India’s Healthcare Sector Set to Reach $320 Bn by 2028, Says Report

According to the report, companies are increasingly aligning workforce development with technological advancements, particularly artificial intelligence.

India's healthcare industry is poised for significant growth, with its market value expected to reach $320 billion by 2028, according to a recent report by Great Place To Work.

The report, which focuses on the pharmaceuticals, healthcare, and biotechnology sectors, also projects that the pharmaceutical industry will grow to $130 billion by 2030, while biotechnology is anticipated to hit $300 billion by the same year.

The report highlights several key trends fueling growth in these industries, including international expansion, industry consolidation, and strategic investment in talent.

Indian pharmaceutical and healthcare firms have been making strides globally, leveraging exports and partnerships to strengthen their international presence.

Mergers and acquisitions within these sectors have also contributed to improved efficiency, while the focus on attracting and retaining skilled talent is positioning India as a leader in innovation.

According to the report, companies are increasingly aligning workforce development with technological advancements, particularly artificial intelligence (AI).

Balbir Singh, Executive Director and CEO of Great Place To Work India noted that the pandemic acted as a catalyst for innovation, setting the stage for further advancements.

Singh emphasized that with healthcare AI investments projected to reach $1.6 billion by 2025, the industry is not only advancing science but also creating workplaces that prioritize talent development.

The report revealed that 85% of employees in India’s best workplaces believe their organizations foster a positive environment, with this figure rising to 89% for top-performing companies.

Investment in employee development plans has also surged, with 85% of workplaces adopting such measures in 2024 compared to 73% the previous year.

Sector-Specific Trends & Challenges

In the pharmaceutical sector, companies excelled in mentorship programs and skill development, enhancing career progression through performance-based evaluations.

However, the report highlighted the need for greater adoption of AI tools, transparent decision-making processes, and tailored leadership training to further boost productivity.

Healthcare firms have embraced technology and flexible work models, enabling competency-based hiring and equitable recruitment from underserved regions. E-learning and specialized training have also been identified as crucial for sustained growth.

Meanwhile, biotechnology companies have focused on rotational training, upskilling, and hands-on certifications.

To maintain growth, the report suggests that biotech firms should prioritize inclusive hiring practices, personalized onboarding, and leadership support.

Structured performance evaluations and transparent recognition initiatives could also help retain talent in this dynamic sector.

The report underscores the transformative period these industries are undergoing and highlights the importance of innovation, strategic talent development, and global collaboration in shaping their future trajectories.

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