India's Healthcare Sector Set To Reach $320 Bn By 2028

India’s Healthcare, Pharmaceutical, and Biotechnology sectors are set for unprecedented growth, with the healthcare sector projected to reach USD 320 billion by 2028. The Pharmaceutical industry is targeting $130 billion by 2030, while the Biotechnology sector aims to achieve USD 150 billion by 2025 and USD 300 billion by 2030. A recent report by Great Place To Work highlights the critical role of workforce development in driving this progress.

The report shows that 85 per cent of the Best Workplaces in Pharmaceuticals, Healthcare, and Biotechnology invested in employee development in 2024, a significant increase from 73 per cent in 2023. This growing emphasis on career growth, leadership training, and employee retention is helping organisations adapt to an evolving global landscape.

Balbir Singh, CEO of Great Place To Work® India, stated, “The Pharmaceuticals, Healthcare, and Biotech sectors are at a turning point. What started as a pandemic-driven sprint has transformed into a marathon of innovation, powered by a sharp increase in healthcare R&D investments. These investments, projected to reach $1.6 billion in healthcare AI by 2025, are advancing science while creating dynamic workplaces where people can thrive.” Singh also noted that 89 per cent of employees in the Best Workplaces feel their workplace fosters growth and trust, compared to just 52 per cent in other organisations.

The report highlights three key trends shaping the industries: robust global expansion, increased consolidation, and the integration of AI and automation. These trends are driving efficiency and enhancing decision-making while supporting employee engagement.

In the Pharmaceutical sector, mentorship programs, skill enhancement initiatives, and structured career progression systems are boosting success. To sustain growth, companies are encouraged to adopt AI-driven tools, ensure equitable hiring practices, and focus on continuous upskilling. Similarly, Healthcare organisations are leveraging training programs, flexible work arrangements, and cross-department mobility to drive employee satisfaction, with recommendations for further improvements in onboarding and competency-based hiring. The Biotechnology sector has excelled through rotational training programs, certifications, and mentorship initiatives, with calls for more inclusive hiring and structured career development programs.

Leading organisations such as Alkem Laboratories , Cipla , and Max Healthcare Institute  have been recognised for their exceptional workplace cultures and commitment to employee satisfaction.