Healthcare market in India is expected to reach US$ 372 billion by 2022, driven by rising income, better health awareness, lifestyle diseases and increasing access to insurance. As of 2021, the Indian healthcare sector is one of India’s largest employers, as it employs a total of 4.7 million people. India's healthcare industry has been growing at a Compound Annual Growth Rate of around 22% since 2016. And the pandemic has just added the required push in the sector for the last few years. However, there are unregulated players and challenges in getting the right talent who are prepared to take on the increasing demand that companies face.
Currently pharma is going through a lot of transformation in the way it works. Digitization, multichannel engagement, logistics and even inventory management are areas where it requires new age skills. These skill sets are readily available in top B Schools, so it’s quite imperative that forward looking healthcare companies will like to invest in these talents.
One such organization that is working towards this is Novo Nordisk, a leading global healthcare company founded in 1923 and headquartered in Denmark. It has started the IO Business Graduate program to strengthen the pipeline of potential future managers and specialists within Novo Nordisk, and to attract, recruit and retain talents who have the potential to grow into key positions in the future! We spoke to Dr. Aishwarya Premdas, Shrey Patel and Shruthi Sharma who are currently the employees of Novo Nordisk and have undergone this program and its senior HR Director Amit Kumar Das to get a sense of the healthcare industry in general and the need for a program like this. Here are some excerpts:
1. Do you see the best minds in the country shifting gears towards healthcare? How lucrative is the career?
Amit: India's healthcare industry has been growing at a Compound Annual Growth Rate of around 22% since 2016. Healthcare has become one of the largest sectors of the Indian economy, in terms of both revenue and employment. In the coming decade this is going to be more challenging and better project management experts and people managers are required to drive a new generation of talents who do not usually like to compromise. Over and above this we can expect a huge number of M&As happening. Undoubtedly it is going to be an exciting time, especially with a sector which is guaranteeing you job security, evolving and ever growing.
Shrey: I think this is the best time to be in healthcare globally. The sector is growing across therapy areas and with health standards and quality of life improving across the globe, it is expected to be the core topic for government policies across the globe. Now when we look at India, it is already the Centre of Excellence for all major pharma firms across the globe. We see the global firms are moving their Centres of Excellence (CoEs) to India as they can get good quality analytical and strategic support from the talent available in India. The next wave of trend I expect in this industry is to see more Indians become global talents in the healthcare industry. So, now is the time to enter the industry if you’re looking for a global, fulfilling career.
2. Why was there a need to start a program like IO Business Graduate and what are some problems it has solved?
Amit: The objective of having a Graduate Programme is to strengthen the pipeline of potential future managers and specialists within
Novo Nordisk, and to attract, recruit and retain talents who have the potential to grow into key positions in the future! This is done by selecting skilled and motivated newly graduates from the best universities and advancing them through a demanding 2-year fast-learning programme, which provides them with increasingly challenging tasks and a strong professional network ensuring that they gain the know-how and skills needed to thrive and succeed!
3. Tell us a bit about the overall program and the rotational shifts it offers? How does it add up to the learning?
Amit: The intention with the program is to prepare the next generation of leaders who are ready to face unprecedented challenges, and are able to deliver outside their comfort zone. For graduates joining this program, within a duration of two years they get an exposure to challenging tasks with high responsibility from day one. Cross–functional projects and broad network, 3-4 rotations in different geographical locations and different parts of the organisation, an International orientation and a diverse graduate family. The program is designed in such a way that it puts focus onto both personal and professional development. In fact, let me just go ahead and say that I’d have surely tried my luck with this great opportunity if I were a recently graduating fresher. It is as they say, it's more about the journey than the destination itself.
Shruthi: During my time in Copenhagen, I was tasked with a responsibility to co-lead a whole new project for Obesity as a therapy area, which was a game changer. Not only did I get the opportunity to understand the intricacies of project management, I also saw how I could pick up a new function like market research analysis and internal consulting in a short while.
It was also intriguing when I was placed in Germany for another rotation where I was in a market with a totally different language and culture.Still I was able to use this experience to my fullest to see how language barrier is not key when it comes to solving challenging questions .
Shrey: During my HQ stint in Denmark, I was responsible for many projects and one that I can share here is on our upcoming once-weekly insulin. The burden for a Diabetes patient on basal insulin is huge, they have to take 365 injections every year, to keep their blood glucose in range. However, with our once weekly insulin this will be down to just 52 injections annually. As part of the Digital Health team, I was tasked with the project to find DH partners that connect to our devices and ease the in-clinic conversations between HCPs and patients about their dosing data. This provides an opportunity for me to have exposure across the insulin organization and externally with the HealthTech world.
Aishwarya: The program provides ample opportunities to grow, on every level, personally and professionally. For me, being in a new country, new language, culture and a unique working environment was a whole different experience and that was even challenging at times. The opportunity of going beyond your comfort zones, expands your horizon and broadens perspective. You become a stronger person who is confident to thrive in any given situation.
4. Who is the right fit for a program like IO Business Graduate and why should one apply?
Amit: From a professional competency point of view, a recent master’s degree in Business, Marketing, Engineering, Finance, Health Eco., Science, or other business related background is a must. Relevant work or volunteer experiences (max. 1 year after studies), above average academic achievements, professional fluency in English and globally mobile students will make the cut. Beyond this, the student should be a team player, humble and proactive.
Students should ask themselves
Am I interested in health topics and willing to learn about pharmaceutical products?
Am I ready for changes and being outside my comfort zone?
Am I willing to relocate and travel?
Am I willing to challenge and be challenged?
If the answers to them are yes, they are the right fit.
Aishwarya: I believe, a candidate should look into applying to the program because the selection is fair and through multiple rounds that allows a candidate to present various aspects of his/her profile. This gives them a chance to showcase the entirety of their profile and experience instead of just one aspect of their profile getting highlighted. Due to its non-linear approach, it truly selects talents that are not defined by a set criteria, instead opting for unique profiles that encourage peer learning culture within the program.
Shruthi: I would say , if you are open , opportunity-seeking, and know how to use the global network and immerse yourself in the IO graduate assessments, this program is for you. It all boils down to your passion and curiosity to move the needle in healthcare and have a compelling application.
If you wish to know more about the program, check below:
1. International Operations Finance (India) - https://bit.ly/3UND9aj
2. International Operations Business (India) - https://bit.ly/3FH47vU
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