Scope of MBA in Pharmaceutical Management: Careers in a Thriving Industry

MBA in Pharmaceutical Management or Pharma MBA is a 2-year postgraduate degree program. This course successfully bridges the gap between the business world of management and the scientific world of pharmaceuticals, making the scope of an MBA in pharmaceutical management vast. It also positions the graduates for different types of leadership and strategic roles in this field. With a great emphasis on theoretical understanding and practical experience, the MBA after B Pharm program prepares the students to meet the challenges of the evolving pharmaceutical landscape while contributing to the advancements and growth of this industry. The specialized MBA graduates have a comprehensive understanding of the following areas of the pharmaceutical industry, including:

• Regulatory affairs
• Drug discovery and development
• Marketing and sales
• Manufacturing and production
• Leadership and communication
• Financial management

Who can join an MBA in Pharmaceutical Management?

Anyone with a graduate degree from an accredited university or college with an aggregate of 50% and above in any field of arts, commerce, or science can join an MBA degree in Pharmaceutical Management. Different entrance tests are held at universities, states, and national levels to get admission to this program. Some widely acknowledged tests are MAT, NMAT, SNAP, XAT, and CAT. Besides, if you want to know “Can I do MBA after B Pharm?” The answer is yes.

Career scope in MBA in Pharmaceutical Management:

This program opens up numerous career opportunities in the healthcare, biotech, and pharmaceutical industries. Graduates in this program are well-equipped with industry-specific and business knowledge. These things make them important assets to businesses that operate in these fields. 

Therefore, the graduates in this program can pursue different roles, starting from regulatory affairs and product management to supply chain management and business development. The graduates get the scope to work with different popular healthcare and pharmaceutical companies, regulatory bodies, and consulting companies and enjoy rewarding compensation.

Also read:- 6 Benefits of Online MBA Degrees

Salary of a professional with an MBA in Pharmaceutical Management:

Being an important contributor to global health, the Pharma industry is innovating constantly and developing some life-saving medicines. Therefore, these days, the career graph of an MBA in Pharmaceutical Management is expanding at a huge rate. However, careers in this industry extend a lot beyond the lab coats. Professionals with this degree can enjoy the most lucrative job opportunities with different backgrounds and skill sets. Besides, it allows the participants to have the opportunities to contribute to improve the patients’ lives, experience the advancements in healthcare, and work in an intellectually stimulating and fast-paced environment.
 

Some of these popular pharmaceutical industry jobs include:
 

1. R&D or Research and Development- Pharma R&D is all about the series of activities aimed at reaching the goal of inventing and delivering new drugs, therapies, or devices to market. The main job of the researchers, scientists, and pharmaceutical chemists is to work on things like the discovery of drugs and formulation to pre-clinical trials. It is the engine, which drives the industry.
   
   Salary Range: The pharmaceutical scientists can earn around Rs. 10 lakhs every year.
   
    
2. Pharmaceutical Development and Delivery- After the potential drugs are obtained from R&D, the team of experts shepherd them through clinical trials. This ensures efficiency and safety. It also includes careers in the pharma industry for data managers, clinical research associates, and regulatory affairs specialists, who navigate the method of getting government approval.
   
   Salary Range: The average salary of a drug development scientist is around 24 lakhs and can go up to 49.7 lakhs.
   
    

3. Sales and Marketing- Once the drug gets regulatory approval, next it is the time to make it available for patients. Here marketing and sales experts play a pivotal role. Marketing strategies, campaigns and research all are part of their role with an objective to make the drugs available to the end user.
   
   Salary Range: After getting an MBA in pharmacy salary in sales and marketing can be around Rs. 6.2 lakhs per year.
   
   Apart from the above-mentioned roles, this industry also thrives on the expertise of:

   1. Pharmaceutical Financial Analysts: Starting from analyzing market trends to managing budgets, these people contribute to the financial health of different pharmaceutical companies.
   
   Salary Range: The salary of these professionals is around Rs. 6.2 lakhs every year.

   2. Pharma Production and Quality Assurance Experts: These experts ensure medications are manufactured according to exact standards and meet every safety regulation.
   
   Salary Range: The average yearly salary may range from Rs. 5 lakhs to 10 lakhs

   3. Pharmaceutical Legal Advisors: Being compliant with the legal regulations and protecting patents is important in this industry. 
   
   Salary Range: The average salary of the legal experts specializing in IP and Patent ranges between Rs. 4 lakhs to 9 lakhs.

Conclusion

In recent years, the pharma industry has experienced a boom, and the demand for experts with the right blend of managerial and pharma skills is high. An MBA degree in pharmaceutical management equips the students with the expertise and knowledge to get lucrative MBA pharmaceutical management jobs. So, if you are planning to scale up in this profession, joining an online MBA in pharmaceutical management from Amity Online is the best option to consider.

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