Indian pharma sector to create more jobs
December 10, 2013: The Indian pharma industry is expected to create more jobs in 2014 as compared to the previous year on the back of the expected double digit growth. It may be noted here that the sector has grown at a rate of almost 14 per cent in the past five years and is expected to continue its growth run in 2014 as well.
The Indian pharma sector currently employs close to 4,50,000 people and the continued success of this sector is expected to expand the scope for hiring and job creation in the Indian market. At the same time, the Indian pharma sector has contributed significantly in creating a rich talent pool of researchers, scientists, doctors and project managers.
The Indian pharma sector is already one of the largest in the world and is a knowledge based industry which is growing steadily and is playing a major role in the Indian economy. In fact, the emergence of India as an important manufacturing base and at the same time, an attractive market for global drugmakers, makes it an attractive sector for young professionals.
As the pharma sector has a competitive advantage of being somewhat insulated from recession as compared to the other sectors, it is an attractive proposition for the young professionals looking at the pharma sector as their prospective industry.
The pharma industry still needs to retain and nurture existing talent and equip young workers with necessary skills. However, there is no doubt over the fact that the very nature of the pharmaceutical business that involves treating patients and providing integrated healthcare access to millions play an integral role in meeting the key career aspirations of Gen Y.