.Findings: The sample consists of 37 Indian pharmaceutical companies that are listed on the stock exchanges. Our analysis shows that companies with high organizational score have encouraged innovativeness. There is a weak positive relationship between innovation orientation and expenditure on R & D. Not all companies are interested in diversifying or experimenting in new areas.Conclusion: The paper will be useful to policy makers, as before embarking on designing incentive structures and investments in centralized R & D facilities, they should also understand the mind-set of the companies, their abilities and their eagerness to experiment with new ideas. Otherwise, these facilities will remain underutilized. The paper will be useful to companies to understand their organizational environment and points of intervention for future sustained growth.