Hiring the best talent has become crucial in the healthcare sector today, and cross talent hiring is emerging as a new trend in this sector. An amalgamation of talent from diversified sectors brings a good ideation mix and facilitates a change in the functioning and thinking process of all teams. This is a trend sweeping the pharmaceutical industry, which is hungry for talent from other sectors as it attempts to fast-track growth in an increasingly competitive market.
A regulated industry
While skill sets are transferable in support functions like HR, Finance, and IT, owing to the highly regulated nature of the pharmaceutical industry, this is not the case in the Engineering and Manufacturing functions. Challenge – and the scope for innovation - is precisely the reason for companies exploring fresh talent and professionals looking forward to trying out new ideas.
Pharmaceutical companies, often subjected to periodic price cuts for some of their big prescription brands, have also been keen on expanding their OTC brands like FMCG brands, allowing in-store displays and media advertising. A host of factors thus work in tandem, accelerating the growth of pharmaceutical and medical devices industries, where the need for talent is high. These include raising awareness and health literacy, advances in medical technology, and improved penetration of health insurance, among others.
In the face of fierce competition
Generic me-too brands constitute almost 95 percent of the domestic market, resulting in fierce competition. With hundreds of brands for each antibiotic and other medicines, standing out in the cluttered market with differentiation is very challenging. Marketing professionals who can think out of the box and design innovative campaigns in the highly regulated environment are in huge demand. Multinational companies are exporting Indian talent to other countries in Asia, Africa and even South America where they are proving their mettle.
The Indian pharmaceutical industry is growing at approximately 10 percent per annum, which is higher than the growth rate in most other markets. India is referred to as the “pharmacy of the world” because we supply more than 20 percent (by volume) of the world’s generic pharmaceuticals. It will be a much lower figure in value terms because our lower prices, enabled by lower costs, is India’s key competitive advantage.
The advent of new generation devices
Medical devices and the diagnostic market in India are growing at a brisk pace of 13 to 15 percent. New generation devices come with artificial intelligence and complement the role of pharmaceuticals by enabling faster and better outcomes, such as shorter hospital stay.
The boom in healthcare has led to the development of newer digital apps that facilitate booking doctor appointments, online doctor consultations, ordering medicines, and scheduling diagnostic tests. Web-streaming companies are now enabling multi-city interactive medical seminars. Telemedicine is helping patients in rural areas consult doctors in cities. Professional networking sites are helping registered doctors to connect, learn best practices, and upgrade their knowledge. In other words, the digital explosion is helping doctors and patients alike.
A lot has been said about India’s demographic dividend, but India’s aging population is also growing. The share of the aging population is expected to touch 6 percent by 2021, according to a report. That will translate to a greater demand for better health care facilities, medicines, and diagnostics. Further, about 80 percent of Indians living in Tier II and Tier III cities and towns do not have access to modern medicines or healthcare facilities. All these factors point to rising demand for talented and ambitious professionals in the life sciences industry. And, unlike in the past, it welcomes talent from all industries.
Does your organisation support you in maintaining work-life boundaries?
Trending
-
Google Extends Work From Home; Mulls Over 'Flexible Work Week'
-
Ola to Set up First Factory in Tamil Nadu; Create 10,000 jobs
-
Aon to Invest $30 Million and Create 10,000 Apprenticeships by 2030
-
Urban Company Announces Unlimited Mental Health Leave Policy
-
G Suite Rebranded As Google Workspace
-
Tech Mahindra Launches ‘Gift a Career’ Initiative for Upskilling of Youth
-
NASSCOM, Deakin Varsity Offer Courses for IT-BPM Industry Workforce
-
40% Women Prefer Flexible Working Options in Post-COVID World: Survey
-
Ecom Express to Hire 30000 Employees This Festive Season
-
DB Schenker Names Katharina Rath as New CHRO
-
No Layoffs, Salary Cuts to Be Reviewed in January: Vistara CEO
-
Hiring in India climbs up 35% from April-June
-
OYO announces employee wellbeing and work-life-balance initiatives
-
TCS launches return-to-work solution
-
3 out of 4 companies believe they can effectively hire employees virtually: Report
-
Wipro collaborates with Intel to launch digital workspace solution
-
Capgemini to reskill 50,000 employees in India
-
Cognizant ropes in Jan Siegmund as CFO
-
Niyo announces salary hikes, bonuses, ESOPs
-
Vodafone , CGI and NASSCOM Foundation launch digital skills platform
-
Odisha: Bank, postal employees to deliver cash for elderly, differently-abled persons
-
Skill India launches AI-based digital platform for "Skilled Workforce"
-
Hiring activity declines 6.73% in first quarter: Survey
-
NetCom Learning appoints Subir Sinha as Director-HR
-
70% startups impacted by COVID-19 pandemic
-
Omega Healthcare ropes in "Kannan Sugantharaman" as CFO
-
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
-
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
-
Snapdeal onboards counselling experts to help employees
-
93 Per Cent employees stressed about returning to office post-lockdown
-
Johnson & Johnson India announces family benefits for same gender partners
-
Indian firms turning friendly towards working mothers
-
Welspun India names Rajendra Mehta as new CHRO
-
COVID-19 impact: 61 Per cent Indians suffering from mental health issues during lockdown
-
93 Percent employees stressed about returning to office post-lockdown
-
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.
Subscribe Now
Comment