MBA Opportunity In Pharma: Going Beyond The Lab

MBAs are becoming more and more appealing to professionals within a wide range of fields. Those within the pharmaceutical industry could end up greatly expanding the opportunities that are available to them simply by opting for a qualification such as an MBA because it diversifies their skill sets. In order to understand a bit more about the opportunities available to those within this field, individuals might want to find out as much as possible about it.

Job Prospects

The job prospects available to professionals with an MBA in pharmaceuticals will be some of the most important facets for individuals to consider. The pharmaceutical industry is one that will be around for as long as humans are prone to illness and disease, and possibly even longer. Because the human race is so dependent on the products manufactured within this field, this means that jobs will be available within the industry for the foreseeable future. As the professionals of University of the Sciences state;

“According to a recent survey of our MBA graduates: 78% had jobs waiting for them-even in today’s tough economy. 72% make more than $75,000 a year-and 36% of graduates make more than $125,000. 70% had received at least one promotion, or had changed jobs for a higher one…”

This means that the field is a promising one indeed, although individuals considering entering into it will still need to find out what sorts of positions will be made available. Many professionals looking to enroll for an MBA are looking to improve their prospects outside of the laboratory, so it is important that they make themselves aware of this. Because many of these courses are taught by professionals within this area, this allows students to build connections outside of their lab environment. These connections could possibly lead to job prospects further down the line.

Many graduates tend to be offered positions within pharmaceutical companies, medical device manufacturers, consulting firms, diagnostic providers and healthcare communities. This job diversity quickly makes it clear that individuals will have their pick of professions once the time comes to start the job search.

A Comprehensive Skill Set

In order for students to stand the chance of obtaining a position outside of a lab, they will usually need a more diverse skill set, and this is precisely what they will obtain via their MBA in pharmaceuticals. The contributors of the University of Southern California School of Pharmacy explain;

“As the field of health care becomes more complex and more focused on cost-effectiveness, an understanding of accounting, communication, finance, decision-making, personnel, strategic planning and related areas is crucial for today’s practicing pharmacist, no matter what career option you choose.”

This basically means that these professionals will need to make sure that they have a more comprehensive view of the industry because they could end up fulfilling a variety of roles. MBAs tend to prepare people for management roles, so anyone looking at entering into this field should look for those positions best suited to their education.

Innovation

Professionals who obtain their MBA in pharmaceuticals might be expected to work in an advisory role within a company. In this capacity, they will usually be expected to analyze the efficiency of the business so that they can then go on to improve its functioning. In many instances, professionals within this capacity might be expected to make changes within the company that will end up increasing its output. These sorts of changes might occur at a ground level through the implementation of software systems, or it could involve a complete restructuring of the business, including its brand image. It is often up to the professional to determine which plan of action will produce the most effective results, and while this is a big responsibility, it is also a thrilling position for anyone to have.

Some of the job titles that a professional with an MBA in pharmaceuticals might expect to obtain include; director of pharmacy operations, department director of federal and state agencies and research administrator.

Globalization and Its Effect on The Industry

Globalization is changing the way that people do business, and this is providing many MBA graduates with the opportunity to find professional positions throughout the world. The pharmaceutical industry is not immune to this change. In fact, according to Astra Zeneca Careers;

“Unmet medical need and advances in science, as well as expanding patient populations in emerging markets, present further exciting opportunities for pharma industry growth.”

These expansions not only increase the prospects that are available to professionals within the field, but they also call for changes within the market so that businesses will be able to deal effectively with the challenges that come along. As technology changes the way that people connect with each other, businesses need to start afresh and find ways to work within foreign markets. This can present a challenge to those who do not have the necessary skills to identify problems and propose solutions.

Someone with an MBA in pharmaceuticals is more than just a professional with experience in a lab setting. These individuals have experience in the business side of things, and this allows them to utilize what they know within and outside of the lab in order to provide a business with the best possible chances of success. These skills are flexible enough to allow the professional to fulfill a wide range of roles, but of course these positions come with their own sets of challenges. Ultimately, it is up to each professional to make sure that he is able to take on the challenges associated with the industry, including working towards personal and professional growth, so that he can be an asset to the business of his choice.

The best professionals are usually the ones with the most to offer and these are also usually the MBA graduates who will more than likely have their pick of positions within a range of industries. In the end, this allows them a vast number of job prospects within one of the most thrilling industries in the world.