India’s best workplaces in pharma, healthcare & biotech in 2023

New Delhi: Great Place To Work® India has announced the much-anticipated release of its second edition of India’s Best Workplaces™ in Pharmaceuticals, Healthcare and Biotech 2023.

Key findings from the evaluation reveal a mixed sentiment among Pharmaceuticals, Healthcare and Biotech employees. While a staggering 93% perceive their workplace as physically safe, a notable 12% feel a deficit in psychological and emotional safety. Additionally, 81% of employees report experiencing workplace flexibility, aligning with other industries. However, there has been a 4-point decline in employees experiencing innovation opportunities compared to the previous year.

 List of top 15 workplaces (alphabetic order) are:

Despite strong leadership and a workforce brimming with pride, the industry grapples with creating a playful atmosphere and nurturing open communication from the ground up. Excellence shines in specific areas thereby bridging these performance gaps becomes crucial for a truly thriving environment.

The methodology and more details can be found here.

An encouraging upward trend is observed in areas of talent management. However, urgent attention is warranted to cultivate a fair and constructive work environment. The study emphasizes the significance of executives embodying their company’s best traits, that makes employees 10 times more likely to perceive their workplace as a great place to work.

Yeshasvini Ramaswamy, CEO, Great Place To Work India, stated that, “India’s pharmaceutical sector has emerged as a shining example of research and innovation. This success is attributed to a robust scientific and technological foundation, strong government support, a thriving domestic market, and cost-competitive manufacturing. The Government of India has been a key driver, making significant announcements in the Union Budget 2023, reaffirming its commitment to spearheading healthcare innovation and growth.

According to Invest India, India’s leadership in vaccine production and its status as the largest producer of generic medications globally, constituting 20% of the total worldwide supply by volume, showcase its monumental contribution. The government’s forward-thinking approach emphasizes inclusive, sustainable growth, with the Indian health-tech market projected to reach an impressive US$50 billion by 2033.

According to the EY FICCI Report, the Indian pharmaceutical market is poised to reach $130 billion by the end of 2023, reflecting a growing consensus on delivering new, innovative medicines to patients. Simultaneously, the global pharmaceutical goods market is predicted to surpass $1 trillion in 2023, underscoring the sector’s global significance. The government’s measures for research and development, outlined in the Union Budget Session 2023, further solidify India’s position on the global stage.

In alignment with these monumental strides, the Annual Report 2022-23 by the Department of Pharmaceuticals Govt of India and the Annual Report 2022-23 by the Department of Biotechnology Govt of India reveals India’s noteworthy global standing—ranking third in pharmaceutical production by volume and witnessing an impressive 8X growth in the past eight years, leading to a surge in Biotech Start-ups from 50 to 5300.