Career options after MBA Pharmaceutical Management

From small-town pharmacies to big box chains, the pharmaceutical industry is thriving more than ever before. It offers plenty of opportunities for those interested in pursuing an MBA in pharmaceutical management. A career in pharmaceutical management post-MBA offers a lucrative path, with skills homed in areas like strategic planning, regulatory compliance, and market analysis. Job roles include pharmaceutical product manager, regulatory affairs manager, and healthcare consultant.  

The industry witnessed increased demand post-COVID-19, as evident in the rise in pharmaceutical job postings. As per the LinkedIn survey report, two of the top five rapidly growing jobs are related to pharmaceuticals. The pandemic emphasized the sector’s critical role, enhancing employment opportunities and highlighting the significance of skilled professionals in navigating challenges. This trend showcases the resilience and growth potential of a career in pharmaceutical management. 

Reasons for the increasing demand for pharmaceutical professionals 

Technological advancements 

Rapid technological progress, such as in gene therapy and personalized medicine, has expanded the scope of pharmaceuticals, requiring skilled professionals to navigate complex innovations and regulatory landscapes. 

Global health challenges 

Emerging global health challenges, including infectious diseases and non-communicable illnesses, necessitate a continuous demand for pharmaceutical professionals to innovate and develop effective treatments and preventive measures. 

Regulatory compliance and quality assurance 

Stringent regulatory requirements and an emphasis on product quality have led to a growing need for professionals skilled in regulatory affairs, quality control, and compliance to ensure adherence to industry standards. 

Increased research and development 

The pharmaceutical industry’s commitment to research and development has surged, fueled by the pursuit of groundbreaking therapies and drugs. This has heightened the demand for professionals specializing in clinical research, drug discovery, and development. 

Pandemic preparedness 

The COVID-19 pandemic underscored the need for a robust pharmaceutical infrastructure, driving demand for professionals to enhance preparedness, develop vaccines, and streamline supply chains. 

Check out: MBA in pharma vs MBA in healthcare 

Benefits of doing an MBA in Pharmaceutical Management 

If you want to work in the pharmaceutical industry, there’s no better place to build your career than an MBA in the field of pharmaceutical management. 

Here are five reasons why it is the perfect choice for someone looking to build a career in the pharmaceutical industry: 

• Expand your career options 

A master’s in pharmaceutical management will expand your career options. It will help you gain expertise in drug discovery, drug development, drug manufacturing, regulatory affairs, and marketing. The coursework also covers pricing strategies, mergers and acquisitions, and business ethics.  

• Learn from experts in the field 

With an MBA in pharmaceutical management from Online Manipal, you will have access to world-class faculty who are experts in the field and have decades of combined experience in the industry. You will also interact with other students who share your interests and alumni who can offer advice on how to land a pharma sector job. 

• Networking 

An MBA will help you to develop a network of contacts that can help you throughout your career. You will meet people from all over the world working in different industries, and they can help you understand how to navigate the pharmaceutical industry. This is especially helpful when it comes to finding employment after graduation.  

• Gain a broader perspective on the pharmaceutical industry 

You will learn how to combine your passion for pharmaceuticals with business principles. This will give you a broader perspective on how companies operate and what types of strategies are most effective in different situations. 

• Improve your managerial skills 

The MBA course in pharmaceutical management is designed to help you develop the skills to manage teams and projects and work with external stakeholders. You will learn how to work with people from different backgrounds and cultures and how to communicate clearly and effectively. This can help you advance your career by making you more attractive to employers looking for leaders who can collaborate across teams and departments. 

Also check: Which MBA is best for a career in the pharma industry 

Best pharma jobs you can get after an MBA in pharmaceutical management 

With the rapid growth of the pharmaceutical industry, there has been a sharp increase in the demand for professionals with expertise in this field. As a result, many people are now opting to pursue an MBA in pharma management.  

Some of the pharma vertical jobs roles for MBA graduates include: 

• Pharmaceutical Product Manager  

Responsible for the strategic planning, development, and marketing of pharmaceutical products. Involves overseeing the entire product lifecycle, from conceptualization to market launch. 

Salary: Up to INR 31.5 LPA 

• Pharmaceutical purchase manager  

This role involves managing all purchasing activities for a pharmaceutical company. The manager is responsible for ordering supplies and ensuring they are delivered on time, as well as negotiating prices with suppliers when necessary. 

Salary: Up to INR 18.5 LPA 

• Drug distribution manager 

A drug distribution manager ensures that drugs are properly distributed to retailers, pharmacies, and hospitals. This can include managing inventory levels, forecasting demand, and ensuring that products are delivered on time and in good condition. A drug distribution manager may also work with drug manufacturers to ensure they meet regulatory requirements before they can begin selling their products to distributors.  

Salary: Up to INR 24.5 LPA 

• Regulatory Affairs Manager 

Ensures compliance with regulatory standards and guidelines. Manages interactions with health authorities, ensuring that pharmaceutical products meet all legal and safety requirements. 

Salary: Up to INR 26 LPA 

• Clinical Research Manager 

Oversees and manages clinical trials for new pharmaceutical products. Ensures compliance with protocols, regulatory requirements, and coordinates activities among various stakeholders. 

Salary: Up to INR 21 LPA 

• Quality assurance manager 

This role aims to ensure that all products being developed by a company meet high standards for safety, efficacy, and quality control. The person who fills this position must be able to identify potential issues before they become serious problems for either consumers or other employees at the company itself. 

Salary: Up to INR 20 LPA 

• Pharmaceutical Sales Manager 

Leads and coordinates sales teams, developing and implementing sales strategies for pharmaceutical products. Involves building and maintaining relationships with key stakeholders in the healthcare sector. 

Salary: Up to INR 13 LPA 

Source: AmbitionBox 

Check out: Pharmaceutical management jobs in UAE 

Top recruiters 

If you have recently graduated with a Master of Business Administration in pharmaceutical management, you may be wondering what companies actively hire professionals with your degree. 

Many of the leading pharmaceutical companies in the world hire MBA graduates for positions in management and strategy. Some of the many companies include: 

• Alkem Lab 

The company requires candidates who can handle the responsibilities of a manager, such as planning and implementing strategies, monitoring results, supervising employees, and making decisions. They are also considered someone who can manage an entire department or branch and ensure it runs smoothly.  

• Cipla 

This company requires candidates with strong communication skills who are good at building relationships with external stakeholders (such as customers), handling stress and pressure, and making quick decisions.  

• Glenmark 

This company hires candidates who have experience managing teams and projects and demonstrate leadership qualities. They also want someone who can work independently without supervision while still meeting deadlines. 

• Piramal Enterprises 

Piramal Enterprises is an Indian company that focuses on pharmaceutical and healthcare services. The company is known for its innovative drug manufacturing, development, and delivery approaches. They have a strong focus on research and development and operations management. 

• Sun Pharma 

Sun Pharma is an Indian pharmaceutical company that specializes in manufacturing generic drugs. It was founded in 1983 by Dilip Shanghvi and has become one of the world’s largest generics producers, with over 36000+ employees worldwide.  

Prepare for a successful career in pharma industry with MAHE’s online MBA in pharma management 

The pharma industry has been booming in recent years and the demand for professionals with the right mix of pharma and managerial skills has been high. An Online MBA in pharmaceutical management can equip with the knowledge and expertise needed to succeed in this industry. If you’re someone who’s working a full-time job or running a pharmacy and want to scale up in your professions, the online MBA in pharmaceutical management from the renowned Manipal Academy of Higher Education is the best choice. It offers the same standard of education as an on-campus program, complying with all the UGC regulations in a more flexible manner. This fully online mode provides you with the flexibility to balance your professional commitments and learning.  

Conclusion 

After completing an MBA in Pharmaceutical Management, diverse career paths await, spanning pharmaceutical marketing, regulatory affairs, healthcare consulting, and strategic management. This specialized degree equips graduates with a unique skill set, positioning them to thrive in the dynamic pharmaceutical industry, contributing to innovation, compliance, and business success.