While numerous experts expect India to continue to grow into a global market leader in the pharmaceutical arena, India will have to address a significant talent demand if it is to become the leader many expect. Beyond the obvious demand for researchers, chemists and other research and development professionals, the need for innovative and experienced marketing professionals will continue to be an important strategic hiring for Indian pharmaceutical companies moving forward.
The key driver of the Indian pharmaceutical market is the over-the-counter non-prescription segment. There are reportedly 70,000+ brands competing for the same branded generic medicine consumer so creating brand awareness and loyalty is imperative to success.
Companies that can effectively hire and develop their marketing talent and message will outperform their peers and generate the profits needed to move into other pharmaceutical segments. As a result, marketing professionals – especially those who have pharmaceutical experience or have proven their ability to build brands in other product categories – will become key hires.
Indian pharmaceutical companies are spending, and will spend more, on hiring those with the ability to develop differentiation strategies to include creating positive brand images that can help carve out positions in India’s highly competitive over-the-counter pharmaceutical market. Creating hiring strategies that attract India’s best and brightest marketing minds will go a long way toward determining the market’s winners and losers.