National, 23rd December 2023 – Great Place To Work® India announces the much-anticipated release of its second edition of India’s Best Workplaces™ in Pharmaceuticals, Healthcare and Biotech 2023. As a renowned global authority on workplace culture, Great Place To Work conducts comprehensive research and helps every place become a great place to work. Some of India’s Best Workplaces in Pharmaceuticals, Healthcare and Biotech 2023 (alphabetic order) include Cipla Ltd., Dr. Reddy’s Laboratories Ltd., HCL Healthcare, Max Healthcare Institute Ltd. List of top 15 workplaces (alphabetic order) can be accessed at < https://www.greatplacetowork.in/indias-best-workplaces-in-pharmaceutical-healthcare-and-biotech >
Key findings from the evaluation reveal a mixed sentiment among Pharmaceuticals, Healthcare and Biotech employees. While a staggering 93% perceive their workplace as physically safe, a notable 12% feel a deficit in psychological and emotional safety. Additionally, 81% of employees report experiencing workplace flexibility, aligning with other industries. However, there has been a 4-point decline in employees experiencing innovation opportunities compared to the previous year.
Despite strong leadership and a workforce brimming with pride, the industry grapples with creating a playful atmosphere and nurturing open communication from the ground up. Excellence shines in specific areas thereby bridging these performance gaps becomes crucial for a truly thriving environment.
An encouraging upward trend is observed in areas of talent management. However, urgent attention is warranted to cultivate a fair and constructive work environment. The study emphasizes the significance of executives embodying their company’s best traits, that makes employees 10 times more likely to perceive their workplace as a great place to work.
Yeshasvini Ramaswamy, CEO, Great Place To Work India, stated that, “India’s pharmaceutical sector has emerged as a shining example of research and innovation. This success is attributed to a robust scientific and technological foundation, strong government support, a thriving domestic market, and cost-competitive manufacturing. The Government of India has been a key driver, making significant announcements in the Union Budget 2023, reaffirming its commitment to spearheading healthcare innovation and growth.
According to Invest India, India’s leadership in vaccine production and its status as the largest producer of generic medications globally, constituting 20% of the total worldwide supply by volume, showcase its monumental contribution. The government’s forward-thinking approach emphasizes inclusive, sustainable growth, with the Indian health-tech market projected to reach an impressive US$50 billion by 2033.
According to the EY FICCI Report, the Indian pharmaceutical market is poised to reach $130 billion by the end of 2023, reflecting a growing consensus on delivering new, innovative medicines to patients. Simultaneously, the global pharmaceutical goods market is predicted to surpass $1 trillion in 2023, underscoring the sector’s global significance. The government’s measures for research and development, outlined in the Union Budget Session 2023, further solidify India’s position on the global stage.
In alignment with these monumental strides, the Annual Report 2022-23 by the Department of Pharmaceuticals Govt of India and the Annual Report 2022-23 by the Department of Biotechnology Govt of India reveals India’s noteworthy global standing—ranking third in pharmaceutical production by volume and witnessing an impressive 8X growth in the past eight years, leading to a surge in Biotech Start-ups from 50 to 5300.
As we celebrate these remarkable achievements, I would like to acknowledge the dedication and hard work of the individuals propelling the industry forward. Our recent report, India’s Best Workplaces™ in Pharmaceutical, Healthcare, and Biotech 2023, provides insights into the industry’s workplace culture sentiment.
Hearty congratulations to all who have been recognized as India’s Best Workplaces in Pharmaceutical, Healthcare, and Biotech for 2023! Your unwavering commitment to cultivate and sustain a positive workplace culture is truly commendable. You serve as a strong role model for the entire industry. May your journey of success continue to propel our industry forward with boundless innovation and unwavering excellence.”
Leadership imperatives outlined include creating policies targeting crucial employee concerns such as psychological safety and innovation opportunities. Regular and transparent communication regarding available resources is urged, focusing equally on top-down and bottom-up communication. Further, the importance of aligning commitment with tangible actions, including management’s consistent demonstration of company values and responsiveness to feedback is highlighted.