Pharma India 2030: Trends and Talent

India’s pharmaceutical industry is at a crossroads. Over the last few years, the growth rate in Rupee terms has decelerated to mid-single digits. The rate of introduction of new products has also slowed. If volume growth is also slowing slightly, it continues to be reasonably robust. India’s pharma leaders are highly aware they’ll need to proactively respond to remain competitive.

Conventional go-to-market (GTM) models are being disrupted and the mode of interfacing with customers is changing dramatically, driven by market shifts and tech trends. For pharma players, greater adaptability and flexibility will be the key to success in this dynamic environment.

Remaining competitive will mean re-evaluating business models — product offerings, channel mix and engagement with patients. However, the industry talent pool has not evolved in line with the changing industry dynamics and disruption, leading to a mismatch between talent availability and capability requirements. What can we do to address this?

Views from the HR & Industrial experts:

Key Trends in the Pharma Industry

1 - Changing Government and Regulatory Landscape

As healthcare becomes an important policy agenda item, working effectively with the government will shape the future of the sector. The tightening of policy and faster regulatory approvals are increasing competition, requiring companies to be right ‘the first time’. With increased vigilance from regulators, a focus on quality assurance and control has become even more critical.

2 - Shifting Industry Dynamics

The industry is witnessing a series of changes: a shift from “Make in India” to “Develop in India”, increased globalization, rural markets gaining attention, a focus on value addition versus pricing, and a change from a competitive to a collaborative mindset with the merging of sectors, especially Medical Devices, Pharmaceuticals and Disposables.

3 - Emergence of New GTM Models

Pharma organizations are evolving along the lines of FMCG/Consumer players: managing multiple channels and consumers is becoming increasingly critical. The rising role of pharmacists vs. physicians, and patient empowerment are drivers.

4 - Digital - Backbone of Transformation

Digitization will be instrumental in reshaping the sector and integrating the ecosystem. To remain competitive, companies need to demonstrate agility in responding to the changing relationship dynamics triggered by new digital players and invest in data and analytics capabilities.

Talent & Capabilities

5 - Evolution of Existing Skills & Capabilities

Skills and capabilities in existing functions need to be upgraded to respond to market shifts. Cost leadership will be a core competence in focus across functions. Next-level skills need to be built into key account management, sales and relationship building, quality assurance and control, etc.

6 - Adapting to New Emerging Skills

To remain competitive and relevant in the changing environment, organizations must realign their workforce to new growth models and emerging skills, especially in the areas of digital and advanced analytics, and market access.

7 - Developing a Talent Pipeline for the Future

Companies will need to focus on importing talent from outside the industry across levels, setting them up for success. Investment in brand building and the Employee Value Proposition will be important to improve the industry’s attractiveness and attract and retain talent from other sectors.

8 - Investment in Training and Capacity Building

The ongoing market disruption has fuelled demand for new skill sets and changed expectations from the workforce. A focus on reskilling existing employees through Learning and Development initiatives geared towards future skill requirements will be essential.??

In this special session, we discussed, the transformational journey of HR digitization and shared best practices for leveraging the compelling value proposition that digitization has to offer for enhanced employee experience.

TRANSFORMATIONAL HR: HOW BIG PHARMA COMPANIES ARE CAPTURING 'HUMAN' IN 'TECH'

Pharmaceutical companies can play a central role in the digital revolution of healthcare. But capturing this opportunity requires identifying the right initiatives

“HR functions have gone through a blitzkrieg of technology transformations and pharmaceutical companies need to step up and evolve if they want to play a key role in future challenges”

Here are some ways technology transformation can be recalibrated within the pharmaceutical industry.

TECH-ENABLED OPERATIONAL EFFICIENCY

Certain software and platforms are being instituted that help to simplify HR activities and keep them consistent. These models can be applied to administrative tasks such as recruitment, payroll management, pension and benefits. Shared service models accelerate HR processes and also aid in cost savings. Digital adoption isn’t a matter of luxury anymore but is more on the lines of a smart tool in the hands of leadership and managers to drive innovation, enable collaboration and make impactful data-backed people decisions

DATA ANALYTICS TO DRIVE BUSINESS OUTCOMES

The Emergence of big data and analytics is being exponentially used by pharmaceutical companies to understand employee performance and engagement. However, for this to be successful organizations need to ascertain how they will utilize metrics on the same and take decisive steps to improve HR processes.

Data warehouses contain a wealth of information on employee surveys, turnover statistics and employee productivity. Through understanding these algorithms, HR departments in these pharmaceutical organisations can provide important financial and performance insights to drive change. This should also fuel a culture where employees are trusted and work transparently and collaboratively.

MAKING WAY FOR AN ENGAGED CULTURE

A highly engaged workforce can make a huge difference between a company that does well and one that does not. Insights into employee behaviour and their performance and targeted solutions can be developed to improve and enhance employee engagement.

As the healthcare sector evolves, pharmaceutical companies must take the initiative to tailor their employee skills, capabilities and overall culture. This can be achieved with an outlook that is open to transformation.

UPSKILLING TO TAKE A MASSIVE LEAP

A promising trend is seen in the utilization of online tutorials and e-learning to expedite this process. With digital transformation being a key focus area, innovations in sales, marketing, manufacturing initiatives and up-skiing will take precedence. The pharma industry has been earlier resorting to traditional marketing activities. Post-pandemic, companies are becoming future-ready to incorporate smart branding and digital marketing to engage and entice customers.

Webinars, video calls and emails are being used to keep employees tuned into learning programs in order to ensure business continuity.

The use and importance of AI, ML and other high-tech trends cannot be discounted. However, it would be prudent for HR leaders to remember that the human touch is essential, especially in recruitment processes. While AI can give good data insights on the suitability of a candidate for an organization, we must not forget that candidates and hiring managers need face-to-face interaction to know if they are the right fit for the company.

NINE ASPECTS THAT CAN HELP HR LEADERS IN THE PHARMA SPHERE TO TRANSFORM

Purpose - a clear-cut purpose is important. Establishing goals and allowing it to permeate at all levels of the organization will aid transformation

Culture - A digitally enabled culture is a must and this can be made possible only with massive up-skilling initiatives

Value - the fine art of balancing your talent resources is imperative if companies are to effortlessly transform. Mapping your talent is one way of doing this

The talent - Planning for strategic talent management and introducing next-gen performance management technology is one way of doing this

The overall structure - Organizations must be simplistic in their structure for the assimilation of technology. Newer models can help companies align

Decisions - The pandemic has highlighted the need for speedy decision-making and agility to overcome crises and transform

Learning - Learning and development needs to be an ongoing process that should never stop. Re-skilling talent and imbibing a learning culture are key imperatives

Collaboration - For HR leaders in pharma to be successful, they must artfully collaborate with

other established and emerging players in the market. Within the wider eco-system, there is an urgency to learn from one another

Strong pharmaceutical companies adopting the ‘people-first’ policy focus more on how their talent creates value. This positions them well to bring in data-driven insights for propelling talent decisions. To facilitate transformation, HR must focus on its talent pool and have confidence in its ability to drive transformation through the right people analytics. This will allow HR leaders to make the correct decisions based on data. The need of the hour is also to build a robust eco-system where HR tech solutions are ingrained across the entire lifecycle of the employee such as recruitment, engagement and performance management.

A Few Words from the Stakeholders

Employee Experience is the Key - "Technology in the HR space is primarily about generating and using data for better employee experience and predictive insights."

Ms. Mili Patel (Director- SPC Lifesciences Ltd. and Co-founder – Snehal Patel Foundation).

Business-Focused HR Transformation- "HR teams must help build capacity for employees to be more Digitally Savvy, skilled in the use of these digital tools, and essentially help to boost a Digital Mindset Culture."

Mr. Snehal Patel - (Managing Director & CEO- SPC Lifesciences Ltd. and Founder – Snehal Patel Foundation).

Context is King- "The success of any HR transformational journey using technology is a direct outcome of the clarity of business outcomes."

Mr. Jimmish Gohel – CFO - SPC Lifesciences Ltd

Tech is Good, but we are Humans – "It is critical for any good HR team to ensure the appropriate mix of technology that balances the need for performance and personal touch."

Mr. Suvasakti Patanaik - DGM Human Resources – Corporate Affairs