India’s pharmaceutical industry is the third largest in the world, taking into consideration its volume and stands. But segment wise, it still lags behind its global counterparts. However, good news is, it’s maturing and people from various competitive sectors are joining the growing pharmaceutical industry.
Indian drug makers are trying to get the vibes of international market after multinational peers in developed markets such as the US aren’t shying away from hiring the best senior-level talent. The scope of talent acquisition spills beyond the pharma industry. Once regarded as a less lucrative sector, pharmaceutical is a much sought after now.
Now people from FMCG segment, which is a high paying one, are shifting to the ‘pharma’ field.
Indian companies with scale and global aspirations tend to pay much higher than the domestic affiliates of multinational companies, offering as much as a 40% hike to hire talent at the chief executive level. Much of this differential is in the form of stock, providing wealth creation opportunities.
If executives with experience in global markets have to be hired from multinational companies, the rate can jump by between 30-40% of their annual package, an industry executive told The Economic Times.