Pharma and healthcare are expected to witness robust hiring and salary hikes in the range of 10-15% in year 2012. India will see the largest number of merger and acquisitions (M&As) in the pharmaceutical and healthcare sector in the coming years, according to consulting firm Grant Thornton.
The Indian healthcare industry is showing a strong upward trajectory and the sector is expected to touch US $ 238.76 billion by 2020. The healthcare industry in India has witnessed a remarkable growth of 12% per year, since 2008. This growth has been fuelled by increase in the average life expectancy and average income levels, as well as rising awareness about health insurance among consumers. The Indian pharmaceutical market is expected to touch US $ 74 billion in sales by 2020 from US $ 11 billion in 2012. The pharmaceutical market has grown at 15.7% during 2011, with major growth drivers being in the area of anti-diabetics, derma and vitamins.
India's improved economy is driving urbanisation and the burgeoning middle class, with increasing disposable income to spend, along with rising health consciousness, is willing to spend on quality healthcare. The Government has also taken steps to promote the healthcare industry. These initiatives centre around providing better medical infrastructure, rural health facilities and providing novel medical equipment solutions. The sector holds enormous potential and India is fast becoming a favoured medical destination.