Booming Growth: India’s Healthcare Sector Poised for $320 Billion by 2028, According to Report
Mumbai, December 26, 2024: As India’s Pharmaceuticals, Healthcare, and Biotechnology industries continue to evolve in response to global demands, innovative approaches to workforce management are becoming increasingly essential. The Healthcare sector in India is expected to reach $320 billion by 2028, underscoring the immense growth potential. This year’s list of India’s Best Workplaces™ in Pharmaceuticals, Healthcare, and Biotechnology highlights the significant strides organizations are making in creating environments that foster employee development, growth, and trust while tackling the challenges of a rapidly transforming landscape. 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 landscape of these industries is undergoing a profound transformation, shaped by three key trends: robust international expansion, increased industry consolidation, and the influx of investments leveraging India’s skilled workforce. To stay ahead, firms must double down on actively cultivating career development pathways, grooming future-ready leaders, and refining their strategies to attract and retain top-tier talent—key engagement drivers across the industry. To address these challenges and meet future demands, companies in the Pharmaceutical, Healthcare, and Biotech sectors are focusing on critical areas such as the adoption of artificial intelligence (AI), tailored employee development programs, and workplace initiatives that align with employees’ evolving expectations.
On this note, Balbir Singh, CEO, Great Place To Work®, India, 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 R&D investments. 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 organizations create dynamic environments where people can thrive and contribute to groundbreaking solutions.”
He also added, “Our latest study, capturing insights from over 2.5 lakh employees, shows that 85% believe their workplace is great, with this figure rising to 89% among the Best Workplaces. These outcomes reflect consistent efforts to build cultures grounded in trust, fairness, and transparency.
In 2024, 85% of Best Workplaces invested in employee development plans, up from 73% last year, while other workplaces lagged at 52%. These numbers highlight a clear distinction in how organizations approach employee growth and development. Best Workplaces lead the way by focusing on structured career pathways, integrating automation, and fostering meaningful collaboration. To fully leverage potential of this transformation, organizations must maximize these growth opportunities by creating focused strategies that combine career development, equity, and innovation. Structured career paths must not only build skills but also empower employees to contribute meaningfully to business goals. At the same time, integrating technologies like automation and fostering cross-functional collaboration can amplify both efficiency and employee satisfaction, setting the stage for long-term success. By aligning business objectives with employee aspirations, organizations not only achieve sustainable progress but also set new standards for what it means to be a truly great workplace.”
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. However, to further enhance their performance, companies must focus on improvements such as leveraging AI-driven tools and transparent frameworks to boost efficiency and decision-making. Offering tailored training, leadership development, and mentorship programs will ensure individual growth, while creating engaging onboarding experiences and diversity-focused mobility programs will promote inclusivity and internal mobility. These improvements will help pharmaceutical companies stay ahead in a rapidly evolving industry.
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. To continue thriving, they must focus on several improvements, including implementing robust onboarding programs and Individual Development Plans (IDPs). Promoting competency-based hiring and transparent promotion practices that emphasize merit, skill development, and internal mobility is essential. Additionally, focusing on equitable hiring by targeting underrepresented regions and offering tailored training programs will foster inclusivity. Continuous learning opportunities, such as e-learning modules and specialized programs, will support employee growth and drive organizational success.
This emphasis on innovation and workforce development is equally vital in the Biotechnology Sector. Biotech companies have found success through rotational training, mentoring, and upskilling programs for both technical and non-technical roles, as well as hands-on training and certifications that boost skill development. However, to further enhance their success, companies must focus on several key improvements. This includes implementing inclusive hiring practices and personalized onboarding with leadership involvement to ensure smooth employee integration. Providing robust learning programs, career-specific academies, and structured training will support continuous skill development. Transparent recognition initiatives, along with career mobility options such as job rotations and mentorship programs, will help retain and motivate talent. Aligning employee goals with organizational objectives through structured performance evaluations and Individual Development Plans (IDPs) will ensure a skilled and engaged workforce, driving long-term success.
Together, these efforts across Pharmaceuticals, Healthcare, and Biotechnology sectors form a cohesive strategy to meet the future demands of an ever-changing industry landscape. A standout trend across the Best Workplaces™ is the remarkable rise in employee development investments. This shift underscores the growing recognition that employee growth is not just a buzzword but a critical priority for organizational success.
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. Furthermore, these organizations are committed to establishing processes that are free from bias, upholding fairness, and promoting a culture of equity at all levels.
Here are some of the best workplaces for Pharma, Healthcare and Biotech recognized for their exceptional culture and employee satisfaction, listed in no particular order:
· Alkem Laboratories Ltd
· Cipla Limited
· Max Healthcare Institute Limited
As India’s Pharmaceutical, Healthcare, and Biotech sectors continue to expand and evolve, the importance of creating workplaces that empower employees and prioritize their growth will remain central to driving innovation, productivity, and trust within organizations. The progress seen in 2024 is just the beginning of a more inclusive and future-ready workforce for these critical industries.