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Taggd Round-Up 2023: Pharmaceutical Industry

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By Taggd Editorial Team

October 20, 2023


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As 2023 draws to a close, the pharmaceutical industry stands at the forefront of innovation and adaptation. The pharma industry, a cornerstone of healthcare innovation, not only witnessed a surge in hiring across diverse roles but also focused on embracing fresh talent and fostering a culture of inclusivity.

The following insights from the 2023 hiring data elucidate industry trends and best practices to offer a nuanced perspective on the current state in addition to providing a prospective outlook for 2024.

Industry Trends and Best Hiring Practices

  • Fair share of permanent and contractual roles: A preference for hiring permanent roles in R&D, production, management, and regulatory affairs has been observed. However, a fair share continues for third-party and contractual employees, particularly in sales support and project-based roles.
  • Less experience, big opportunities: Pharmaceutical job openings have predominantly required 1 to 5 years of experience, with an additional emphasis on welcoming freshers. This trend has consistently presented new opportunities for job-seekers who have successfully completed internships.
  • Management and technical Skills in demand: While technical education is crucial for R&D and manufacturing roles, a constant demand for management professionals continues to lead in sales and marketing operations roles. 
  • Focus on digital competency: In response to the rising frequency of cyber attacks on major pharmaceutical companies and a growing inclination toward Artificial Intelligence in 2023, advanced talents in areas such as data security, data analysis, digital marketing, automation, biostatistics, clinical SAS programming, and data architecture have entered the industry.

As stated by Mr. Farhat Umar, SVP & Group HR Head, Mankind Pharma, “There is a paradigm shift in the pharma sector. Digital transformation and technology has led to a lot of new positions being created with many candidates being hired from the IT sector.”
Source-Emerging job prospects in the pharmaceutical and healthcare sectors by Forbes India

  • Work from office dominates: Due to the inherent nature and critical importance of the medical sector, the practice of working from home was scarcely observed in pharma operations. In 2023, the predominant trend was characterized by 70% of the workforce operating from the office and the field, with no work-from-home scenario, and the remaining 30% engaging in a hybrid working model.
  • Balanced approach to salary hikes: In 2023, the Pharma industry maintained a moderate stance, providing competitive salary hikes across various job profiles. While the skill set varies largely across the roles, the industry demonstrated a balanced approach to salary increases.
  • Diversity leads the way: Reaching out to a diverse group of potential candidates came out to be the most effective way to attract talented individuals in 2023. Offering competitive salaries and focusing on creating a positive workplace culture were also found to be important. However, traditional methods of promoting employees or providing flexible work hours were noticed to be less critical.
  • Campus and consultancy collaboration: In 2023, most of the pharma companies relied on campus hiring and advanced recruitment consultancies for new hiring while also valuing internal referrals and professional networking.

In a nutshell, the pharma industry’s emphasis on experience, education, skills, and collaborative hiring methods underscored a dynamic and forward-looking approach in meeting its talent requirements, fostering an overall optimistic hiring sentiment for 2023. Major metropolitan cities, including Mumbai, Bangalore, Hyderabad, Chennai, and Delhi NCR, were identified as key hubs for the pharmaceutical talent pool.

Read Now: How Tagged Helped a Top Multinational Pharmaceutical Company in Building And Expanding A Strong Sales Network In India 

Future Outlook

  • The upcoming year, 2024, is poised for a shift towards a more traditional work setting, with 90% of the workforce expected to work from the office. 
  • Fresh talent is projected to increase by 5%, with hiring estimated to remain stable, showcasing the industry’s resilience and adaptability.
  • The shift aligns with a broader industry trend towards nurturing early-career professionals.
  • The pharmaceutical sector will continue to prioritize leadership development, as companies are planning higher investment for leadership roles.
  • The industry remains committed to maintaining a diverse and qualified talent pool.
  • Advanced digital and technical skills are anticipated to take over traditional hiring.

The pharmaceutical industry’s journey throughout 2023 underscores a strategic balance between stability and adaptability in hiring practices, with a notable emphasis on creating a diverse talent pool, thereby reflecting positive hiring sentiments. As we look forward to 2024, these insights serve as a compass, delineating a sector ready for sustained growth and innovation.

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