2024 Half-Year Round-Up: Current Recruitment Trends Shaping the Pharmaceutical Industry in India

The pharmaceutical and healthcare sectors in India have continued to maintain their growth rate since 2023 to become the third-largest globally (in terms of volumes), offering improved solutions to Indians while developing products for the world too. In Q12024, the pharma industry grew by 6% on the back of big-ticket deals worth $4.1 billion and the momentum is set to continue in the year ahead.

• Demand for Specialized Skills: The sector is projected to witness a staggering workforce expansion at 12% CAGR over the next six years, which is expected to add over 6.3 million additional jobs expected by 2030.
• Skill Development and Training: Digital health technology in India is currently a $30 billion opportunity and the industry is focusing on tapping this niche. There is a high demand for talent in this field, and healthcare professionals and experts are proactively undergoing rigorous training sessions and skill development programmes to accelerate their careers in this field.
• Diversity, Equity, and Inclusion: The pharma industry emerged as one of the top five DEI recruiters in H1 2024, hiring 6% of the total DEI hires across all industries.

• R&D Innovation: Pharma companies are actively seeking professionals skilled in genomics and pharmaceutical product life cycles to bolster their product innovation functions and sharpen their competitive advantage.
• Manufacturing and Supply Chain: To meet the global need for affordable medicines and manage complex global chains across borders, expertise in manufacturing and supply chain management is one of the sought-after skills in the business this year.
• Sales and Relationship Building: Pharma companies are also looking for professionals with strong relationship building skills and product knowledge to effectively educate customers about the benefits of their products, and close deals in domestic and global markets.
• Brand Management: Brand management is essential for effectively communicating the company’s position in a market that’s constantly redefining the benchmarks of customer-centricity and employee wellness.

Read Now: Sectors That Made A Splash In The Job Market This Quarter: IT, Pharmaceutical And Telecommunications

• The industry is aiming to achieve an M-cap milestone of $130 billion by 2030 through capacity expansion, skills development, and creation of talent pools in different Indian cities.
• Sales, marketing, and IT roles have shown strong signals of growth in the pharma industry, and the second half can see maximum hiring for these positions.
• Chennai leads in incremental workforce expansion at 12.8%, followed by Kolkata at 6% and Coimbatore at 11.5%.

The pharmaceutical industry contributes around 1.72% to India’s gross domestic product (GDP), while holding the potential of creating employment for around 6 million people in the next decade.

Taggd is here to support companies through this dynamic recruitment journey, helping you hire a future-ready workforce with our data-driven processes and extensive talent pool of skilled professionals across India.

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