MBA in Pharmaceutical Management

MBA in Pharmaceutical Management

MBA in pharmaceutical management in India amalgamates the study of pharmaceutical sciences with the study of marketing and management. The MBA in Pharmaceutical Management is ideal for those who wish to learn the management and business side of the pharmaceutical and healthcare sector in India. Pharmaceutical Management is one of the fastest-growing and most 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. 

Here, in this article, we will discuss MBA in pharmaceutical management colleges in India, MBA in pharmaceutical management fees, MBA in pharmaceutical management jobs, and MBA in pharmaceutical management scope. MBA in pharmaceutical management in India will help students mature into trained professionals with the required skills in planning and operating management techniques; determining and solving management problems; and acquiring consultancy skills, with a view to preparing themselves to manage pharmaceutical industrial units and their allied sectors. 

 Master of Business Administration (MBA) is a well-known postgraduate degree in business administration. A few of the areas of expertise covered in the Master of Business Administration degree program include sales and Marketing, Operations Management, Finance, Human Resource Management, Logistics Management, and business analytics.

Course Highlights

Highlights for the MBA Pharmaceutical Management program are provided in the table given below:

Why Study MBA in pharmaceutical management?

MBA in Pharmaceutical Management is one of the most sought-after courses in India in terms of personal growth and career growth opportunities. The course has so many benefits attached to it. Some of the benefits and perks of pursuing this course are given below:

(i). The course offers various career growth opportunities and promotes the growth of knowledge.

(ii). The course is a must-do for students who aspire to hold managerial positions in the Pharmaceutical industry.

(iii). The course focuses on both the theoretical and practical aspects of the subject. Its curriculum incorporates various assignments, presentations, quizzes, and internships that provide hands-on industrial experience to the students.

(iv). The salary package for MBA in Pharmaceutical Management ranges from INR 3,00,000 to INR 10,00,000 per year. The average CTC offered by companies in some reputed institutes can reach as high as INR 15,00,000 to 20,00,000. 

(v). The course opens up various career opportunities in front of students. Students can choose to work in top-notch Pharmaceutical companies. They can even set up their own businesses. Apart from this, yet another option for students is to pursue much higher education.

Admission Process

Candidates need to apply to the colleges or universities based on their preferences and interest to which they want to get admission. They must score well and qualify for the minimum percentage in the undergraduate exams for examination. Students must check the score limit and visit the college and submit all required documents. Applicants can also apply online by visiting the official website of the institution, filling out the online application form sending copies of the required documents.

Eligibility Criteria

Candidates aiming to take admitted to an MBA in pharmaceutical management in India must ensure that they fulfill the basic eligibility criteria required. The eligibility criteria for MBA in Pharmaceutical Management are as follows:

(i). Admission for MBA in Pharmaceutical Management course requires the aspirant to complete their undergraduate degrees such as BBA, BA, B.Sc, B.Com, or BCA with a minimum average of 50 percent aggregate marks from a recognized institution in any relevant discipline.

(ii). Students must have cleared the standard entrance exams with good scores, along with fulfilling the essential criteria.

(iii). There are no age limits for pursuing this course.

(iv). Work experience is not mandatory but is highly preferred.

Admission Process

Admission to the course is done based on the score obtained by a candidate in an entrance exam.

(i). Some of the major all-India entrance exams conducted for this purpose are CAT, MAT, SNAP, CMAT, etc.

(ii). Some colleges also offer merit-based admission. Usually, the admission process commences in the month of August and September.

(iii). Online forms for almost all entrance exams are available by the end of August.

Accepted Entrance Exams

Entrance examinations are held for MBA aspirants at three different levels, namely national, state, and university levels. These entrance exams will test the basic knowledge of students aspiring to take an MBA course. Institutions consider exam scores for the admissions process. The students who are desiring to take up their postgraduate MBA in Pharmaceutical Management should take up the entrance exams and perform well to secure admission. Some of the famous entrance exams that can be taken are: 

Skills Required

There are three aspects focused on general MBA programs that are; the development of leadership skills through learning organizational behavior, communications, and teamwork. Considering the specialization of Pharmaceutical Management, these subjects and skills are imparted at the basic level as core courses. Every Industry requires a specific set of skills. In this chosen field, both hard skills and soft skills play a vital role, and the ability to handle criticism, and be unbiased will help you prosper in your desired career. Some of those MBA in Pharmaceutical Management Skills are mentioned below:

Fee Structure

The MBA in Pharmaceutical Management is a two-year postgraduate management course consisting of four semesters. The average MBA in Pharmacy Management Fee ranges from INR 2 LPA to 5 LPA. Some of the colleges are listed below based on their fee structure:

Selection Criteria

All the shortlisted applicants who get selected based on the entrance exam score or merit will have to appear for the group discussion, followed by a personal interview. On getting selected, the student can pay the fee and get their admit card.

Course Comparison

MBA Pharmaceutical Management and MBA Hospitality Management are two different specializations of the MBA program. Some of the key differences between these two specializations are given below.

Top Colleges

Knowing the best colleges for a course before pursuing the course is Important, given below is the list of top 5 city-wise colleges for MBA Pharmaceutical Management.`

Top College according to NIRF

An MBA in Pharmaceutical Management is one of the most popular courses in India. The best MBA Pharmaceutical Management colleges in India, according to NIRF, are listed below:

Top Government & Private MBA in Pharmaceutical Management colleges in India

Various Government & private educational institutes in India, which are among the best in the world, provide an MBA in Pharmaceutical Management. The table below lists some of the best government & private MBAs in pharmaceutical management colleges in India.

Jobs & Placements

Such graduates can seek job profiles that offer roles in Sales, Marketing, Market Research and Analysis, Product Research and Development Support, Product Executive, Corporate Communication, Project Management, etc. There are countless global organizations working in this field such as Roche, Sanofi, Merck, Johnson & Johnson, Eli Lilly, Pfizer, GSK, etc.

Fresher Jobs

MBA Pharmaceutical Management fresher can apply fob in the field of Pharmaceutical Management. Some of the Job profiles are as follow:

Job Profiles after MBA in Pharmaceutical Management

(1). Sales Manager

A Sales Manager is responsible for handling and managing the Sales department of an organization. Setting goals, analyzing data, building a sales plan, and assigning sales training are a few of the duties of the Sales Manager. They are also involved in the hiring process of the company. Their day-to-day responsibility varies with the size of the organization.

(2). Pharmaceutical Distributor

Pharmaceutical Distributors are commonly known as Healthcare Distributors. They are responsible for providing or distributing medicines or drugs to the right patients at the right time. With the help of these distributors, the supply chain of medicines is smooth, efficient, and reliable.

(3). Drug Developers

Scientists and Technicians who are involved with the development of pharmaceuticals are Drug Developers. Drug Developers are Chemists, Biologists, Engineers, Pharmacists, etc.

(4). Market Research Analyst

Market Research Analysts are responsible for studying the market conditions to check possible trades of a commodity or service. They conduct market research and surveys to know the wants and needs of potential consumers in the market. Great math and logical abilities are necessary.

(5). Quality Assurance Manager

A quality assurance manager is responsible for examining production and quality control. He guarantees consent to in-house subtle elements, rules, and good production practices. The faculty in this field must be sufficiently talented in handling quality-based issues.

(6). Pharma Benefit Analyst

He is responsible to decide the employee benefits practices by benchmarking best works on; considering industry and business patterns; following the regulations and assessing impact.

(7). Drug Store Supervisor

A drug store supervisor is a drug specialist who needs to manage the everyday operations of the drug store. He deals with the orders and looks after records. He is in charge of administering solutions by following standard functioning systems for accepting, filling, dispensing, logging, and keeping up the loss check controls.

(8). Drug Inspector

The drug inspectors work to guarantee that items are secure for human utilization. Their fundamental duty is to inspect sustenance or pharmaceuticals at different phases of the assembling procedure to guarantee quality norms are being met.

Top Recruiters

Some of the significant employers from worldwide pharmaceutical organizations are:

Expected salary after MBA in Pharmaceutical Management

The average income a graduate receives after completing his MBA in Pharmaceutical Management is determined by a variety of criteria, including the company's policy, the individual's talents, the graduate's knowledge, and competence. The job scopes for the graduates of this course are generally higher owing to a significant boom in the pharmaceutical domains daily. The average MBA in pharmaceutical management salary in India package ranges from Rs. 2 to 7 LPA.

The average Salary of Some Job profiles in the Pharmaceutical Management field are as follows:

Career/Scope

In recent years, the  MBA in Pharmaceutical Management has become extremely popular with students. The course offers several career opportunities. This further confirms the immense popularity of the course among students.MBA in Pharmaceutical Management graduates are hired in various organizations such as Ranbaxy Laboratories, Dabur India Ltd., Infosys, Cipla, Abbott India, Lupin, Sun Pharma, Dr. in Pharmaceutical Management as well as biochemistry or chemistry and have completed an MBA in Pharmaceutical Management. Students can expand their knowledge while pursuing better-paying careers.

Career options after MBA in Pharmaceutical Management

The MBA in Pharmaceutical Management program is designed to give students a broad understanding of the industry. Graduates with an MBA in Pharmaceutical Management can find work in both government and private-sector organizations. A Masters in Pharmaceutical Management can lead to a wide range of career options. Below we have mentioned some of the MBAs in pharmaceutical management jobs.

MBA in Pharmaceutical Management offers various career options. The graduates specialized in this field can go for:

Scope for Higher Education in MBA in Pharmaceutical Management

MBA in Pharmaceutical Management is one of the key areas in the medicinal and pharmaceutical manufacturing and distribution industry, owing to its significant role in decision-making and placing financial strategy. Students who want to pursue higher education can do certification courses in related fields or do their Ph.D. Some of the options are:

(I). Ph.D. in Pharmaceutical Management

(ii). Ph.D. in Pharmaceutical Economics

(iii). Ph.D. in Pharmacy Management

(iv). Ph.D. in Health Systems Pharmacy Management

Skills that Make You the Best Pharmaceutical Manager

Every Industry requires a specific set of skills. In this chosen field, both hard skills and soft skills play a vital role, and the ability to handle criticism, and be unbiased will help you prosper in your desired career. By Master of business administration in Pharmaceutical Management, the following skills will be gained:

FAQ’s 

(1). What is Pharmaceutical management?

Ans. Pharmaceutical management is the study of pharmaceutical sciences with the study of marketing and management.  It develops skills in planning & operating management techniques, acquiring consultancy skills, and solving management problems.

(2). What are the eligibility criteria to pursue MBA in Pharmaceutical Management?

Ans. Admission for MBA in Pharmaceutical Management course requires the aspirant to complete their undergraduate degree with a minimum average of 50 percent aggregate marks from a recognized institution in any relevant discipline.

(3). What are the career options after an MBA in Pharmaceutical Management?

Ans. There are various career options after an MBA in Pharmaceutical Management. Some of the careers are Digital Marketing Executive, Social Media Manager, Advertising Manager, Brand Manager, and Market Research Analyst.

(4). Is it possible to pursue a Ph.D. after completing an MBA in Pharmaceutical Management?

Ans. Students who have completed an MBA in Pharmaceutical Management degree can apply for a Ph.D. in Pharmaceutical Management.

(5). What are the skills required for an MBA in Pharmaceutical Management?

Ans. Interpersonal Skills, Time Management, Organizational Skills, Communication Skills, Problem-Solving Skills, Leadership Skills, Decision Making Skills are some of the skills required for an MBA in Pharmaceutical Management.

(6). What is the average MBA Pharmaceutical Management salary in India?

Ans. The average MBA Pharmaceutical Management salary in the India package ranges from Rs. 2 to 7 LPA.

(7). Which employment areas hire an individual after an MBA in Pharmaceutical Management?

Ans. After an MBA in Pharmaceutical Management, the areas such as business administration and management, pharmaceutical production management, financial management of pharma businesses, brand management and marketing of pharmaceutical products, etc. hire an individual.

(8). How much does it cost to enroll in an MBA program in pharmaceutical management?

Ans. In India, colleges and universities often charge between INR 1,000,000 and INR 10,000,000 in tuition for this program. The cost varies between private and public institutions.

(9). Can I pursue an MBA in Pharmaceutical Management through distance learning mode?

Ans. Yes, MBA in Pharmaceutical Management program is also offered through distance learning or correspondence mode. Some top colleges offering this course through distance mode are Sri Padmavati Mahila Visvavidyalayam University, Jagannath University, Don Bosco University Global Center for Open and Distance Education, Bharathiar University, Suresh Gyan Vihar University, etc.

(10). Which are some of the most popular colleges offering an MBA in Pharmaceutical Management?

Ans. Some of the most popular colleges offering an MBA in Pharmaceutical Management programs are Alliance University, Amity University, Lovely Professional University, Chandigarh University, Bharati Vidyapeeth University, Panjab University, Amity Business School, etc.