Pharmaceutical MBA – Scope and Future  in Pharmaceutical Industry

Have you done B.Pharmacy or a graduation in life sciences and now you  are at the criss-cross, almost at the verge of getting entry into the world of masters education.

MBA in Pharmaceutical is a good  option in front of you after completing the  four year pharmacy course.  If you have an aptitude to pursue the pharmaceutical management and build your career in various domains of the industry, then surely the course in Pharmaceutical MBA  will help you and take your forward in the Pharmaceutical industry

Pharmaceutical MBA colleges in India:

There are various institutes who offer Pharmaceutical MBA courses in India. Some of the good colleges in India who are offering the courses are :

1. NMIMS University, Mumbai
2. SIES  Mumbai- offers PGDBM in Pharmaceutical MBA
3. NIPER ,Mohali (Punjab)
4. D.Y. Patil Insitute of Management,Mumbai
5. IIHMR    Jaipur
6. JamiaHamdard, New delhi

Scope and future of MBA Pharma

Let me take you through some of the facts of Indian Pharma Industry:

1. India’s domestic pharmaceutical market is estimated at USD 41 billion in 2021 and is likely to grow to USD 65 billion by 2024 and is further expected to reach USD 130 billion by 2030.
2. Indian Pharma ranks third in pharmaceutical production by volume  and 14th largest in terms of value.( Source : IBEF)
3. The Pharma sector currently contributes to around 1.72% of the country’s GDP.( Source : IBEF)
4.  India has the most number of pharmaceutical manufacturing facilities that are in compliance with the US Food and Drug Administration (USFDA) and has 500 API producers that make for around 8% of the worldwide API market
5. Accounts for over 10 per cent of global pharmaceutical production 
6. Over 60,000 generic brands across 60 therapeutic categories 
7. Manufactures more than 400 different APIs
8. India is one of the biggest suppliers of low-cost vaccines in the world. Because of the low price and high quality, Indian medicines are preferred worldwide, thereby rightly making the country the ‘Pharmacy of the World’( IBEF)

These numbers in itself tells a lot about the opportunities which the Indian Pharmaceutical industry is providing .The industry not only needs highly qualified researchers, chemist, technical people but also requires skilled managers who can take the industry forward  by managing and taking the complex decisions which are imperative for the growth of the industry

The Pharmaceutical MBA course is oriented towards the development of  graduates(Pharmacy,life science, others)  into a well skilled managers groomed for Pharmaceutical industry in the field of:

1. Sales & Marketing-which grooms the people for taking a challenging role in Sales  andProduct management .The career in product management starts from having an hands on experience in sales. All the companies want their managers to have ground experience in sales .So the companies will have a basic sales tenure ranging from 6- 18 months. The sales experience not only provides the hands on experience but also provides a view point to understand the nuances of the marketing strategies.
2. Consultancy/ Project management: This grooms the students to enter the world of consulting to the life sciences industry. These projects could be related to regulatory compliance, clinical trial management, IT Management(development of Pharma specific tools and softwares) , sales & marketing projects into various domains including digital marketing, patient management etc. Ex: Infosys, Indegene,Wipro,HCL etc.
3. Business development: This  could depend from your role in Licensing/Acquisitions, Portfolio development, Sales, Client acquisition, lead generation .It requires  use of the analytical skills and negotiation skills.
4. Market research: With every company decision being based on market data (company performance, new product launches), research opens a wide field for the students. Example includes IMS, AIOCD Awacs, Pharmarc etc
5. Market analytics: Analytics involves the decision making in various departments of pharma industry  based on the data available to the managers. This decision making could be with respect to product performance, sales forecasting, product portfolio management or risk management. The field provides an immense potential if a student has an interest in analytics and has a knack of data crunching.

Fee structure : The fees structure  may range from 2 lac to 8 Lac depending upon the type of college you are planning to enroll into

What are the salary expectation after MBA-Pharma ??

You can expect the salary packages ranging from 3 – 12 lac .However it depends from recruiters to recruiters and also from college to college

It is not only the course which will take you forward in the industry but it’s always important to take a genuine interest in the subject to excel and grow in Pharmaceutical industry

By: Kumud Kandpal