Building a resilient workforce with future skills and competencies is crucial for long-term success in the rapidly-growing pharmaceutical industry, which is expected to touch a market value of $120-130 billion by 2030, up from $50-65 billion at present.
As per recent industry statistics, more than anything else– employee willingness to upskill and reskill will play a vital role in achieving Vision 2030 for the Indian pharmaceutical industry.
This article highlights the skills required for employees to thrive in the pharma industry and strategies that companies can incorporate to build a stronger workforce in the coming years.
Popular Non-Tech Skills for the Roles in the Pharmaceutical Industry
- Project management: It is a widely sought-after skill required in the pharmaceutical industry, particularly when it comes to ensuring the successful development, production, and distribution of drugs and medical treatments.
- Supply chain management (SCM): The function ensures a seamless flow of operations- from pre-production procurement to production to last-mile distribution. Future SCM skills include strategic planning, risk mitigation, digitalization, collaboration, and vendor management to build a seamless and smooth supply chain.
- Pharmaceutical distribution: Distribution planning is a subset of supply chain management and such professionals ensure the efficient and timely delivery of medications to patients and healthcare providers. It involves managing pharmaceutical products’ logistics, storage, and transportation while adhering to regulatory requirements and maintaining product integrity.
- Cybersecurity: Another emerging job domain in the pharma industry, cybersecurity is gaining increasing value for protecting patient data, and intellectual property, ensuring regulatory compliance, mitigating cyber threats, and securing the supply chain.
- Digital marketing and eCommerce: As pharmaceutical companies embrace online distribution channels, demand for professionals with digital marketing and eCommerce market experience will increase manifold.
Tech skills like clinical research and analysis, automation, machine learning, pharma pharmacovigilance, and data analytics for drug discovery are futuristic skills to learn for furthering your career graph. To know more about the tech-oriented future skills in the pharma industry, check our exclusive conversation with Ms. Namrata Gill, VP-HR at Dr. Reddy’s Laboratories.
7 Practices to Develop a Resilient Workforce in the Pharmaceutical Industry
Here are top workforce development practices that pharmaceutical companies may incorporate to strengthen their talent base and build competencies for the future:
- Emphasizing continuous learning and development: Promoting a culture of ongoing learning and providing opportunities for employees to acquire new skills and knowledge relevant to the evolving pharmaceutical landscape.
- Strategic talent acquisition and retention: Implementing effective recruitment strategies to attract and retain talent with future-oriented skill sets, ensuring a pipeline of skilled professionals to meet future growth plans.
- Prioritizing employee well-being: Investing in employee well-being initiatives, creating a supportive work environment, and offering work-life balance programs to enhance resilience and productivity.
- Succession planning and leadership development: Identifying and nurturing potential leaders within the organization through succession planning and providing leadership development opportunities to ensure a resilient workforce.
- Fostering agility and adaptability: Encouraging an agile and adaptable mindset among employees, fostering a culture that embraces change, and equipping them with the skills to navigate industry disruptions.
- Investing in technological proficiency: Providing resources and training to enhance employees’ proficiency in emerging technologies and digital tools relevant to the pharmaceutical industry, such as data analytics, AI, and digital health solutions.
Effective change management: Developing change management capabilities to proactively address industry shifts, implement new processes, and manage organizational transformations effectively.
Developing a resilient workforce is imperative to overcome market uncertainties and grow in the midst of rising competition. Investing in developing essential skills and competencies is paramount for the pharmaceutical industry’s workforce. Adaptability, digital literacy, collaboration, and resilience enable employees to navigate regulatory changes, market uncertainties, and disruptions.
Prioritizing employee well-being, training and development, and promoting diversity and inclusion are crucial for building a resilient workforce prepared to tackle future challenges in the pharmaceutical industry.
Are you looking to hire top talent in the Pharma industry? Taggd has got you covered! With our industry expertise and vast recruitment network, we connect you with highly skilled professionals with the evolving skill set needed to excel in the pharmaceutical industry.