|Concordia University Wisconsin||Mequon||Wisconsin|
|Long Island University||Brooklyn||New York|
|Southern Illinois University-Edwardsville||Edwardsville||Illinois|
|University of Baltimore||Baltimore||Maryland|
|University of Georgia||Athens||Georgia|
|University of Tennessee||Memphis||Tennessee|
|Washington State University||Pullman||Washington|
|West Virginia University||Morgantown||West Virginia|
The U.S. pharmaceutical industry is the world’s most important national market. With neighbors Canada and Mexico, this massive market represents the largest continental pharmaceuticals market worldwide, with the U.S. alone holding more than 45 percent of the global market. In 2016, this share was valued at around $446 billion, with many of the top global companies headquartered in the U.S. “In 2016,” reports Statista, “six out of the top 10 companies were from the United States, when based on pure pharmaceutical revenue.”
By 2022, the global pharmaceuticals market is expected to reach $1.12 trillion.
What all of this means is the pharmaceutical industry is big business, resulting in a rapidly increasing demand for professionals who are knowledgeable in both business administration and pharmacy. Job opportunities are endless, with options such as:
- Administrator in Research and Managed Care Departments
- Advisor, Pharmacy Process Innovation
- Associate Director, Patient Marketing
- Department Head in Pharmaceutical Manufacturing Corporations
- Departmental Director in State and Federal Health Care Agencies
- Director of Hospital Pharmacy Operations
- Director of Institutional Marketing
- Director of Product Development
- Equity Research Analyst
- Global Medical Stakeholder Engagement Lead
- Leadership position in pharmaceutical distribution organizations
- Manager of Global Health Economics and Outcomes Research
- Pharmacy Manager
- Program Manager
- Senior Product Manager or Director
Some graduates may even go on to open their own independent pharmacies, consulting firms, or counseling services.
In response to the high demand for professionals with a business and pharmacy background, schools such as Creighton University, University of Georgia, and Washington State University have launched an innovative degree program that allows students to earn the Doctor of Pharmacy and the Master of Business Administration (PharmD/MBA) in as few as five years. And many of these schools offer online and/or hybrid options for students seeking a more flexible degree.
About PharmD/MBA Programs
The Dual PharmD/MBA typically reduces the usual pattern of the two-year MBA and the four-year PharmD program by one year. The number of credit hours required to complete the program will vary by school, so the following is just one example: a 171 credit-hour program may include 27 management core credits, 21 management electives, and 126 pharmacy hours. Programs often lead with the MBA, which may consists of required courses such as:
- Accounting for Management Decision Making
- Analytics for Managers
- Business Economics
- Business Strategy
- Entrepreneurship Foundations
- Financial Accounting for Managers
- Financial Analysis for Managers
- Information Technology for Managers
- Management Communications
- Marketing for Managers
- Operations Management
- Organizational Behavior
- Statistical Analysis for Managers
In general, students will complete an internship upon completion of the MBA requirements. In the next phase of the program, students will begin the PharmD curriculum, which may consist of foundational courses in the biomedical, pharmaceutical, social-administrative, and clinical sciences. Students may complete the Introductory Pharmacy Practice Experiences (IPPE) component of the program, along with classroom-based courses.
Towards the end of the third year and in the fourth, students will complete the Doctor of Pharmacy Capstone, along with Advanced Pharmacy Practice Experiences (APPE), which are set in a variety of healthcare settings.
Sample Required APPE Curriculum Courses
- Acute Care Clinical APPE
- Community Pharmacy APPE
- Hospital Pharmacy Practice APPE
- Primary Care APPE
Sample Elective APPE Courses
- Advanced Geriatrics APPE
- International Pharmacy Practice Experience
- Nuclear Pharmacy APPE
- Pharmaceutical Industry APPE
The PharmD Curriculum
The PharmD curriculum is rigorous, so students are generally enrolled in around 11-19 units each semester. The first year may begin with courses such as Biological Systems, Calculations and Compounding, Medical Chemistry, Metabolism and Cell Biology, Pharmaceutics, Pharmacy Practice and Professionalism, and Pharmacists’ Patient Care Process. Courses advance quickly in the second and third years and may include:
- Community Pharmacy Practice
- Hospital Pharmacy Practice
- Pharmacy Law
- Pharmacy Literature Analysis and Drug Information
- Pharmacy Management and Economics
- Therapeutics: Cardiovascular System
- Therapeutics: Central Nervous System
- Therapeutics: Endocrine System
- Therapeutics: General Medicine and Inflammatory Disorders
- Therapeutics: Infectious Diseases
- Therapeutics: Oncology
- Therapeutics: Pharmacokinetics
- Therapeutics: Special Populations
Students may complete four Case Conference courses during years two and three of the program as well as a scholarly project.
The PharmD/MBA program is a collaboration between two schools within the university, so students will have to meet the requirements of both schools. Major requirements for the PharmD include the GMAT/GRE, Medical College Admission Test (MCAT), and/or the Pharmacy College Admissions Test (PCAT). The PCAT is a specialized test that helps identify qualified applicants to pharmacy colleges. It measures general academic ability and the scientific knowledge necessary for the commencement of pharmaceutical education. The PCAT is constructed specifically for colleges of pharmacy.
Some pharmacy programs may accept the MCAT or PCAT score as a substitute for the GRE or GMAT. However, many business schools require the GMAT/GRE for admission to the MBA program. This requirement may be waived for exceptional students.
Other requirements may include work experience (for the MBA), a bachelor’s degree from an accredited college with a minimum 3.0 GPA, recommendation letters, and personal essays.
Schools that Offer Online PharmD/MBA Programs
Cedarville University, Cedarville, Ohio
School of Pharmacy and School of Business Administration
Concordia University Wisconsin, Mequon, Wisconsin
School of Pharmacy and Batterman School of Business
Creighton University, Omaha, Nebraska
School of Pharmacy and Health Professions and Heider College of Business (hybrid)
Long Island University, Brooklyn, New York
Arnold and Marie Schwartz College of Pharmacy and Health Sciences and School of Business, Public Administration & Information Sciences (hybrid MBA)
Southern Illinois University-Edwardsville, Edwardsville, Illinois
School of Pharmacy and School of Business
Union University, Hendersonville, Tennessee
College of Pharmacy and McAfee School of Business
University of Baltimore, Baltimore, Maryland
School of Pharmacy and Merrick School of Business
University of Georgia, Athens, Georgia
College of Pharmacy and Terry College of Business
University of Tennessee, Memphis, Tennessee
College of Pharmacy and Fogelman College of Business and Economics
Washington State University, Pullman, Washington
WSU College of Pharmacy and the Pharmaceutical Sciences (CPPS) and Carson College of Business
West Virginia University, Morgantown, West Virginia
School of Pharmacy and College of Business and Economics (hybrid)
Wilkes University, Wilkes-Barre, Pennsylvania
Nesbitt School of Pharmacy and Sidhu School of Business and Leadership
Employment and Salary Outlook for PharmD/MBA Graduates
MBAs are among the highest paid professionals in the world. Add a PharmD and salaries rise to even higher levels. The Bureau of Labor Statistics (BLS) reports that the median salary for pharmacists is an impressive $124,170 up to $142,710-$159,410 or more.
In 2016, the U.S. was home to 312,500 pharmacists. The BLS predicts a six percent increase in employment for the 2016-2026 decade, which will result in 17,400 new jobs by 2026. This increase is as fast as average for all occupations.
General and Operations Managers
The BLS reports that General and Operations Managers average $100,410 annually up to $156,280 or more. The employment outlook is notable as well with an estimated nine percent increase in employment for the 2016-2026 decade. This is faster than average for all occupations. In 2016, the U.S. was home to more than 2.2 million General and Operations Managers. The nine percent increase in employment will result in 205,200 new jobs by 2026.
Considering an Online MBA? Use our interactive map to find information on schools and colleges offering Online MBA programs in your state and across the U.S.
“Doctor of Pharmacy/Master of Business Administration (PharmD/MBA).” USC School of Pharmacy. University of Southern California, 2018. Web. 13 Sept. 2018.
“General and Operations Managers.” Bureau of Labor Statistics (BLS). United States Department of Labor, 13 Apr. 2018. Web. 13 Sept. 2018.
“Global pharma market will reach $1.12 trillion in 2022.” Pharmaceuticalcommerce.com. Healthcare Commerce Media Corporation, 2018. Web. 13 Sept. 2018.
“Pharmaceutical Industry in the U.S.” Statista.com. Statista: The Statistics Portal, 2018. Web. 13 Sept. 2018.
“Pharmacists.” Bureau of Labor Statistics (BLS). United States Department of Labor, 13 Apr. 2018. Web. 13 Sept. 2018.
“Pharmacy College Admission Test (PCAT).” pcatweb.info. Pearson Education, Inc., 2015. Web. 13 Sept. 2018.
“PharmD MBA Jobs.” Indeed. Indeed, 2018. Web. 13 Sept. 2018
“PharmD MBA.” School of Management and the School of Pharmacy and Pharmaceutical Sciences (SoPPS). University at Buffalo, The State University of New York, 2018. Web. 13 Sept. 2018.