Healthcare sector in India to reach US$ 320 billion (Rs. 27,28,320 crore) by 2028, says report

India’s healthcare sector is projected to reach US$ 320 billion (Rs. 27,28,320 crore) by 2028, according to the latest report by Great Place to Work on the pharmaceuticals, healthcare, and biotechnology industries. The pharmaceutical sector targets US$ 130 billion (Rs. 11,08,380 crore) by 2030, while biotechnology aims for US$ 300 billion (Rs. 25,57,800 crore) by the same year. Over the past year, these sectors have undergone significant transformation, driven by international expansion, industry consolidation through mergers and acquisitions, and increased investment in talent. Companies leverage India’s skilled workforce to drive innovation and align workforce goals with technological advancements like artificial intelligence (AI). 

The report also highlights the growing emphasis on employee development. Executive Director & CEO of Great Place to Work, India, Mr. Balbir Singh, noted that with healthcare AI investments expected to reach US$ 1.6 billion (Rs. 13,642 crore) by 2025, India is advancing science and creating dynamic workplaces. 85% of India’s Best Workplaces employees believe their organisations are great, with 89% at top-ranked companies. Additionally, 85% of these companies invested in employee development this year, compared to 73% in the previous year. Specific challenges in the pharmaceuticals, healthcare, and biotechnology sectors include enhancing productivity through AI tools, transparent decision-making, inclusive hiring, and leadership development programmes. While the pharmaceutical sector focuses on skill enhancement and performance-based progression, healthcare companies leverage technology and flexible work models. Biotech firms are emphasising rotational training, upskilling, and personalised onboarding to foster long-term growth. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.