Indian Healthcare Sector Set to Achieve $320 Billion by 2028: New Report
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Mumbai, Dec 26 (NationPress) The healthcare sector in India is anticipated to achieve a remarkable value of $320 billion by 2028, as the nation’s pharmaceuticals, healthcare, and biotechnology sectors progressively adapt to international requirements, as reported on Thursday.
The report from Great Place To Work indicates that the pharmaceutical industry aims for a notable target of $130 billion by 2030, while the biotechnology sector is setting its sights on $150 billion by 2025 and $300 billion by 2030, highlighting the ongoing growth potential of the industry.
This report emphasizes that these sectors are experiencing significant changes driven by strong global expansion, heightened industry consolidation, and substantial investments that leverage India’s talented workforce.
In order to address emerging challenges, organizations within these fields are cultivating environments that prioritize employee development and advancement. They are also concentrating on essential areas, including the integration of artificial intelligence (AI), customized employee training programs, and workplace initiatives that align with shifting employee expectations.
To maintain a competitive edge, the report encourages companies to intensify their efforts in actively nurturing career advancement pathways, preparing leaders for the future, and enhancing strategies to attract and retain elite talent.
“The pharmaceuticals, healthcare, and biotech sectors are at a pivotal moment. What began as a rapid response to the pandemic has evolved into a sustained phase of innovation, fueled by a significant surge in healthcare research and development investments,” stated Balbir Singh, CEO of Great Place To Work, India.
“India is at the forefront, with healthcare AI investments predicted to reach $1.6 billion by 2025. These investments are not only advancing scientific progress but are also drawing top talent, as organizations foster vibrant environments where individuals can flourish and contribute to innovative solutions,” he added.
The report highlighted that pharmaceutical firms are achieving success through crucial areas like mentorship, skill enhancement, and a commitment to continuous learning, along with structured systems that facilitate performance-driven career advancement and encourage innovation.
Likewise, healthcare organizations have achieved success through training programs that provide access to cutting-edge technologies, therapists, and educational platforms, in addition to offering flexible work options and opportunities for cross-departmental movement.
Biotech firms have made strides through rotational training, mentoring, and upskilling initiatives for both technical and non-technical roles, including practical training and certifications that enhance skill development.
The emphasis is not solely on offering training; it also extends to ensuring that compensation remains competitive, aligned with market changes, and delivered with complete transparency, as noted in the report.
Singh urged organizations to capitalize on growth opportunities by formulating targeted strategies that integrate career development, equity, and innovation.
He also highlighted the importance of incorporating “technologies like automation and fostering cross-functional collaboration to enhance both efficiency and employee satisfaction, laying the groundwork for long-term success.”
