Indian pharma sector: On a hiring spree!
November 1, 2013: The Indian pharma sector has registered an increase of 24 per cent in hiring in the current financial year (2013-14). As the pharmaceutical sector is considered relatively recession-proof, the Indian pharma industry has been an active recruiter over the past few years. Industry experts are of a view that the hiring in the sector has grown considerably over the past three-four years. However, growth in the current year, at 24 per cent, is higher than the growth filed in the recent years.
As the Indian pharma companies have entered new divisions and have expanded their overseas operations, the two factors are driving the growth of hiring in the pharma sector in the country. At the same time, there has been a considerable rise in the number of mergers and acquisitions involving Indian companies over the past few years, leading to the growth in hiring.
Other factors like the increasing consumer awareness of more medical facilities and growing healthcare investments have helped the industry the sector has grown at a very fact pace. Pharmaceutical exports from India grew by 11 per cent at US$ 14.7 billion in 2012-13 and are expected to continue to grow in the short, medium and long-term.
As most Indian companies have robust growth and expansion plans in the coming times, the sector is expected to continue to grow its manpower in the future. Currently, there is already huge demand for junior and mid-level professionals in product development, inventory management, sales and marketing functions. At the same time, the Indian pharma firms are also looking at increasing their base of senior level management in areas like pharmaceutical scientists, radiologists and clinical research associates, owing to heavy investment in collaborative research for drug discoveries.
Clearly, the sector is on a hiring spree and the growth momentum is expected to be sustained in the coming years as well.