Are you thinking of a career in healthcare/pharmaceutical industry?

If you are a life science graduate and the answer to above question is ‘Yes’, you are thinking in the right direction. Reason is quite simple. By Dr. Vijay Bhangale

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If you are a life science graduate and the answer to above question is ‘Yes’, you are thinking in the right direction. Reason is quite simple. Healthcare is one of the fastest growing sectors in India thereby offering huge opportunity. The Indian healthcare industry is growing at a tremendous pace and has become one of the largest sectors in terms of revenue as well as employment. The sector is expected to generate 40 million jobs in India by 2030.

Indian Healthcare industry is likely to grow at a compounded annual growth rate of 16 percent to reach USD 372 billion (Rs 26 trillion) by 2022 according to IBEF (INDIA BRAND EQUITY FOUNDATION) Healthcare Report, April 2018. Healthcare industry in India comprises of Hospitals, Pharmaceutical products, Medical devices, Clinical trials, Outsourcing, Telemedicine, Medical tourism, Health insurance and Medical equipment.

The hospital industry in India stood at Rs 4 trillion (USD 61.79 billion) in 2017 and is expected to increase at a Compound Annual Growth Rate (CAGR) of 16-17 per cent to reach Rs 8.6 trillion (USD 132.84 billion) by 2023. There is a significant opportunity for India in Medical Value Travel, expected to be a USD 143 Billion industry by 2022.

The pharmaceutical sector was valued at USD 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 USD 55 billion according to IBEF. Pharma exports stood at USD 17.27 Billion in 2017-18 according to Pharmexcil (Pharmaceutical Exports Promotion Council of India). The sector accounted for about 6 per cent in the country's total exports of USD 303 billion in 2017-18. It is one of the top five sectors in the exports segment (The Economic Times, Aug 9, 2018).

In Union Budget 2018, the government gave a further push to the healthcare system of the nation by launching the Ayushman Bharat, which will provide insurance cover to 10 crore families in India. In the budget for the very first time, under the guidance of NITI Aayog, allocations to the tune of Rs 3,073 crore was set for creating a digital economy with emerging technologies like artificial intelligence (AI), the Internet of things (IOT), block chain and 3D printing, which are necessary for building a modern technology landscape in healthcare delivery. If successfully implemented, this can reduce wait times and improve productivity greatly by minimizing human intervention in electronic medical records (EMRs)/enterprise resource planning (ERP)/hospital information systems (HISs).

Having understood the scope, next question you may have is what are various job profiles or career opportunities in Pharmaceutical / Healthcare sector for a life science graduate?

Successful Pharmaceutical/Healthcare Management professionals are hired for following roles:

Sales

• Promoting pharmaceutical products to Doctors
• Promoting Healthcare Services to Doctors
• Promoting medicines to consumers in case of consumer healthcare(OTC) products

Market Research

• Analyzing the market and internal sales
• Presenting data to top management for decision making
• Carrying out field studies to get customer insights

Brand Management

• Making plans to achieve revenue, profit and market share for brand/s handled
• Designing strategies and monitoring execution
• Launching new products
• Training field force

Business Development

• Identifying opportunities and generating new customers
• Developing business from current customers
• Carrying out formalities required to do business

Customer Relationship

• Meeting key customers
• Understanding their needs/issues & satisfying the same
• Analyzing various data points to identify opportunities in order to enhance customer value

Digital Marketing

• Creating content
• Developing digital marketing strategies
• Analyzing digital marketing campaigns

Advertising

• Working with an advertising agency handling their client/s
• Coordinating various activities between client and an agency
• Developing new clients

International Marketing

• Understanding regulatory framework in different countries
• Developing promotional strategies
• Training field force

Skills required for the above mentioned roles are as follows:

• Communication skills
• Co-ordination and team work
• Analytical skills
• Creativity
• Persuasion and negotiation
• Adaptability
• Problem solving

Finally, do you know where to start and do you have the skills to enter the sector? Well, the best way to start is to undergo a professional training or join a professional course like a Management course in Pharmaceutical & Healthcare Management in order to acquire the necessary skill set.

About the Author:

Dr.Vijay Bhangale (BPharm, MMS, PhD), Associate Dean-Academics, IES-Mumbai has rich industry experience of 17 years coupled with over 12 years of experience in academics. He has worked with companies like GSK Consumer Healthcare, Ranbaxy, Merck etc. and have headed the Marketing function. He has presented papers in National & International Conferences. He has published articles in reputed National & International Journals and conducted training programs in 'Brand Management', 'Business Strategy' & 'Stress Management' for senior executives from industry.