Pharmaceutical Management is an interdisciplinary branch that includes the study of pharmaceutical sciences along with business studies and administration. It is a management course designed specifically to grow pharmaceutical businesses. A career in this field brings in a number of opportunities for the students who have business skills and interests but belong to the science background. Here, in this article, we have included the necessary information about pursuing a career in Pharmaceutical Management, courses available, eligibility, jobs & salary, its scope, and future.
Career in Pharmaceutical Management
Considering the current situation of pandemic worldwide, one of the most emerging industries is the pharmacy industry. The demand for drugs has risen rapidly. People engaged in this profession are never free. This industry is recession-free. You always have work to do and there is always a requirement for more and better workers.
For an industry to run, the requirement is not only of skilled and valuable workers but also of the several managers who make sure that the different departments work efficiently to yield the best results.
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Scope of Pharmaceutical Management
With the rising standards of high-quality life and progressing technology, a career in this field is quite rewarding. The industry is always uncovering ways to improve and evolve the products and related technologies. It is estimated that the pharmacy industry will reach around $55 billion by the end of this year. Hence, the expansion of this industry is quite firm.
The number of job prospects is immense. This industry requires people with skills, expertise, and knowledge. Hence, the requirement for such professionals is increasing day-by-day.
Pharmaceutical Management Courses
To pursue a career in Pharmaceutical management, it is essential to meet the basic qualification necessities. It is very crucial for such aspirants to hold a degree in Pharmaceutical Management. In India, there are a few courses available in the field of Pharmaceutical Management at different levels. The courses can be pursued either full-time or via distance learning as per the aspirant’s willingness.
| Course level | Courses Available |
|---|---|
| Diploma | Diploma in Pharmaceutical Management Advanced Diploma in Pharmaceutical Business Management PG Diploma in Pharmaceutical Management |
| UG | BBA + Diploma in Pharmaceutical Management Bachelors of Management Studies |
| PG | MBA in Pharmaceutical Management MBA in Pharmaceutical Industry Management Executive MBA in Pharmaceutical Management |
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Eligibility & Admission
| UG | Must have passed Intermediate or equivalent with a minimum of 50% marks in the qualifying examination from any GoI approved board. |
| PG | Must hold a Bachelor’s degree in any life sciences* subject with qualifying marks in qualifying examination. Some institutes also consider the scorecards of the entrance examinations like CAT, MAT, etc. |
Entrance Examinations
The entrance examinations for admissions at PG level in several institutes are :
- CAT (Common Admission Test)
- MAT (Management Aptitude Test)
- CMAT (Common Management Admission Test)
- SNAP (Symbiosis National Aptitude Online Test)
Admission Procedure
Every institute has its own set of procedures for admissions. Some institutes take the marks of various national level exam marks into consideration, while some conduct their own examination. The applicant must look through the complete admission procedure of the institute of his choice.
Top Institutes
The following is the list of top institutes to pursue a degree in Pharmaceutical Management.
| NMIMS, Mumbai |
| Jamia Hamdard, New Delhi |
| Chitkara University, Punjab |
| IIHMR, Jaipur |
| SIBM, Pune |
| NIPER, Mohali |
| SPJIMR, Mumbai |
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Skillset Required for Pharmaceutical Industry
There are always some unique characteristics and skillset that is required for a particular job profile. To be a Pharmaceutical management professional, the following are the fundamental skills required to have a more favorable future in the field.
Communication Skills: The candidate must possess excellent communication skills to stand out. Their job responsibilities include interacting with consumers as well as the suppliers, therefore, it becomes a prominent factor during recruitment.
Management Skills: As an MBA graduate or sales marketing expert, it is very crucial for a candidate to possess this skill within. All the managerial aspects are taught in the course curriculum, but it is the candidate’s role to distinguish and prioritize the work and time accordingly.
Interpersonal Skills: The candidates must have social skills. It requires patience and diplomacy to sort out any conflicts & differences and ultimately make things run smoothly.
Stress Management: Working in the management field requires stress management skills. Such professionals have to work under extreme pressure, so it is required for the candidate to possess stress management skills and be solution-oriented in nature.
Business Skills: It is required for the candidate to have business skills to grow the organization. He must be up to date with the ongoing business and financial trends within and outside the industry.
Technical Skills: Apart from the above mentioned soft skills, the candidate also must have eminent knowledge of the subject. He must have the scientific aptitude and in-depth knowledge of the drugs and medicines.
Jobs and Salary
There is a wide range of job prospects in this field. A candidate with an MBA degree can gain tremendous success. For someone who wants to stick to the Pharma sector, it has ample opportunities but for someone who is still exploring, it is a bit limiting.
A candidate with a degree in Pharmaceutical Management is in high demand. The companies are introducing several managerial positions to upgrade the level of their organization and widen their business prospects.
Some of the top job profiles in this field are:
- Sales Manager
- Drug Inspector
- Product Manager
- Brand Manager
- Pharmaceutical Distributors
- Market Research Analyst
- Drug Store Supervisor
- Quality Assurance Manager
Salary
The average pay scale an MBA graduate in this field can expect in the range of Rs. 3-5 LPA at an entry-level. With the growth in work experience, one can easily expect Rs. 5-8 LPA. Salary packages generally depend on the recruiting organization, work experience, and the skillset of the appearing candidate. Recruiters hire such employees who have the required skill-set and are flexible in nature to work.
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Top Recruiters
Some of the leading companies that hire pharmaceutical management professionals are :
| Directorate of Industries & Commerce, Nagaland | Abbott Laboratories | Mankind |
| Dabur India Ltd. | Sun Pharma | ACG Worldwide |
| Ranbaxy Laboratories | Cipla | Zydus Cadila |
Books and Study Material
Following is the list of some of the popular books in the field of Pharmaceutical Management. Aspirants must refer to these books to hold a good grasp on the related topics.
| Book | Author |
|---|---|
| Pharmaceutical Industrial Management – Buy Here | G. Vidya Sagar |
| Pharmaceutical Marketing in India – Buy Here | Chaganti, Subba Rao |
| Pharmaceutical Analysis – Buy Here | Davis Watson |
| Principles and Practice of Drug Store Administration– Buy Here | Burande |
Frequently Asked Questions
I have passed my B.Sc. in Physics. Am I eligible to apply for MBA in Pharmaceutical Management?
Yes.
What entrance exam do I need to clear for admission into the Pharmaceutical Management course programme?
The requirement to clear the entrance exams varies from institute to institute. Some institutes prefer marks scored in national level exams like CAT, MAT, XAT, CMAT, etc.
What are the major job profiles in the Pharmaceutical Management field?
Area Sales Manager, Product Manager, Brand Manager, Drug Inspector, Market Research Analyst, etc.
What is the average salary offered to an entry level MBA graduate in Pharmaceutical Management?
The average salary package for an entry level MBA graduate is Rs. 3-5 LPA.
