As India is “World’s Pharmacy”, is it worth studying MBA in Pharmaceutical Management here?

MBA in Pharmaceutical Management focuses on the study of Pharma Science and Technology aligned with various marketing and business strategies. India is known as “World’s Pharmacy”; therefore, an MBA in Pharmaceutical Management will surely be beneficial for the student and also boost the Pharma sector. It is a 2-year course, which includes four semesters of study. The minimum eligibility for this MBA is a graduation or equivalent degree from a valid university. An aspirant must have at least 50% (45% for SC/ST candidates) marks in Graduation as well.

The MBA in Pharmaceutical Management will cost between 1 to 5 Lakhs INR per annum. The average annual package offered will range between 2.5 to 4 Lakhs INR. So, this PG program is quite helpful for aspirants who want to pursue a career in the Management field of the Pharma sector. Pharma professionals who are working as executives or at a junior level can pursue this course as well as freshers too. Such a course will churn out efficient professionals who will strengthen the Pharma Ecosystem in India further.

What is an MBA in Pharmaceutical in Management?

This course in MBA involves the integration of health study and chemical sciences and marketing strategies & business management. The PG program focuses on various areas like research, analysis, sales, innovation, consultation, distribution and administration in the Pharmaceutical sector. 

The program structure includes the utilization of managerial and research skills in a business environment. The major elements of study within the course include – Management, Research, Communication, Pharmaceutical Science, Accounting, Human Resource Management, Pharmaceutical Business aspects, etc. Each of the semesters consists of theory papers and two practical subjects. 

The course principally aims to:

• Produce highly skilled professionals who can work in the Pharmaceutical industry.
• Enhance the Research and Analytical abilities in students.
• Build skills like business development, consulting, marketing & sales, and planning and operational Management.

Career Options and Job Prospects after this MBA program

MBA in Pharmaceutical Management offers a decent scope for aspirants. The course structure of an MBA in Pharmaceutical Management is specially crafted to suit an aspirant to work in a pharma environment. India is one of the leaders in supply of pharmaceutical products, including life-saving drugs, medicines, and other Pharma equipment. Truly, India is “World’s Pharmacy”, and hence, MBA in Pharmaceutical Management can churn out skilled professionals to bolster the pharma sector. 

Some of the top recruiters who hire such graduates are – Dabur India Ltd., Ranbaxy Laboratories, Central Warehousing Corp., Cipla, Infosys, Abbott India, Dr Reddy’s Lab, Lupin, Sun Pharma, Piramal, etc. Some of the roles one can expect post completion of this MBA program are:

• Sales Managers
• Market Research Analyst
• Drug Developer
• Pharmaceuticals Distributors
• Consultant and Project Manager
• Pharmaceutical Purchase Manager
• Market Analyst
• Formulation Pharmaceutical Technology Scientist
• QA Manager
• Business Development Manager

Let’s take a look at some of the compensation drawn by these professionals, as mentioned above:

Business Development Manager – They develop business opportunities, initiate sales and also raise funds for various projects. The average annual salary is 3.5 Lakhs INR.

Market Researcher and Drug Developer – Such professionals, do the job of gathering and analyzing information from the market. These findings are used to initiate drug development based on the findings. The average annual salary of such professionals is 4.5 Lakhs INR.

Drug Distribution Manager – Drug Distribution Manager manages storage and distribution of various drugs. The person also does liaison with manufacturers, suppliers, retailers, and others. The average annual salary of a Drug Distribution Manager is 4 Lakhs INR yearly.

Pharmaceutical Purchase Manager – A Pharmaceutical Purchase Manager analyzes the market and distribution system and assesses the current and future availability of material. The average salary drawn is 3.5 Lakhs INR.

The payout for graduates after MBA in Pharmaceutical Management ranges between 3 – 5 Lakhs INR yearly. But with five years or a higher amount of experience, one can draw 8 – 12 Lakhs INR.

MBA in Pharmaceutical Management: Syllabus

Let’s take a note of the syllabus of this course below:

YEAR 1

1. Standards of Management 
2. Biostatistics 
3. Authoritative Behavior 
4. Human Resource Management 
5. Money related Management – 1
6. Exploration Methods 
7. Administrative Economics 
8. Fundamentals of Pharmaco-the study of disease transmission 
9. National and International Environment for Pharmaceutical Industry 
10. Pharmaceutical Marketing 
11. Administrative Environment for Pharma Business 
12. Prologue to Medical Pharmacology 
13. Business Communication 
14. Licensed innovation Right 
15. Web-based life Marketing 
16. Summer Training 

YEAR 2

1. Key Management 
2. The board Information System 
3. Activities Research 
4. Undertaking and Entrepreneurship Management 
5. Customer Behavior 
6. Money related Management – 2 
7. Information Management and Analysis Market Research 
8. Absolute Quality Management 
9. Item and Brand Management 
10. Gracefully Chain Management 
11. Clinical Research and Development 
12. Deals and Distribution Management 
13. Pharmaceutical International Business Management 
14. Pharmaceutical Production Management

So, you can see that the subjects mentioned, and the course structure is tailor-made for pharma professionals and keeping an eye on the pharma sectors. The topics clearly state why pharma professionals or freshers can reap the benefits after completing the program. As a professional, one can expect good growth in such a promising and productive sector. Such innovative courses will bolster the Pharma sector going forward. 

India is among the top 15 drug producers in the world, but things can be much better by improving the pharma ecosystem. Programs like MBA in Pharmaceutical Management will not only help the Pharma businesses to streamline further but will also develop a scope of research and innovation. So, if you ask, is an MBA in Pharmaceutical Management a good option in India? Then, the answer will be yes. In such a good and rich sector as a professional one is expected to blossom. The rest will depend on the person’s skill, experience and the stature of the college the person graduated from.