Pharmaceutical Industries - Industry Background
Pharmaceutical industries have seen more action in recent years than ever before. The growing frequency with which new diseases are being discovered has set the industry on the warpath to find a cure for all these ailments.
Striking a balance on pricing these new medications and delivering them based on the market needs has become a significant challenge.
Companies have been adopting both organic growth and acquisition paths to enhance profitability.
When some companies made mergers and acquisitions under government scrutiny to prevent high drug prices, others did not anticipate these synergies leading to considerable financial distress.
The development of the internet has dramatically influenced how pharmaceutical companies strategize and function. The firms now have to handle customers who have a good deal of health-related information at their disposal at all times, which might or might not be accurate.
Pharmaceutical Industries - HR Challenges
Availability of qualified workforce
The availability of a qualified workforce is limited, and all pharmaceutical companies are competing to obtain the very best. More prominent firms with financial prowess can attract the best talent. At the same time, the small and medium-sized businesses must settle for less. Also, in recent times there have been more takers for R&D jobs in companies other than pharma that produce instant results and recognition.
Skill shortage is contributing to salary increases, which in turn is posing talent retention problems to HR. Pharmaceutical jobs are often research-intensive and don’t follow a set timeline. Employee attrition is a significant challenge, and loss of critical resources can place these projects in jeopardy.
Keeping employees engaged and motivated in long-term research projects is Paramount, as not seeing any results is another challenge faced by HR professionals in the pharmaceutical sector.
Killing projects that are viewed as unprofitable are typical in this business and can pose a problem to HR.
Effective HR Strategies to Address Pharmaceutical industrie's HR Challenges
Developing a comprehensive workforce strategy is a must for these companies. Engagement with academia and collaborations college or even high school levels can help conquer resource shortages.
Involving the student community in the research projects etc. at an early stage will help address resource shortages for a longer duration.
Rewards & Recognition programs
Compensation plays an integral role in attracting talent. Recognizing talent within and identifying performance to achieve results in working with the organizational goals can also be equally important.
Rewarding performers with intellectually stimulating projects and encouraging innovation within the business are essential to continued employee participation.
Focusing on the environment that challenges employees and encourages them to take on new research projects which could deliver more new products can enable the company to sustain in the longer run.