A physician’s prescribing decision is a complex process, as it calls for the contribution of multiple stakeholders across the value chain. Physicians’ prescribing behavior constitutes elements such as product-related characteristics, product-promotional efforts, physician’s professional characteristics, and physician personality traits. Collaborative efforts involving government agencies, physician societies, and pharmaceutical organizations can enhance physician awareness and improve prescribing practices, leading to better disease management with improved patient quality of life. Based on existing studies in these economies, this systematic review explored physicians’ prescribing behavior in developed and developing countries. The ultimate goal of this systematic review is to empower physicians to make better prescribing decisions, ensuring patient safety and faster recovery. Using relevant keywords, the search was conducted with Scopus and Google Scholar databases from 2011 to 2024, with cross-sectional and longitudinal studies, and reviews were included, whereas narrative reviews, case reports, opinion polls, and letters to the editor were excluded from the study. All three reviewers independently extracted data based on study design, year, country, participant characteristics, setting, and other details for conducting qualitative analysis based on the central tendency to study year-on-year publication trends and demographics characteristics were analyzed. Our review demonstrated that various promotional tools positively impacted prescribing behavior in developed and developing economies. However, physicians in developing countries expressed concerns about the value provided by pharmaceutical representatives, indicating a need for better knowledge dissemination about the product. Physicians prefer branded drugs for quality and efficacy, supported by health-care infrastructure and insurance in developed countries, but in developing countries, physicians prefer branded generics over branded drugs due to cost considerations.