Pharma industry needs to adjust to attract and retain Gen Y

Being a knowledge-based industry, pharmaceutical companies will have to adjust to the changing workplace dynamic to retain existing talent and take steps to attract young generation. This is what head honchoes of the industry have to say at the HR Conclave, organised by The Organisation of Pharmaceutical Producers of India (OPPI) on November 27, 2013 in Mumbai.
 
“Gen Y, or the 20-to-30-something age group, today constitutes a major part of the country’s workforce and will bring us tomorrow’s leaders. The pharma industry also needs to retain and nurture existing talent and equip young workers with the skills and knowledge, necessary for a better understanding of emerging challenges and opportunities,” said Ranjana Smetacek, Director General, OPPI, at the conclave - titled ‘Talent attraction: Engaging Gen Y’.
 
The event brought together industry stalwarts, multinational pharmaceutical companies, distinguished academicians and HR Leaders from the pharmaceutical and allied sectors.
The pharmaceutical industry is a knowledge-based industry, which is growing steadily and plays a major role in the Indian economy. The country’s emergence as an important manufacturing base, as well as a market for the global pharmaceutical industry, makes this an attractive sector for young professionals in a wide range of specialties involving drug development, marketing, project management and technology.
 
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The pharmaceutical industry currently employs approximately 450,000 people and has contributed significantly in creating a rich talent pool of researchers, scientists, doctors and project managers.
 
Dietmar Eidens, Executive Vice President, Human Resources, Merck Serono, said, “Globally as well as in India, the pharmaceutical industry is rapidly undergoing changes. The pace of this transformation has made it important to invest in developing young talent and adapting to their needs. As Generation Y begins to play a more important role in the workforce, the pharmaceutical industry will also need to adjust to the changing workplace dynamic and cultivate a strong image as an ‘employer of choice’.”
 
The pharmaceutical industry in India has clocked double digit growth rate in the last five years and this is expected to continue in 2014. With several multinational companies operating in this space, there are more jobs in the pharmaceutical sector and a great scope for hiring. Dr Shailesh Ayyangar, President, OPPI, and Managing Director, India & Vice President, South Asia, Sanofi, added “The very nature of the pharmaceutical business - treating patients and providing integrated healthcare access - will certainly go a long way in meeting key career aspirations of Generation Y, looking for ‘social value’ and ‘instant gratification’ in what they do.”
 
He added, “In turn, the pharmaceutical industry, now delving into new-age marketing and sales promotion models, can benefit greatly from this generation which is well informed, agile, unconventional, has unlimited access to information, and takes responsibility for their thoughts and actions. Furthermore, our sector has an edge over others having proven resilience during the economic downturn. Stronger focus on patient well-being; a steadily growing population, per capita income and government expenditure; are promising in terms of potential and experience, for those who are establishing their careers.”