Kelly Services views that Indian pharma industry will now see new job openings driven by the mergers and acquisitions happening not just in India but globally. This will create more employment avenues for the scores of pharmacy graduates, master degree holders and doctorates. In 2014, jobs that will be in demand in India will be in: Regulatory affairs, supply chain/purchase and environment health and safety and overall.
“Pharma companies appetite to take large and apparently risky decision following the Sun Pharma-Ranbaxy deal and invest in expansion is creating an ideal platform for lucrative jobs prospects., stated Kamal Karanth, MD, Kelly Services India.
Specific to the recent acquisition of Daiichi Sankyo owned Ranbaxy Labs by Sun Pharmaceuticals, the attrition in Ranbaxy has increased. In fact, this started since the time Ranbaxy ran into problems with the US FDA. Employees affected are from departments of manufacturing, process, quality followed by regulatory affairs and procurement. As usually apparent in such mergers Sun’s takeover of Ranbaxy would lead to certain consolidations in overlapping businesses or roles that may result in attrition, he added.
“As there is war for good talent, Sun would retain efficient human resources of Ranbaxy who have been instrumental in building strong ANDA (abbreviated new drug application) pipelines for US, strong track record of registrations, building and growing emerging markets, qualified R&D personnel and resourceful sales teams. Overall people strategy of Sun might be to leverage synergies of people from both entities and unlock greater value, observed the Kelly Services chief.
Despite the recent challenges and concerns of US FDA warnings and the stringent price control, compulsory licensing and ambiguous patent laws are all significant opportunities. These are strong macro drivers pushing growth across the pharma sector in India. Companies continue to bolster their sales force, launch new products/new therapy segments, and invest in marketing/brand management. “We see signs of new drugs being approved by the US FDA. This means Indian CROs/CRAMS and other contract services will do brisk business, since most of these innovator companies outsource their developmental stages to India. This translates to more business which in turn translates to companies willing to hire more talent in India. India still continues to be a recognized pharma development and manufacturing outsourcing hub, because of its strengths in process chemistry, pharma development capabilities, advanced infrastructure and skilled talent, said Karanth.
Also, due to the sheer size of the population and increasing prevalence of chronic lifestyle diseases, and rising disposable incomes, newer multinational companies are looking to set base in India or scaling operations with the introduction of innovative products. Better penetration of healthcare and access to medical insurance is also driving pharma growth particularly in Tier II and III towns/cities.
Therefore, the overall hiring trends in the Indian pharma sector will be driven by the restructuring process happening in not just domestic companies by global majors too. Business models like over-the counter drugs and new therapy segments will also bolster hiring for companies. Practically all the top 30 pharma companies in India have either gone in for an organizational structure or are in the process of setting up strategic business units for optimal delivery of products and faster decision making.