Updated on 18 June 2013
One of the strategies adopted by pharmaceutical companies to enrich the human skills is through providing global exposure to its staff. Ranbaxy has established its workforce in over 50 countries with a total manpower strength of approximately 14,600 employees.
As a strategy to groom international talent, Ranbaxy gives mobility to its employees across geographies to enrich work experience. "Employees greatly benefit by sharing the best practices from across the emerging markets and avoid reinventing the wheel in many existing practices," says Mr Sourav Prakash Mohapatra, associate director, HR, Global Generics, Ranbaxy, India.
China's 12th Five Year Plan boosts human capital
IMS Health predicts that the value of the Chinese pharmaceutical industry could grow up to $165 billion by 2016. China's 12th Five Year Plans (2011-15) emphasize on modern healthcare services and is striving to gain credibility in high end research for affordable drug pricing. The new growth model is propelling innovation and technological superiority in the country, boosting demand for high quality domestic products and trained researchers to perform cutting-edge activities.
Pharmaceutical companies in China, aspiring to develop new drugs and molecules, are concerned about the impact of skills shortage on their research pipelines. Driven by the strategy to boost China's life science industry, the country has opened doors for large international firms to invest in China.
Suggesting a solution to gain access to skilled researchers and scientists, Mr Matt Kerr, Hays Recruiting Worldwide, says, "Over the past few years we have seen a steady migration of companies, that either moved their entire regional headquarters or specific departments to China, in an attempt to capitalize on this booming market and to leverage gains to be made from the relatively low operating costs in China. One of the major areas where we have seen position growth is in R&D with companies such as Roche and GlaxoSmithKline (GSK) investing heavily in drug discovery and setting up dedicated R&D centers."
Companies such as Pfizer and GSK are diversifying their operations. They are laying off employees in the West and are increasing their representatives in China. Partnership of MNCs with local institutes and companies is helping domestic organizations to train the manpower and gain access to international knowledge.