Recruitment process in Pharmaceutical Industry
Posted on: January 03 2019, By : Shreya Laisetti
Pharmaceutical industry, the discovery, development, and manufacture of drugs and medications (pharmaceuticals) by public and private organizations. India is the biggest supplier of nonexclusive medications internationally. Indian pharmaceutical part industry supplies more than 50 percent of worldwide demand for different immunizations, 40 percent of conventional interest in the US and 25 percent of all drug in UK.
India enjoys an important position in the worldwide pharmaceuticals segment. The nation additionally has an extensive pool of researchers and designers who can possibly direct the business ahead to a significantly more elevated amount. By and by more than 80 percent of the antiretroviral drugs utilized all around to battle AIDS (Acquired Immune Deficiency Syndrome) are provided by Indian pharmaceutical firms.
The Union Cabinet has given its gesture for the alteration of the current Foreign Direct Investment (FDI) approach in the pharmaceutical area so as to permit FDI up to 100 percent under the programmed course to fabricate of medicinal gadgets subject to specific conditions. The medications and pharmaceuticals division attracted in total FDI inflows worth US$ 15.83 billion between April 2000 and June 2018, as indicated by information discharged by the Department of Industrial Policy and Promotion (DIPP).
Some of the recent developments in the Indian pharmaceutical sector are as follows:
• In August 2018, the market developed by 8.7 percent year-on-year with offers of Rs 11,342 crore (US$ 1.69 billion).
• During April-June 2018, pharmaceutical division in India saw private value and funding ventures of US$ 396 million.
• In 2017, Indian pharmaceutical division saw 46 merger and obtaining (M&A) bargains worth US$ 1.47 billion
• The exports of Indian pharmaceutical industry to the US will get a lift, as marked medications worth US$ 55 billion will wind up off-patent amid 2017-2019.
The pharmaceutical sector was valued at US$ 33 billion in 2017. The country’s pharmaceutical industry is expected to expand at a CAGR of 22.4 per cent over 2015–20 to reach US$ 55 billion. India’s pharmaceutical exports stood at US$ 17.27 billion in 2017-18. In 2018-19 these exports are expected to cross US$ 19 billion.
Indian companies received 304 Abbreviated New Drug Application (ANDA) approvals from the US Food and Drug Administration (USFDA) in 2017. The country accounts for around 30 per cent (by volume) and about 10 per cent (value) in the US$ 70-80 billion US generics market.
India's biotechnology industry comprising bio-pharmaceuticals, bio-services, bio-agriculture, bio-industry and bioinformatics is expected grow at an average growth rate of around 30 per cent a year and reach US$ 100 billion by 2025.
Medicine spending in India is expected to increase at 9-12 per cent CAGR between 2018-22 to US$ 26-30 billion, driven by increasing consumer spending, rapid urbanization, and raising healthcare insurance among others.
Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers that are on the rise.
The Indian government has taken many steps to reduce costs and bring down healthcare expenses. Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies.
Some of the initiatives taken by the government to promote the pharmaceutical sector in India are as follows:
• The National Health Protection Scheme is largest government funded healthcare programme in the world, which is expected to benefit 100 million poor families in the country by providing a cover of up to Rs 5 lakh (US$ 7,723.2) per family per year for secondary and tertiary care hospitalization. The programme was announced in Union Budget 2018-19.
• In March 2018, the Drug Controller General of India (DCGI) announced its plans to start a single-window facility to provide consents, approvals and other information. The move is aimed at giving a push to the Make in India initiative.
• The Government of India is planning to set up an electronic platform to regulate online pharmacies under a new policy, in order to stop any misuse due to easy availability.
• The Government of India unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacture. Approval time for new facilities has been reduced to boost investments.
• The government introduced mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to deal with the issue of affordability and availability of medicines.
The pharmaceutical industry is one of the fastest growing industries in India with high business potential. The local companies are seeking to expand its operation into international market, at the same time competing fiercely for the local market. The pharmaceutical industry’s core competence lies in its people and its intellectual capital. Hence this industry demands the most qualified and skilled labor force available in the job market. For this, pharmaceutical industry sometimes takes help of best recruitment consultancy who will help them in providing skilled and qualified labor according to their requirements. In Pharmaceutical industry, the company has to also make sure that their human resource are being updated as per the time. For that purpose the company can take assistance from top educational consultant. This will give the company proper guidance to upgrade their employees on timely basis. A recruitment process (HR process outsourcing) is an organization-specific model of candidate sourcing for the purpose of finding and hiring new employees. Typically, the ownership of the recruitment process resides within the Human Resources function, although companies also use third-party recruiting firms. Ownership can vary depending upon the specific organizational structure of the company carrying out the process.
The 7 basic steps in the Pharmaceutical industry recruitment process are as follows:
1. Identifying the needs
It’s not enough to know that you need. You must also know the complete job description. However, you must know the description as the last employee who left in the position left it, NOT the description when that person took the job. That’s because chances are good that they took on new/additional responsibilities while in the position. Now the job when they left is different than they job when they arrived.
Once you’ve identified exactly what you need (both in terms of hard skills and soft skills), then it’s time to put a plan together to find what you need. You know what they say: “When you fail to plan, you plan to fail.” Make sure that you get the “buy in” of everybody involved with the hiring process on the steps that will be taken and the communication channels that will be used. All it takes is one misstep to blow everything up. (HR Policy Implementation)
This is a case where you need to be a “hunter” and not a “gatherer.” Too many companies are “gatherers,” thinking that superstar candidates are going to rain down from the sky like so much manna. No, they are not. Once again, this is why companies hire top placement agency. They hunt, they do not gather. Not only that, but they’re good at what they do.
4. Identifying viable candidates
Finding candidate is also not enough. An organization or the recruitment agency must also find qualified candidates. Anybody can find candidates. They’re everywhere. But those high-level A-players, the kind of candidates your competition would kill for? They’re NOT everywhere. So searching for them, finding them, and identifying them will be more difficult if the first three steps in the process have not been undertaken.
5. Telephonic screening
Sure, you have a batch of viable candidates, most likely passive candidates, who are interested in the position. But not every single one of them are going to make it through the process. That brings us to the first screening stage of the process, the telephone interview. Ideally, you would have a list of 10 to 15 very strong candidates, all of whom are interested in the position. The phone screening serves to whittle that list down, so that you can move to the next stage of the process.
6. Face to face interview
There are two important aspects of this part of the recruitment process:
• It can’t stretch out too long, or candidates involved will lose interest.
• Employers must communicate to candidates where they are in the process and what to expect in the near term or they will start looking elsewhere. This is a particular danger with top candidates, since they are more than likely interviewing with more than one organization. (Mock interview)
Sure, there are other important aspects of the interview stage, but these are the two that companies neglect the most, with predictably dire consequences.
7. Onboarding of Candidate
What’s the point of hiring the best candidates in the marketplace if you can’t retain those candidates after you’ve hired them? A comprehensive onboarding process is perhaps the most crucial steps in the recruiting process. When we refer to onboarding, we’re talking about more than just new employee paperwork and knowing where the bathrooms are located. We’re talking about continuing to make the candidate/new employee feel wanted before they officially join the organization. Many a company has failed to do that, only to see their new employee never show up for their first day of work.