One business that can never perish in the near future is – medicine. If you don’t have inclination for working in the labs to discover a medicine, but instead love to research, market and bring the medicine to the world, then MBA in Pharmaceuticals is for you.
What is MBA in Pharmaceuticals?
The pharmaceutical management’s aim is to make sure that safe and effective drugs are being provided in the market. Aspirants mostly apply for Master of Business Administration (MBA) in Pharmaceuticals course for these jobs. The course trains students in advanced pharmaceutical management, leadership, advanced business concepts, enterprise management and many other important aspects.
Universities in India offer these course through various names such as MBA in pharmaceutical management, MBA in pharmaceutical industry management and Executive MBA in pharmaceutical management.
The executive MBA is meant for already working professional, while the online version of the course is available to people who wish to do the course as per their own convenience.
Who can qualify to do it?
Students are expected to qualify through entrance exams such as MAT/CAT or XAT to get an admission into this two-year course. A Bachelor’s degree in any field is mandatory for admissions.
Some colleges are offering more specializations to their students as it will give them domain expertise. It includes pharma product management, production management, financing the pharma business, drugs policy, laws and regulations along with sales and marketing aspect of the business.
Scope for future professionals:
Everybody knows that India’s pharma sector is well respected in world and its scale is just next to the information technology sector. The domestic competition has made India one of the largest manufacturers of generic drugs in the world and important supplier of cheaper drugs to developing markets.
If you go by this report of McKinsey, world’s leading Management and Consultancy company, then India is one of the prominent countries that will spearhead the pharmaceutical industry in the world in the coming years.
All this means job opportunities are a plenty in this growing sector. This field constantly requires highly skilled workers and that is why there is no shortage of jobs here. The packages offered by companies to MBA in pharmaceuticals graduates are well above industry standards.
Pharmaceutical sector is already known as lucrative career option in India. If not corporate sector then many can go for government funded research institutes, teaching and private research firms. Pharmacy undergraduates can definitely opt for this course to get into the management side of the pharmaceuticals.
Potential job roles:
After the completion of the MBA degree, one can expect various job profiles in the corporate structure such as drug distribution manager, drug cost accountant or sales and marketing officer. Once you gain experience, you can also become drug developer or market researcher for the company.
The salary of MBA in pharmaceutical graduate depends upon the placement service of the college. An absolute beginner can expect a pay of Rs. 20,000 to Rs. 30,000 per month. (as on year 2015)
Who should opt for this course?
As discussed above, graduate students from any branch of study, with an aptitude for pharmaceutical management, can do this course. Meanwhile, epsecially for students of B. Pharmacy it could surely open new job opportunities in market.
NMIMS University, Mumbai offers one of the finest MBA in pharmaceutical management in India. There are other colleges such as SIES Mumbai, D.Y. Patil Institute of Management, Navi Mumbai and IIHMR, Jaipur too among others.
(Dr. Aardhra Krishna, the author of this article, is a Dentist by profession)