Pharmacy industry is growing at a rapid rate and so, is the course of MBA! MBA has been a life saver for a lot of students out there from different fields and sectors. Because of its diversified sector, MBA has been a recent popularity. MBA in pharmaceutical management is an uncommon, yet important sector of management studies. This article will throw light into the details of this management studies!
What Is MBA in Pharmaceutical Management?
If you have a background in the medical field or are simply interested in working in this field, facilitating management and or setting up a pharmaceutical business, this field is something you should consider. MBA in Pharmaceutical Management is a 2-year postgraduate course. It aims to educate individuals in the knowledge needed to work in the pharmaceutical industry. The course aims to produce skilled managers for the industry. The course imparts knowledge on topics such as Sales and Marketing, Consultancy, Planning, Operation Management, and business development. This is done in the context of the medical industry, keeping its particular needs in mind.
This course can be pursued by any students who hold a bachelor’s degree in a relevant course discipline, and the degree must be from a recognized university. Good communication skills are also very necessary for the course. Admission is done based on entrance examinations, or merit basis. Some colleges also give weightage to things such as 10th / 12th marks or relevant job experience. The average fees charged by colleges and universities for MBA in Pharmaceutical Management is between INE1.00.000, to 10, 00,000 per year.
The fees vary as per the institution. Fresh graduates of the course can expect an average salary of INR 3,00,000 to 10,000,000 per annum. The salary is often equivalent to the years of on-field experience of an individual, and it increases as the experience does.
Some of the biggest recruiters in this field are organizations such as Ranbaxy Laboratories, Dabur India Ltd., Central WareHousing Corp, Infosys, and so on. Degree holders can work as Purchase managers, Pharmaceutical Distributors, Consultants, Market Researchers, Project Managers, Drug Developers or Quality Assurance Managers. The career opportunities through MBA in Pharmaceutical Management are vast and varying. Students can also choose to pursue further education in the field by opting for higher degrees such a PhD pharmaceutical Sciences and so on.
This is a rough summary of all that you need to know about an MBA in Pharmaceutical Management. The following discussion will delve into all other necessary things you may need to know to pursue this line of education.
Admission Process for MBA in Pharmaceutical Management:
Admission to MBA in Pharmaceutical Management is done based on the score obtained by a candidate in an entrance examination. There are numerous All India Examinations that are conducted for this very purpose. Some of these examinations are CAT, MAT, SNAP, CMAT, and so on. Some colleges also offer admission on a merit basis. The admission process often begins around August and September. Forms for nearly all examinations are available in August.
How does Merit Based Admission work?
Institutes that accept merit-based admission first require the submission of an application form that states interest in joining. You are required to perform very well in the Undergraduate examinations as the scores. These scores are the basis of the entire admission process. The colleges will then release a cut-off list, and you can check if you are eligible. If you are indeed eligible, you can visit the college and submit all the required documents.
How does Entrance based admission work?
Entrance based admissions are similar to Merit-based but also have significant differences. You have to submit an application and register for the examinations which are needed to qualify for the college of choice. You must score above a set threshold to get shortlisted, which is decided by the university. After the written test, often a group discussion and personal interviews are conducted by the college faculty. After all of the tests are conducted, the colleges declare the result and release a list of final shortlisted students. After the admission process, the final seat allotment takes place, and the students are expected to make all necessary deposits and register for the academic year.
What is the Eligibility Criteria?
The eligibility for MBA in Pharmaceutical Management is not unusual and is a standard for MBA courses. The Eligibility does differ slightly depending on the institute.
- The student must have a bachelor’s degree in a relevant discipline from an institute, university or college which is recognized.
- They must have a minimum of 50% aggregate marks in their graduation to be eligible. The candidate must also have a valid score in the entrance tests required by the university.
- Relevant work experience is not a requirement but is often preferred by the universities.
What are the Entrance examinations?
Many national and state-level examinations are used for admission in MBA pharmaceutical Management. These examinations are conducted to shortlist candidates for these universities. Some of these are:
CAT: CAT or the Common Admission Test is one of the most popular entrance examinations conducted in India by the IIM’s to shortlist students. It results help in providing admission into various management degree programmes. The Test result is widely accepted throughout India by a large number of universities. The examination is conducted annually.
MAT: MAT or the Management Aptitude Test is a national level examination that is conducted four times a year. It is conducted by the All India Management Association (AIMA) for admission to MBA courses throughout the country.
CMAT: CMAT or the Common Management Admission Test is an online examination conducted by the National Testing Agency India. The test is conducted to shortlist students for admission into AICTE approved management programmes.
SNAP: SNAP or the Symbiosis National Aptitude Test is conducted by the Symbiosis International University. The Examination is conducted to shortlist students pursuing Postgraduate and diploma programmes within the Symbiosis system.
NMAT: NMAT or the Narsee Monjee Management Aptitude Test is conducted by the Graduate management aptitude council. This is conducted for admission into various management courses, and its results are accepted by many Top Management Institutes.
How to Prepare for Entrance examinations?
Scoring well in an entrance examination is an easy task for anyone with the right practice and understanding of the test. It is important to go through the previous year’s examination papers to get a deeper understanding of the pattern of testing. They should also fully research the syllabus of the entrance examination. There are 4 sections to a majority of these MBA entrance exams. These are:
- Reading Comprehension and Verbal Ability
- Quantitative ability
- Data Interpretation and Logical Reasoning.
- General Knowledge and Current affairs
Along with that, these are the following steps you can take you can take to excel at these examinations.
- It is important to remember that multiple-choice questions are asked in these examinations. Negative marks are awarded for every wrong answer, so only attempt questions you are certain about.
- The verbal ability and reading comprehension section often includes reading comprehension, verbal ability, para jumbles and summarizing.
- The Quantitative Ability section comprises questions of 10th Level mathematics, however, the questions are very tricky. Hence one must be very clear with the basics.
- Some entrance exams have general knowledge sections, so keep in mind to read about National and international affairs.
- One must read newspapers and news article to learn about current affairs.
- It is very important to keep in mind that completing mock texts which can help in the preparation for the examination.
- One can rely on coaching institutes as well, as they tend to be great for people who prefer direct coaching for preparation.
What is an MBA in Pharmaceutical Management about? And Why should you Study it?
MBA in Pharmaceutical Management is a course that aims to produce skilled professionals for managerial positions in the Pharmaceutical Industry. It focuses on imparting information and skills which will help its students in developing businesses, marketing, consulting and operating and managing projects. It is a degree that revolves around studying the health industry and producing marketing strategies for the industry. MBA in Pharmaceutical Management teaches about research and understanding the various elements of the Pharmaceutical Industry. The course deals with theoretical and practical elements of the subject. It is supported by various assignments, presentations, theoretical papers and so on.
MBA in Pharmaceutical Management is a course ideal for individuals who have some background in the Medical Industry and are seeking options to further their education or change their lanes of work. It is targeted towards those who are seeking to learn about the ins and outs of the medical industry’s commercial aspects. The course opens up numerous career opportunities for students who pursue it, and the students can choose to work in some of the best pharmaceutical companies. MBA in Pharmaceutical Management scope is incredibly wide and it has a lot of potential. Students can even choose to pursue further education through this degree.
MBA in Pharmaceutical Management Distance learning options:
This is a degree that is open to students who are unable to pursue it in regular class mode. This course is taught through the distance mode as well. To be eligible for the distance learning options, you must have a Bachelor’s degree in a relevant field from a recognized university or college. They must have a minimum aggregate of 50%.
The minimum duration required to complete this course from the distance learning option is 1 year, and the maximum duration allowed is 3 years. The fees for this format of teaching is from INR 50,000 to INR 1, 50,000 annually.
Job Prospects, Career options and Future Scope:
The scope of an MBA in Pharmaceutical management when it comes to job options and career opportunities is very wide. A fresh graduate can expect to earn INR 3, 00,000 to 10,00,000 annually. It has grown as a subject over the past few years and a larger number of students are pursuing this particular degree for their postgraduate. Graduates are hired by many top Pharmaceutical companies and distributors. They can choose to work as Consultants, distributors, Purchase managers and many other such vocations within the field.
Those who wish can continue with their education in this very field, pursuing a PhD in the subject, and this is a good option for those heavily interested in academia and more theoretical elements of the subject.
MBA in Pharmaceutical Management is a course that provides for its students a large variety of options when it comes to learning and growing. It is a great option for those who seek to contribute their skills to the medical industry and help in the functioning of its many elements.