A Pathway to Innovation and Growth, ET HealthWorld

By Yogita Tulsiani

India‘s pharmaceutical industry stands as a formidable pillar of the nation’s economy, a beacon of success, and a symbol of global excellence.

This industry has not only met the healthcare needs of the vast Indian population but also emerged as a global supplier of affordable and high-quality pharmaceutical products. However, amidst the towering achievements and exponential growth, there li es a formidable challenge that requires immediate attention: the imperative to attract and retain young, dynamic talent.

Strategies for Attraction

In light of these challenges, let’s explore comprehensive strategies aimed at making the pharmaceutical industry in India more appealing to young talent:

Competitive Compensation: Data from industry reports demonstrates that offering competitive salaries is a significant draw for young professionals. The pharmaceutical industry should consider aligning compensation packages with sectors such as IT to remain competitive.

Investing in Training and Development: Numerous studies reveal that most professionals value continuous learning and skill development. Implementing robust training programs can be pivotal in attracting talent seeking growth opportunities.

Industry-Academia Collaboration: Globally, successful industry-academia partnerships have yielded positive results in creating internship programs, providing real-world exposure, and enhancing career prospects for fresh graduates. These initiatives can introduce young minds to the pharma sector.

Emphasis on Innovation: Statistics underline the increasing interest of young professionals in innovative sectors. The pharmaceutical industry must spotlight its commitment to research and development, showcasing its role in creating groundbreaking medicines and therapies.

Digital Transformation: In an era dominated by technology, data analytics, and artificial intelligence, incorporating these elements into the pharmaceutical industry can pique the interest of tech-savvy millennials and Gen Z. Showcasing digital initiatives can make the sector more appealing.

Corporate Social Responsibility (CSR): Many young professionals are drawn to organisations with strong social responsibility. Engaging in CSR activities related to healthcare, such as providing access to affordable medicines or supporting healthcare infrastructure, can enhance the industry’s appeal.

Diversity and Inclusion: Data highlights the importance of diversity and inclusion in the workplace. Promoting a culture of diversity, equity, and inclusivity can make the industry more attractive to young talent.

In conclusion, attracting young talent to the pharmaceutical industry in India is not just a matter of preference; it is an essential step to secure the industry’s future. Through these multifaceted strategies, India’s pharmaceutical sector can position itself as a dynamic and forward-thinking career destination for the younger generation. By addressing the talent challenge, the industry can continue to lead the world in pharmaceutical innovation, ensuring access to quality healthcare for millions, and solidifying its place as a global pharmaceutical powerhouse.

Yogita Tulsiani, Director & Co-founder, iXceed Solutions

(DISCLAIMER: The views expressed are solely of the author and ETHealthworld.com does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly).

  • Published On Sep 16, 2023 at 12:57 PM IST

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