Mumbai, Dec 27: 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.