Indian pharmaceutical industry has undergone significant reform in the last few years. The technological advances, the pandemic, and the overall revamping of the healthcare landscape have created a new surge in the industry- to evolve and do better. Quality leadership is integral to navigating the changing landscape, and the right time to start working on your leadership creed is now.
Quality leadership is the key to sustainable existence in the pharmaceutical industry in India. With advanced leadership development programs, a pharma company can hone its human assets and tap into the opportunities knocking on the doors. As per research by McKinsey, 30 percent of the leaders from top pharmaceutical companies across the world have participated in one or more leadership programs post-pandemic.
Indian pharmaceutical industry: where is the road headed to
The need for quality healthcare and a proactive approach to life science is critical. The industry is changing in terms of innovation of new drugs, rising competition as well as the quality of people joining the industry to explore their chances. If you want your organization to succeed and have quality talent, you must work on their skills and make them better leaders.
So, what are the major changes that the industry has undergone or is expecting:
Indian pharmaceutical industry is gaining global recognition. Although it has been a major contributor to the global medical industry, the Atmanirbhar campaign, and further established it as a manufacturer of quality medicines with heavily unexplored potential.
- India provides for more than 60% of the global demand for different vaccines as well as ARV drug supplies.
- It handles more than 30% of the total medicine supply of UNICEF across the globe.
- Over 60-80% of the UN total medicine sales is provided by India.
- Indian medicines are also registered under the WHO’s pre-qualified list- 57% of APIs and 69% of FPP (Finished Pharma Products)
New government initiatives
There are several government policies and acts that work in the favor of the pharma industry in India. The Patent Act 1970, The Drug Policy 1978, Hatch-Waxman Act 1984, and the 1991 Economic Reform are to name a few. The latest schemes launched by the government including the Production Linked Incentive (PLI) Scheme and the scheme on Promotion of Bulk Drug Parks have further promoted the Indian pharma capabilities and established India in the list of top leaders.
Indian pharmaceutical industry demands better leadership
As the industry continues to emerge, the need for quality leadership has become the key to sustainability and profitability. As great leaders, employees would enhance their careers while contributing to the success of your organization.
A true leader would help with an overall organizational reform, establishing the company in alignment with the globally evolving industry parameters. With the increase in functional and organizational capabilities, organizations would be able to induce overall development and thus gain profitability.
A credible leadership coaching agency offers enhanced leadership programs as per the structure of the companies which help them align their goals with the company’s objectives.