The pharmaceutical industry has helped India become an essential global player even in these trying times. The effect of the pandemic has been positive on the employment of this sector and is likely to grow with time. The attempt to identify these changes in hiring trends of the pharma sector continues with Taggd’s Think Tank series.
The third session of the series has seen a flurry of talented leaders from the pharma sector. Each participating leader shared their experience of managing employees and field workforce during the past eighteen months and cited their challenges and solutions. As stated during the conversation, the macro and micro-indicators show that the jobs in the pharmaceutical industry will be on an upswing for the next few years.
Participants, such as Mr. Udbhav Ganjoo (Viatris), stated how the digitization of the sector is the need of the hour. However, they also pointed out the shortage of skilled professionals in the pharm-tech sector. While India is seen as the hub for the pharmaceutical industry, and many global players are looking to set up their manufacturing and R&D facilities in the country, we fall short of talent in the niche spaces such as API and pharmacovigilance.
Most leaders at the round table panel agreed that there is a supply and demand gap when it comes to the workforce. While companies are hiring at an all-time high, employees are now being picky about the profiles they choose, focusing more on the ‘employee experience’ rather than their pay. As Mr. Anil Gaur (Akums Pharmaceuticals) states– “HR function is more about employee experience”. However, companies are finding it challenging to hunt the right talent.
The pharmaceutical roundtable offered much promise for the future and highlighted the employment potential that the industry holds in India for the next few years. While most organizations are re-writing their HR and work policies, they are also focusing on retaining employees, hiring the right talent, and creating a talent pipeline by hiring freshers from colleges directly. Retention of employees must become a priority and company policies must become more flexible to accommodate the post-COVID workforce. Also, most panelists expect the industry to grow exponentially in the coming years and the recent hiring trends are sure to stay dynamic for some time.