Indian Pharma Firms Rush to Fill Executive Vacancies Amid Growth Prospects

India's pharmaceutical industry is on a growth spree, with leading firms hiring top executives in critical positions such as chief technology officers (CTOs), chief financial officers (CFOs), and regulatory officers.

According to data from executive search firm Accord India, Indian drugmakers hired 40% more CXOs (chief executive officers) between the first 11 months of 2024 compared to the same period in 2023. This surge is attributed to the growing demand for generics and biosimilars, as well as increased expansion plans by companies into key markets such as the US, UK, EU, and emerging economies.

Biocon Ltd, one of India's leading pharma companies, has also ramped up hiring for senior executives and CXO roles in various functions, including R&D, regulatory, quality, operations, and commercial. The company aims to capitalize on growing opportunities in its generics business and is seeking talent with expertise in areas such as profit and loss management and partnership growth.

Mankind Pharma, which listed on the bourses in 2023, has also been aggressive in filling vacant positions with senior executives. The appointment of global CHRO Prateek Dubey is seen as a strategic move to support the company's expansion into larger urban centers and growing its chronic disease portfolio.

Industry experts point to a strong growth trajectory for India's pharmaceuticals industry, poised to grow from $50 billion in FY24 to $130 billion by 2030. The sector is expected to benefit from factors such as increased demand in US markets, patents expiring on blockbusters, and the proposed US Biosecure Act.

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

However, industry experts also highlight a significant talent gap in critical functions such as manufacturing, quality, engineering, supply chain, and partnership growth. Companies are increasingly looking for candidates with not only the required educational qualifications but also demonstrated leadership skills and expertise in regulatory practices.