Current scenario of pharma industry in India:
The Indian pharmaceutical industry is one of the largest in the world. According to economic times, the current valuation of the pharma industry is at $50 Bn. It is expected to reach $65 Bn by 2024 and to $130 Bn by 2030. Many international companies are interested in investing in India.
The number of pharmacy colleges in India also has gone up quite significantly to meet this increasing demand for the skilled human capital. In 2014, India had around 1500 colleges, while in 2020 the number has increased to around 2600 colleges. This is a whopping 80% increase in a span of 6 years.
Consequently, India produces around 4 lakh pharma graduates each year. The various courses offered in the pharma sector includes, B.Pharm, M.Pharm, Pharm.D, Pharmaceutical MBA.
On an average, a student spends around 6 lakhs for B.Pharm which is a 4 year course. Another 6 to 8 lakhs & 2 years for M.Pharm. If a student is pursuing Pharm.D, then s/he spends around 30 to 50 lakhs and invests 6 years to complete the degree.
On one hand, we have an exponentially growing pharmaceutical industry and on the other hand the number of pharma colleges. Hence, a simultaneous increase in the number of pharma graduates. It is clear that pharma companies are winning and so are the college owners.
But the important question is – what is happening with the pharma graduates? Are they getting decent jobs that pay them well? In Spite of all these opportunities, many pharmacy graduates find it difficult to sustain a good professional growth in India.
Our recent survey with around 100 Pharma graduates revealed that 30-40% of these graduates changed their field and ended up in different streams altogether. Those who could find a job in the same field, were earning a salary of 2.5 to 3 LPA.
But why is this happening? Pharmacy graduates are facing many challenges. Let’s look into some of the major challenges faced by these professionals.
Pharmacy colleges do NOT have enough qualified teachers: This challenge is universal to all fields and Pharma is no exception. As discussed above with the increase in the number of pharmacy colleges, an equal number of experienced teachers are also needed. But there is a crunch for teachers in new colleges. Also, teachers often lack the practical skills and experience necessary to prepare students for the pharmacy profession.
For example, during our interaction with many pharmacy students we learned that recent master’s graduates are joining as assistant professors in their own colleges. In spite of being academically strong, with very limited or no industry exposure they can’t train or guide the next set of students. Hence, not just quantity but also quality is the problem.
The quality of education is not up to the mark: There is a gap between the type of knowledge provided & the actual requirements in the Industry. Due to this, students lack basic skills needed for practice. Pharmacists are often the first point of contact for patients with healthcare-related questions. However, many pharmacists do not have the expertise to answer these questions accurately. Many new colleges lack good infrastructure such as lab facilities and hence no practical training. In fact, in 2020, AICTE decided not to permit new pharmacy colleges until the existing ones were working to their full potential.
Pharma companies are not paying a decent salary: According to a report published in Education Times in January 2023, in 2019 the average CTC of a Pharmacy graduate was around Rs 2.6 lakh. By 2022, this has increased to Rs 3.93 lakhs. Not a significant improvement and also not on par with the current industry standards!
Source: Salary explorer India
We came across a similar example as shown in the graph. A hospital pharmacist even with 10 years experience was paid around 8LPA. This is definitely not what professionals with similar experience from other fields are paid!
The pharma companies demand long working hours: Pharmacists often work long hours under demanding conditions. This is especially seen in retail pharmacies. Due to this, there is no proper work life balance. Eventually, it can lead to burnout and stress. Also pharmacists in India often have to manage everything on their own. Right from dispensing medications to counselling the patients. In busy pharmacies, this can be a challenge.
Pharmacy professionals do not have a strong network: Pharmacists can learn about new developments in their field by networking with other healthcare professionals. They can collaborate on projects and share each other’s best practices. Networking with patients can help them to learn more about their needs and provide them with the best possible care. Unfortunately, pharmacists may not have many opportunities to network, as the pharmacy field is relatively niche.
Pharma companies are hiring non-pharma graduates: Pharma companies hire graduates from BA, BSc. or even other backgrounds in certain job profiles such as sales and marketing, manufacturing. This leaves little room for pharma graduates to explore in those areas.
All of these above mentioned challenges have forced many pharmacy graduates to settle down for low paying jobs. As mentioned earlier, many of them have even changed their fields in search for better opportunities.
Possible solutions: Despite these challenges, pharmacy students in India can do many things to succeed. They can reach out to qualified mentors, who can guide and support them. They can also look for various internship and research opportunities with both national as well as international agencies. The professionals also can take up courses to stay up to date with the latest in the industry and develop a network with like minded individuals.
In a nutshell, the Indian pharmaceutical industry has the potential for significant growth, with projections of reaching USD 120 to 130 billion by 2030. Indian pharmacists play a vital role in the healthcare system in spite of the challenges faced by them. Pharmacists are committed to providing the best possible care to their patients.
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