Catering to over 50 percent of global demand for various vaccines, the Indian pharma industry is touted to hold an important position in the global pharma sector. The sector is also the highest generic drug supplier globally and supplies 40 per cent of generic medicines in the US and 25 per cent of all medicines in the UK.
The industry was expected to grow to $100 billion, while the medical device market was expected to grow $25 billion by 2025. Apart from this, India's biotech industry, which includes biopharma, was expected to grow at an average growth rate of around 30 per cent a y-o-y to reach $100 billion by 2025.
The coronavirus pandemic offset the incline of pharma companies, with demand for medicine and healthcare tools increasing. However, with the supply chain broken, the supply of required healthcare products started to decrease at an alarming rate. Due to the onset of COVID-19, this sector has become one of the busiest sectors in the Indian market.
However, in order to adapt to the changing requirements, the sector is required to reskill, upskill and new skill (RUN) its workforce.
The various aspects that would bring about a transformation in the industry and the measures that should be taken to prepare the workforce to meet the requirements of the industry include:
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