Career options after MBA Pharmaceutical Management

Key takeaways:

• The MBA pharmaceutical management job profile consists of working in a pharmaceutical company’s research and development department, where they are responsible for creating new drugs and ensuring that they are safe and effective.

• The  MBA pharmaceutical management roles typically have several years of experience in their field, including at least one year as a research scientist or manufacturing engineer.

• Pharmaceutical managers must have excellent communication skills, as they must interact with other departments within their company and outside organizations such as regulatory agencies and private investors.

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.

Pharmaceuticals come in many forms, including pills and creams. Still, they all work in the same way: they help your body function properly by delivering active ingredients or chemicals to your bloodstream. The active ingredients might treat several conditions, including heart disease, diabetes, cancer, and various infections.

This blog will introduce you to some of these careers and explain how you can get started on your journey toward an MBA in pharmaceutical management jobs.

Why choose 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 skills as a manager

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.

Job roles and scope 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. The pharma MBA scope and salary are vast and include drug discovery, clinical research, regulatory affairs, and more. 

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

• Sales managers 

The sales manager manages sales reps and ensures they meet their sales targets. These managers work closely with their staff to better understand how to sell their company’s products and services. They also ensure that their team is equipped with the knowledge necessary to do so effectively.

• 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.

• 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. 

• Pharmaceutical purchase manager

A pharmaceutical purchase manager works with doctors and other medical professionals to ensure patients can access the best possible treatment options at reasonable prices. They research new and existing treatments and make recommendations based on their findings. They may also work directly with insurance companies to negotiate prices for treatments or bills incurred by patients.

• Formulation pharmaceutical technology scientist

This role is focused on developing new drug formulations that meet specific patient needs. It requires extensive knowledge of research into disease states and how they affect patients’ bodies, as well as a thorough understanding of how different compounds interact with one another.

• Business development manager

This role involves working with pharmaceutical companies to develop new drugs and treatments that address unmet medical needs. In addition to managing internal processes, it requires frequent contact with physicians and patients who will use these products once they are released onto the market.

• 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 after MBA in pharmaceutical management

If you are looking to make a career change or get a boost in your current one, an MBA in Pharmaceutical Management might be for you.

There are many benefits to pursuing an MBA in pharmaceutical management, including better job opportunities, and more flexibility. But the biggest advantage is that it will help you advance your career and position yourself for success in your chosen industry. The average salary in the pharmaceutical sector  in India is INR 27 LPA to INR 34.5 LPA.

If you are looking for a job in the pharmaceutical management industry, you may be wondering what kind of payscale you can expect. Here’s what you can expect to earn:

Job Roles	Salary (INR)
Pharma Sales Managers	9.5 LPA
Market Researcher & Drug Developer	7.7 LPA
Drug Distribution Manager	8.8 LPA
Pharmaceutical Purchase Manager	10 LPA
Pharmaceutical Distributors	5 LPA
Formulation Pharmaceutical Technology Scientist	10 LPA
Business Development Manager	5.2 LPA
Quality Assurance Manager	12.5 LPA

Top recruiters

If you have recently graduated with a Master’s of Business Administration and are looking for a job 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. The average salary provided by Alkem Lab is INR 7.1 LPA.

• 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. The average MBA in pharmaceutical management salary provided by Cipla is INR 6.7 LPA.

• 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. The average MBA pharma salary for Glenmark is INR 7.7 LPA.

• 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.

They have been hiring professionals with MBAs in Pharmaceutical Management for positions like Senior Manager – Supply Chain, Area Sales Manager, and Head of Operations. The average pharma salary given by Piramal enterprises is INR 8.3 LPA.

• Sun Pharma

Sun Pharma is an Indian pharmaceutical company that specialises 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. 

They have hired professionals with MBAs in Pharmaceutical Management for positions like “Director (Sourcing),” “Manager (Sourcing),” “Manager (Operations),” and “Manager (Quality Assurance). The average MBA pharma salary given by Sun Pharma is INR 7.6 LPA.

In conclusion

MBA in Pharmaceutical Management  is the best choice for professionals who are in  pharma or wish to switch to the pharma industry. The program is designed by the renowned Manipal Academy of Higher Education (MAHE) with Online Manipal. It offers an unparalleled online experience, with all the quality of education, without any hassle or expense of commuting to a physical campus.