MBA in Pharmaceutical Management - Being the third largest market in terms of volume, the pharmaceutical industry is rewarding in terms of career. And, interestingly, one need not be a doctor to pursue MBA in Pharmaceutical Management. An MBA in Pharmaceutical Management prepares students for a number of careers including healthcare, drugs, food, and pharmaceutical sales. Pharmaceutical Management is one of the fastest growing and rewarding fields of Management Courses which has a bright future to it. It develops skills in planning & operating management techniques, acquiring consultancy skills and solving management problems. Let’s read on to know more about specialised MBA in Pharmaceutical Management programme.
What is Pharmaceutical Management?
In simple terms, Pharmaceutical Management amalgamates the study of pharmaceutical sciences with the study of marketing and management. This specialization is ideal for those interested in learning the management and business side of pharmaceutical and healthcare industry in India. An MBA in Pharmaceutical Management will help students mature into trained professionals with required skills in planning and operating management techniques; determining and solving management problems; and acquiring consultancy skills, with a view to prepare themselves to manage pharmaceutical industrial units and its allied sectors.
MBA in Pharmaceutical Management - A step towards entering the pharmaceutical industry
It is one of the fastest growing management fields that aids in developing skills in acquiring operating and planning management skills, consultancy skills and resolving management issues. A management programme in pharmaceutical industry trains students and helps them develop skills required in the field to take up the specialization as a career.
As per the sectoral report developed by India Brand Equity Foundation, the Indian pharmaceutical market size is expected to grow to US$ 100 billion by 2025, driven by increasing consumer spending, rapid urbanisation and rising healthcare insurance, among others.
Course curriculum for MBA in Pharmaceutical Management
Course curriculum of pharmaceutical management includes Principles of Management, Pharmaceutical Manufacturing, Business Communication, Biostatics, Strategic Management, Financial Management and Social Media Marketing, among others.
The Pharmaceutical Industry in India: Transformation and Rise
As per Equitymaster reports, the Indian Pharmaceutical market is the third largest in terms of volume and value respectively. The Indian pharmaceutical industry is expected to grow by 15 percent every year between 2015-20, according to the India Brand Equity Foundation (IBEF). As stated by Pharmaceuticals Export Promotion Council of India (PHARMEXCIL), the Indian pharmaceutical export will witness a staggering 30 percent increase from US$ 16.4 billion to US$ 20 billion before 2020.
Moving forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers that are on the rise.
Dr. C Ramesh,
Dean, IIHMR University
Check your options before plunging in
Careers360: How would you differentiate between the specialization in Pharmaceutical Management and general management programme in terms of job prospects and career growth?
Dr. Ramesh: Traditional MBA curriculum is pretty much the same for every school and programme. There are little differences even between 1st year and 2nd year programs in the core curriculum (which is the general management curriculum). There are three aspects focused on general MBA programs that are; development of leadership skills through learning the organisational behaviour, communications and teamwork. Strategical dimensions through principles and framework of corporate strategies and the third would be Knowledge of financial systems.
Considering the specialization of Pharmaceutical Management, these subjects and skills are imparted at the basic level as core courses and advanced level courses would have dimensions and applications of the Pharmaceutical industry.
Careers360: What is the USP of the specialization that you offer? What are the core teaching areas for the specialization at your B-School?
Dr. Ramesh: Our USP is developed from the fact that the pharma sector has a very promising growth trajectory; one hard truth, which cannot be ignored, is the industry’s confrontation with a high degree of risks and uncertainties.
The core teaching program equips students with the essential managerial and professional skills giving an insight into the practical aspect of pharmaceutical management and set you apart as a successful manager and leader in this globally active sector. The candidate is introduced to the various facets of strategic business management, latest management techniques, innovative marketing strategies, executive communication skills, leadership, corporate finance and latest business models which are essential to achieve the corporate growth in the pharma sector.
Careers360: Any changes in the curriculum that you have introduced over last two-three years? How do you analyse the programme based on industry trends?
Dr. Ramesh: We have revamped our Board of studies by using the expertise of stalwarts in the pharmaceutical industry through CEOs, VPs and GMs at national and international levels. With the help of them we analysed the industrial needs and trends and according to that made changes in the curriculum.
Last year we had introduced Data Management and Analytics, Social Media Marketing into the curriculum and also expanded the list of elective subjects, which could be Access to Medicines, Pharmaco-economics, Clinical Project Management, Pharmaceutical Pricing and GST, Prospects and Understanding in KPO sector, Patient Profiling and Behaviour models and Ethics in Healthcare.
Careers360: What is your message for MBA aspirants planning to pursue this specialisation? What should be their approach?
Dr. Ramesh: My advice to all the B.Pharm graduates of the country is not to develop a unilateral approach of doing M.Pharm after B.Pharm without knowing for what purpose they have to go for higher studies. Evaluate Pharmaceutical MBA as one of the options since it will give you an added advantage of possessing more skills, which would be relevant for you to find a lucrative place in the pharmaceutical industry.
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