A Comprehensive Review On The Human Resource Management Challenges In The Pharmaceutical Industry

Abstract

The pharmaceutical industry is one that does not suffer from the effects of a recession. Higher consumption is driven by the ever-increasing population as well as the standard of living to do with drugs. It had been more or less steady at roughly 21 new medications being discovered each year, but over the past decade, the cost of discovery has been escalating by leaps and bounds, and it is projected that it will cost approximately $2 billion to $4 billion per molecule at the present time. The new medication the process of discovery is burdened with a high rate of failure. There is a lot of pressure put on the person who owns the patent to recoup their investment before the patent runs out. As a result, fraudulent activities are relatively prevalent in this sector. In addition to this, the sector is extremely knowledge-intensive. Therefore, it is extremely important for businesses to recruit the proper people, to keep hold of those individuals once they have been hired, and to keep those people engaged. This sector has a rather high employee turnover rate.