The study had the aim to analyze the impact that lean manufacturing casts on financial performance and the impact that is caused by industry 4.0 practices on financial performance and the study also took waste reduction behavior as a mediator. As, the past studies mostly focused on old methods of analysis of the data on the same problem and also did not address industry 4.0 practices. So, based on critical review of past studies, the study proposed four hypotheses. For testifying those, the study took a sample of 302 individuals from the Pharmaceutical Industry of Thailand. The data about the problem was collected from the sample with help of questionnaires and then it was analyzed through SPSS, AMOS and other latest analytical techniques. The results of the study showed that the impact of lean manufacturing on financial performance is significant and positive and the impact that is caused by industry 4.0 practices on financial performance is significant and positive and waste reduction behavior as a mediator acts significantly as well. The study is helpful for industries present globally to reduce wastage and maximize returns, it also enhanced theoretical evidence about significance of lean manufacturing. Yet, the research is short of sample and is very specific to only one sector.
Lean Manufacturing, Industry 4.0 Practices, Financial Performance, Pharmaceutical Industry, Thailand, Waste Reduction Behavior