Owing to the increase in demand for generic drugs and the manufacturing cost advantage that India presents Pharma industry is expected to witness exponential growth this year. In fact, India is most likely to emerge as among the top Pharma players across the globe. Further, large Indian MNC’s are also set to bring in foreign JV and investments to country to scale their businesses. The exponential growth expected will also witness companies investing extensively on manpower. Hiring by the sector is expected to increase by 20-25%.
With rural market becoming a critical growth area the job creation by the sector will not be contained to metros, talent acquisition will be extended to tier 2 and tier 3 cities pan India as there are no more barriers, especially regions of South & East to expect a large scale in hiring.
The positive sentiment in the sector will give a fillip to fresher hiring as well. Incentives and salaries will also see a remarkable jump. Talent can expect a 10- 12% increment in salaries. While the sector will see a huge demand for Sales & Product Specialist roles, the need for high-skilled R&D and innovation professionals would still be a challenge the sector will need to address too.