India’s bioeconomy projected to reach $300 billion by 2030: Minister
India’s bioeconomy grew more than $150 billion in 2023 and is expected to reach $300 billion by 2030, the government said on Sunday.
About 93 per cent of Indian employees in pharmaceuticals, healthcare and biotech sectors perceive their workplace as physically safe, while a notable 12 per cent feel a deficit in psychological and emotional safety, a new report said on Friday.
According to the Great Place To Work India, 81 per cent 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.
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“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,” said Yeshasvini Ramaswamy, CEO, Great Place to Work India.
Despite strong leadership and a workforce brimming with pride, the report mentioned that the industry grapples with creating a playful atmosphere and nurturing open communication from the ground up.
An encouraging upward trend is observed in areas of talent management. However, urgent attention is warranted to cultivate a fair and constructive work environment, according to the report.
Moreover, as per 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.
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