Drug firms amp up hiring for top roles as growth beckons

Search firms and companies confirmed increased hiring of chief technology officers (CTOs), chief financial officers (CFOs), chief human resources officers (CHROs), regulatory officers, as well as business leaders for emerging and regulated markets.

“Indian firms are creating more entrepreneurial, scale-driven opportunities. For a candidate willing to take a three- to five-year horizon, this becomes attractive given skin-in-the-game rewards like restricted stock units and Esops," Sachin Rajan, managing director at executive search and leadership advisory firm Russell Reynolds Associates said.

Large Indian companies want to differentiate themselves and pivot towards specialized portfolios, as well as focus on enterprise buyers such as hospital chains, and governments, Rajan said. “This (requires) leadership both in commercial - business units, sales and marketing functions but also leaders who can enable pivots in functions like regulatory and medical," he said.

Sharp rise

India's drugmakers hired 40% more CXOs in the first 11 months of 2024 compared with the same period in 2023, data from executive search firm Accord India shared with Mint showed.

Biocon Ltd has hired more top executives in its generics business, Maninder Kapoor Puri, head of human resources said. “As Biocon's generics business grows in key markets and secures approvals for niche products in API, oral solid dosages, and injectables, we are recruiting talent in R&D, regulatory, quality, operations, and commercial roles," the spokesperson said. The company’s biosimilar arm, Biocon Biologics, has also ramped up hiring for senior executives and CXO roles in operations, science and enabling functions, Puri added.

Also read | After intensive care, people’s pharmacy Jan Aushadhi sees healthy sales spike

“We continue to grow in significant markets of the US, UK, EU and important emerging market countries. These strategic growth initiatives are fuelling the need for top talent across key functions as our strategy is to stay abreast of the latest trends in the industry," Puri said.

Mankind Pharma, which listed on the bourses in 2023, hired several executives in the roles of senior general manager, vice-president and above, said Prateek Dubey, global CHRO, Mankind Pharma. "This is a strategic move to support the company’s expansion into larger urban centres and growing its chronic disease portfolio. Mankind Pharma aims to strengthen its position in the pharmaceutical industry by focusing on quality, affordability, and accessibility. Bringing in senior talent with a proven track record can provide the expertise needed to implement innovative strategies and maintain a competitive advantage," Dubey said.

What is driving growth?

“2024 has been a transformational year for Indian pharma…demand came back, especially in the US markets…the sector really bounced back," Tejinder Pal Singh, founder-director and senior partner-lifesciences and healthcare practice at leadership consulting firm Transearch said.

India's pharmaceuticals industry which was worth $50 billion in FY24 is poised to grow to $130 billion by 2030, a joint report by EY-Parthenon and the Organisation of Pharmaceutical Producers of India (OPPI) showed aided by growing domestic market and exports. Companies are focusing more on innovation, complex generics, biosimilars, and new chemical entities to boost exports, the report noted.

Also read | A prescription for speed: How e-pharmacies aim to transform medicine delivery

There are significant tailwinds in 2025 as well. Indian contract manufacturing firms (CDMOs) are expected to benefit from the proposed US Biosecure Act barring American companies from engaging with some Chinese biotech firms, at a time companies in the US and Europe try to diversify supply chains away from China. Patents for blockbuster drugs like semaglutide (sold under brand name Ozempic and Wegovy by Novo Nordisk) and Merck's cancer drug Keytruda are set to expire in the next five years, opening new opportunities for India’s generics makers.

Talent gap

The demand for talent is outpacing availability, Singh of Transearch said. Companies look for candidates who not only meet the required educational qualifications and achievements, but also with a demonstrated track record of leadership and regulatory know-how. As Indian companies look to expand their footprint in regulated markets, candidates who understand regulatory practices, have a proven track record of working with regulators like the US FDA and are aware of good manufacturing practices (GMP) are preferred, Singh said.

“At the generics business, we value experience in profit and loss management, track record of leading medium to large teams, and expertise in identifying and generating significant business opportunities in targeted markets," Biocon’s Puri said.

Also read | Home remedy: Indian pharma bets on domestic brands to combat US generics slowdown

“There is a talent gap in functions like manufacturing, quality, engineering, supply chain…even in partnership growth, because Indian companies are getting into a lot more partnerships with the US innovator companies," Singh said.

Firms like Russell Reynolds Associates have been hiring executives from other sectors who fit the requirements as well. “We have recruited from consumer healthcare, FMCG, even telecom, along with the pharma sector, for these roles," Rajan said.