As per my belief, in times of economic instability, even the footing of the medical industry becomes rickety along with other sectors but that does not coax me to deem Health sector vulnerable to recession. By putting forth the reference of statistical data, I would like to highlight the fact that the pharmaceutical division of our country saw an estimated 24 percent growth when it came to hiring professionals in the medical sector. And seeing this trend, our country can only expect this percentage to rise in the near future. As a matter of fact, I strongly consider the pharmaceutical sector of our country as an active recruiter now and even in the near future.
EXPANSION OF MAJOR PHARMACEUTICAL FIRMS
Let us throw light on the fact that some of the heavyweight medical firms of our country have immensely opened their wings and have expanded their operations to other parts of the world. These very firms have affirmed their presence in the medical sector with the help of plethora of acquisitions as well as mergers which in turn, has resulted in the opening of surfeit of jobs in the health industry. One of the primary factors which play an instrumental part in the progress of major pharmaceutical firms is the growth rate as well as the strategies for expansion across other nations. The growth rate of major healthcare firms has always been robust in our nation and these firms have always been coming up with lucrative expansion plans. This in turn has made the health industry of India, a billion dollar enterprise.
Let us throw light on the growth in the export market. Over a period of 5 years, statistics tell us that the export of medical products of multi-national pharmaceutical organizations based in India has increased from a staggering USD 6.23 billion to USD 8.7 billion. Thus, this clearly shows a 21 percent increase in the annual rate of growth for the industry. So if we have seen an impressive increase in the revenue generated from exports, then it is quite evident that more jobs have opened up in the health sector.
The pharmaceutical industry of our country has grown by leaps and bounds over the past decade which drives us to believe that our country’s health sector will be included in the top 10 global markets tentatively by the year 2020. Healthcare is a sector that can never degrade owing to the rising medical demands of our population. The capital profits generated by healthcare heavyweights such as Ranbaxy is immense which is why, the healthcare sector as per my belief is quite invulnerable to recession.
HEALTH INDUSTRY ON THE RADAR OF MULTINATIONAL COMPANIES
Over the past decade, we have witnessed our country growing under the strong influence and tutelage of globalization. India certainly happens to be one of the most revered global markets in the present day and age which is something that has stolen the attention of well-known Multinational Corporations. The revenue of healthcare corporations has increased at a skyrocketing rate over the past decade after numerous mergers and international acquisitions by major Indian pharmaceutical firms. As a result of multiple mergers and acquisitions, the pharmaceutical sector of our nation has grown leaps and bounds henceforth, giving rise to ample jobs in the medicare sector.