 "Healthcare sector in India to reach $320 billion by 2028, says report")
India’s healthcare sector is expected to reach $320 billion by 2028, Great Place To Work said in its latest report on the pharmaceuticals, healthcare, and biotechnology sectors. The pharmaceutical sector is targeting $130 billion by 2030 and biotechnology is aiming for $300 billion by the same year, the report added.
International expansion, talent driving growth
Over the past year, the pharmaceuticals, healthcare, and biotechnology industries have gone through major transformation. Major trends observed include:
- International expansion: Robust growth in exports and partnerships.
- Industry consolidation: Mergers and acquisitions driving efficiency.
- Investment in talent: Leveraging India’s skilled workforce to power innovation.
The Great Place To Work report also found that firms are doubling down on employee development, leadership grooming, and strategic talent retention, aligning workforce goals with technological advancements like artificial intelligence (AI).
Employee development at the forefront
Commenting on industry trends, Balbir Singh, executive director & CEO of Great Place To Work, India, said, “The pandemic accelerated innovation, but the marathon continues. With healthcare AI investments expected to hit $1.6 billion by 2025, India is not just advancing science but also creating dynamic workplaces that nurture talent.”
Singh further noted that 85 per cent of employees at India’s Best Workplaces believe their organisations are great, rising to 89 per cent among top-ranked companies. A significant 85 per cent of these workplaces also invested in employee development plans this year, compared to 73 per cent last year.
Source: Great Places to Work report
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Sector-specific challenges
Pharmaceuticals
Pharma companies excelled in mentorship, skill enhancement, and performance-based progression this year. However, the report noted that leveraging AI tools, transparent decision-making, and tailored training could further enhance productivity. Leadership programmes and inclusivity-focused mobility initiatives are also vital to growth.
Healthcare
Healthcare companies meanwhile are leveraging technology and flexible work models to drive efficiency. Key improvements include competency-based hiring and equitable recruitment from underrepresented regions. Continuous learning opportunities, including e-learning and specialised training have been noted as critical for sustained growth in the industry.
Biotechnology
Biotech firms thrived on rotational training, upskilling, and hands-on certifications. However, to sustain growth, companies need more inclusive hiring, personalised onboarding with leadership support, and career-specific academies. Transparent recognition initiatives and structured performance evaluations may also help retain talent.