Industry Snapshot
The Indian pharmaceutical industry is highly dynamic and offers great opportunities for both domestic and foreign companies. The industry is estimated to have generated revenue worth US$ 13.1 billion in FY 2011, according to a new Research and Market’s report, “Indian Pharma Sector Forecast 2014.” India will emerge as a leading global player in pharmaceutical industry by 2020, securing a place among the top five major global markets, according to Ikon Marketing Consultant (IMC). Also, Associated Chambers of Commerce and Industry (Assocham) has said it expects the Indian pharmaceutical industry to reach US$ 20 billion by 2015, making it one of the world's top 10 pharmaceuticals markets.
India has a strong local manufacturing base and domestic players are developing substantial international presence. Healthcare is also one of the largest service sector industries in India, in terms of revenue and employment. Rising health awareness and increasing government expenditure on healthcare sector is driving growth in the sector. Medical tourism and health insurance are also on a rise, with significant growth in healthcare sector and establishment of large number of hospitals, both public and private. The Indian healthcare industry, estimated at US$ 50 billion, is expected to reach over US$ 75 billion by 2012, and US$ 100 billion by 2015.
Talent Challenges
While specialised talent is critical for any knowledge industry, it is more so within the pharmaceuticals industry. Companies gain competitive advantage through primary or applied research and thus the need for specialised talent has become even more acute. The industry being a Research & Development (R&D) driven business, there is a high need for people with both technical as well as practical knowledge and skills. Across all the levels of the industry value chain, there is an intense requirement of talented people to discover, develop, license, manufacture, market and monitor medicines.
ABC's Perspective
Word of Mouth is a critical driver of talent in this industry. We have consultants having a strong network with employees working in different companies across various levels. These employees understand not only their role, but also have a keen understanding of the company and the industry as well. They are our best ambassadors, thus making colleague referrals an important source of talent.
ABC focuses on the right-fit model; with a robust evaluation procedure conducted by our specialist consultants, and a strong reference checks procedure to source the best talent.
We also manage complex national and international assignments that need the deployment of resources across different geographies.