India’s pharmaceutical industry, a global generics and drug manufacturing powerhouse, is facing a critical talent deficit. The shortage of skilled professionals is impeding innovation, drug development, and the industry’s overall competitiveness.
This challenge, exacerbated by recent industry dynamics, demands immediate attention to unleash the sector’s full potential. In today’s article, I shall dwell on this area.
Talent challenges and focus areas:
The industry is facing a significant talent crunch. Here’s a breakdown of the key challenges with recent, specific examples:
1. Skill Shortage:
The industry demands expertise in areas like regulatory affairs, data science for clinical trials, biosimilars, and gene therapy. However, the current education system and skill development programs haven’t kept pace with this evolving landscape.
Example: A 2023 report by TeamLease points out a growing demand for professionals with expertise in regulatory affairs, particularly, those adept at navigating international regulations for drug approvals. This is crucial as Indian companies increasingly target overseas markets.
2. The Great Resignation Impact:
Example: A 2024 article in The Economic Times highlighted a recent exodus of mid-level managers from several Indian pharma companies. The report cited factors like stagnant salaries, lack of growth opportunities, and a competitive job market as reasons for the increased job hopping.
3. Competition for Talent:
Example: A recent news piece in BioSpectrum Asia (May 2024) discussed the fierce competition for experienced professionals in the biosimilars space. Companies like Biocon and Reliance Life Sciences are aggressively hiring and offering lucrative packages to attract top talent in this rapidly growing field.
4. Lack of Industry-Academia Collaboration:
Example: A joint report by FICCI (Federation of Indian Chambers of Commerce and Industry) and Ernst & Young (2023) highlighted the growing gap between the skills taught in universities and the practical needs of the pharma industry. The report urged closer collaboration between industry and academia to ensure curriculum updates reflect current industry requirements.
5. Diversity Issues:
Example: A 2024 study by Express Pharma revealed that despite comprising a significant portion of the workforce, women hold only around 15% of leadership positions in the top 20 Indian pharmaceutical companies. This highlights the need for targeted initiatives to promote women into leadership roles.
In such a scenario, some may obviously ask, what is my recommendation or the ways some companies are trying to address this issue. Here below is my prescription:
A prescription – A Multi-Pronged Approach, with Indian examples:
Re-skilling and Up-skilling:
Example: Dr. Reddy’s Laboratories, reportedly launched targeted training programs to equip existing employees with data science skills for clinical trial design and analysis. This approach empowers the current workforce and addresses the immediate skill gap.
Industry-Academia Collaboration:
Example: Lupin, as reported, partnered with IIT Delhi to establish a joint research center focused on drug delivery systems. This collaboration bridges the gap between academic knowledge and industry applications, better preparing graduates for real-world challenges.
Fostering Diversity and Inclusion:
Example: According to reports, Biocon’s “Women in Biopharma Leadership” program provides mentorship, training, and networking opportunities for aspiring women leaders. This initiative tackles the under-representation of women in leadership roles and unlocks the industry’s full talent potential.
As I discussed in my earlier article, ‘Diversity And Inclusion: A Missing Link For Indian Pharma‘ (June 25, 2018), the Indian pharma industry faces a critical talent shortage.
Building a Strong Employer Brand:
Example: Companies like Cipla can invest in employer branding initiatives to showcase their work culture, growth opportunities, and commitment to diversity. This can attract talent seeking a fulfilling career path and a positive work environment.
Leveraging Technology: Implementing AI-powered talent acquisition platforms can streamline recruitment processes and identify suitable candidates from a wider pool, including those from non-traditional educational backgrounds.
Conclusion:
By addressing these challenges through strategic investments in skill development, nurturing industry-academia partnerships, and fostering a more inclusive work environment, the Indian pharmaceutical industry can build a robust and future-proof talent pool. This will be equipped to drive innovation and ensure its continued success in the global market to maintain its competitive edge, sustainably.
By: Tapan J. Ray
Disclaimer: The views/opinions expressed in this article are entirely my own, written in my individual and personal capacity. I do not represent any other person or organization for this opinion.