India: Pharmaceutical Market Continues To Be One of the Fastest Growing in the World

230

Pharmaceutical companies, both Indian and multi-nationals, should continue to leverage India’s large raw material base and the availability of a skilled workforce to maintain a competitive advantage over their peers. The sector, one of the largest in the world, is knowledge based, growing steadily and playing a major role in the Indian economy.

India’s pharmaceutical industry’s worth is expected to double in size by 2017 and will continue to rank among the world’s three largest markets in terms of production. More importantly, the Indian government continues to support the industry through initiatives like the Pharmaceutical Export Promotion Council (PHARMEXCIL), which was set up in 2004 by Ministry of Commerce and Industry for the promotion of pharmaceutical exports.

The Indian pharmaceutical industry has experienced double-digit growth in each of the past five years and has not shown any signs of slowing. Several multinational firms operate in India, helping drive hiring and job creation – and in turn helped create a deep talent pool to include researchers, scientists, doctors, and project managers.

The industry has also become an attractive sector for young professionals. As a result, pharmaceutical companies should work hard to become the employer of choice in an effort to land India’s best and brightest. Dietmar Eidens, Executive Vice-President, Human Resources, Merck Serono, said, "Globally as well as in India, the pharmaceutical industry is rapidly undergoing changes. The pace of this transformation has made it important for us to invest in developing young talent and adapting to their needs.”