Mumbai, Dec 26, 2024, IANS

Mumbai, Dec 26 (IANS) The healthcare sector in India is expected to reach $320 billion by 2028, even as the country’s pharmaceuticals, healthcare, and biotechnology industries continue to evolve in response to global demands, according to a report on Thursday. The report by Great Place To Work showed that the pharmaceutical sector aspires to reach a milestone of $130 billion by 2030, while the biotechnology sector is targeting $150 billion by 2025 and $300 billion by 2030, showcasing the industry's potential for continued growth. The report stated that these industries are witnessing a profound transformation due to robust international expansion, increased industry consolidation, and the influx of investments leveraging India’s skilled workforce. To tackle the challenges, organisations in these sectors are creating environments that foster employee development and growth. They are also focusing on critical areas such as the adoption of artificial intelligence (AI), tailored employee development programmes, and workplace initiatives that align with employees’ evolving expectations. To stay ahead, the report urged firms to double down on actively cultivating career development pathways, grooming future-ready leaders, and refining their strategies to attract and retain top-tier talent, the report said. “The pharmaceuticals, healthcare, and biotech sectors are at a turning point. What started as a pandemic-driven sprint has transformed into a marathon of innovation, powered by a sharp increase in healthcare research and development investments,” said Balbir Singh, CEO, Great Place To Work, India. “India is leading the charge, with healthcare AI investments projected to reach $1.6 billion by 2025. These investments are not only advancing science but also attracting top talent, as organisations create dynamic environments where people can thrive and contribute to groundbreaking solutions,” he added. The report noted that pharmaceutical companies are driving success through key areas such as growth via mentorship, skill enhancement, and continuous learning, as well as by implementing structured systems that enable performance-based career progression and foster innovation. Similarly, healthcare companies have found success through training initiatives that provide access to new technologies, therapists, and learning platforms, as well as offering flexible work arrangements and cross-departmental mobility opportunities. Biotech companies have found success through rotational training, mentoring, and upskilling programmes for both technical and non-technical roles, as well as hands-on training and certifications that boost skill development. The focus is not solely on providing training opportunities; it extends to ensuring that compensation remains competitive, aligned with market adjustments, and administered with full transparency, the report said. Singh called on organisations to maximise growth opportunities by creating focused strategies that combine career development, equity, and innovation. He also stressed the need to integrate “technologies like automation and fostering cross-functional collaboration to amplify both efficiency and employee satisfaction, setting the stage for long-term success.”