Export intensity is a key indicator of international competitiveness, particularly in regulated industries such as pharmaceuticals. This study examines how firm-specific factors and macroeconomic conditions jointly influence export intensity among Iranian pharmaceutical manufacturing firms. Using balanced panel data from 20 exporting pharmaceutical companies over the period 2018–2023, the study applies a random-effects panel regression model to assess the impact of firm size, advertising expenditure, R&D investment, firm age, GDP growth, inflation, and exchange rate volatility on export intensity.

The results reveal that firm size and advertising expenditure have a positive and statistically significant effect on export intensity, while inflation exerts a significant negative impact. Other firm-specific factors (R&D intensity and firm age) and macroeconomic variables (GDP growth and exchange rate volatility) do not show significant effects. These findings indicate that scale advantages and market-oriented investments are more critical for pharmaceutical exporting than innovation expenditure alone under prevailing economic conditions.

The study is subject to limitations related to sample size and the exclusive focus on Iranian firms, which may constrain generalizability. Nevertheless, the findings contribute to the export performance literature by demonstrating that export intensity in regulated industries is shaped by a selective combination of internal capabilities and macroeconomic stability. The study offers practical insights for managers and policymakers seeking to strengthen pharmaceutical export performance in emerging economies.