The Pharmaceutical industry has seen more action in the recent years than ever. The discovery of new diseases more frequently than ever 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 been a more significant challenge.
The companies have been adopting a mixture of organic growth and acquisition path to enhance profitability.
When some mergers and acquisitions finished under government scrutiny to prevent high drug prices, others did not realize the anticipated synergies leading to financial distress.
The development of Internet has influenced a lot to how the Pharmaceutical companies strategize and function. The firms now have to handle customers that have a good deal of health information at their disposal which may necessarily not be accurate all of the time.
HR Challenges in Pharmaceutical Industries
The following are some of the challenges from the Human Resources perspective:
Availability of qualified workforce
The availability of qualified workforce is limited, and all Pharmaceutical companies are fighting to obtain the very best. Bigger firms with financial prowess can attract the best talent while the small and medium businesses must settle for less. Also, in recent times there have been more takers for R&D jobs in other companies that can produce instant results and recognition
The pharmaceutical industry is a niche area in which there has always been a dearth of middle managers and thought leadership at an organizational level. HR departments continuously find it very challenging to fill these positions.
Skill shortage is contributing to salary increases, which in turn is posing talent retention problems to HR. The Pharmaceutical jobs are often research intensive and don’t follow a 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, not seeing any results is another challenge which HR professionals encounter from 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 the challenges
Developing a comprehensive workforce strategy is a must for these companies. Engagement with academia and collaborations in the 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 new research projects which could deliver more modern products can enable the company to sustain on a longer term.