Bolstering Sikkim's Growth

Sikkim needs to re-strategise to develop newer capabilities and scale-up its growth to retain its position as a pharma hub

- Sanjiv Das, Usha Sharma

For the last few years, Sikkim has proven itself as an investor-friendly destination, with many pharma companies setting up their shop there. Several major pharma com panies such as Cipla, Sun Pharma, ZydusCadila, Alembic, IPCA, Alkem Lab, Intas Pharma, Torrent Pharma and Unichem, with their facilities in the state have been able to sustain themselves with fiscal incentives and industry-friendly policies like the ‘North East Industrial and Investment Promotion Policy (NEIIPP), 2007, giving a boost to the sector.

In a cost-competitive environment, when the pharma industry is thriving to grow and looking forward to a sustainable business model, pharma stakeholders are looking for avenues which can accelerate their growth. However, with the rapidly shifting paradigms of the global pharma industry, it is imperative to analyse the challenges that knock on the door of established pharma hubs. And Sikkim is no exception.

Located in the Himalayas, apart from the rough topography with frequent landslides and unpredictable weather, pharma companies in Sikkim are also facing challenges like getting the right talent, meeting regulatory compliances, etc. Developing cross-functional team culture, reskilling, building leadership strategies and tapping the right talent and adapting to new technologies are aspects which pharma companies should look at to sustain in this competitive environment.

Technology — a potential game-changer

Digital revolution is well underway and pharma companies are no exception. Sikkimbased pharma companies are having a tough time coping with the fast-growing digital evolution. While they are trying to adapt to the rapidly changing digital revolution, companies need to re-strategise their plans.