News: Pharma sector faces severe talent crunch

Talent Acquisition

Pharma sector faces severe talent crunch

The Indian pharmaceutical industry is facing a talent crunch due to severe shortage of trained professionals. With a total turnover was Rs 100,000 crore of which exports account for Rs 42,000 crore, the Indian pharma sector is the third largest in the world with regards to volume. The industry has shown extreme growth over the last five years. Many global companies outsource their activities to an independent organization (known as Pharma Knowledge Process Outsourcing) or set up their centres in India.

The Indian pharmaceutical industry is facing a talent crunch due to severe shortage of trained professionals. With a total turnover was Rs 100,000 crore of which exports account for Rs 42,000 crore, the Indian pharma sector is the third largest in the world with regards to volume. The industry has shown extreme growth over the last five years. Many global companies outsource their activities to an independent organization (known as Pharma Knowledge Process Outsourcing) or set up their centres in India.
With high attrition and other attractive job opportunities in the employment market, the talent crunch is exorbitant in areas of contract research work and clinical trials. Moreover outsourcing indentures come to India from countries like UK, US, Australia which means that work timings are set as per the country’s time zones and involve working odd hours which may not be favourable to many prospective employees. In addition to this professionals need to be qualified in pharmacy, science, biotech, research and analytics, have good communication skills and must be fluent in English language.
With the sector growing yearly at 15%, and expansion on its cards, increased hiring is expected, although acquiring new talent may pose a challenge to the concerned companies.
 

Read full story

Topics: Talent Acquisition, #Updates, #Jobs

Did you find this story helpful?

Author

QUICK POLL

What are the top work tech investment focus areas for your company currently?

What does leadership mean in a hybrid world of work?

READ our latest issue for insights into what leaders need to pay attention to as workplace models evolve.