In 2001, worldwide revenue for the pharmaceutical market was around $390.2 billion U.S. dollars. Ten years later, this figure stood at nearly one trillion U.S. dollars. In 2014, the market surpassed one trillion and hit $1057.2 trillion. This growth is expected to continue, making pharmaceuticals one of the fastest growing, largest, and most lucrative industries in the world. With so much growth and need, it’s not surprising that most positions in this field command a sizable piece of the pie, with science, engineering, research and development, pharmacy, and management leading the pack. According to the Bureau of Labor Statistics (BLS), people working in these fields rarely earn less than $100,000 annually (average), with managers and top executives averaging $156,590 and $163,210 per year, respectively.
The demand for most positions in the pharmaceutical industry is high, especially in the area of management. Based on this demand, a growing number of schools now offer MBA programs that focus on pharmaceutical management. Rutgers Business School at Rutgers University, Columbia Business School at Columbia University, Silberman College of Business at Fairleigh Dickinson University, the Ervian K. Haub School of Business at Saint Joseph’s University, Mayes College of Healthcare Business and Policy at University of the Sciences, and LeBow College of Business at Drexel University are just a few. These programs and many others are so successful, that most students receive lucrative job offers or promotions before they graduate. Others find employment within months of graduating.
MBA students seeking a focus in pharmaceuticals will find a range of program titles such as MBA Pharmaceutical Management, MBA Healthcare and Pharmaceutical Management, MBA Pharmaceutical and Healthcare Business, MBA Pharmaceutical and Healthcare Marketing and MBA Healthcare (designed for healthcare professionals looking to manage delivery systems, as well as executives in the pharmaceutical and life sciences industry.) While program titles vary, all curriculums include the standard MBA core, along with many of the same pharmaceutical topic areas. Some sample courses include:
- Economics of Healthcare and Pharmaceuticals
- Ethical Issues in Pharmaceutical Business
- Forecasting for Drug Development Strategy
- Health Economics
- Healthcare Investment and Entrepreneurship
- International Pharmaceutical Business
- Investing in Medical Technologies
- Issues & Trends in Health Policy
- Legal, Regulatory, and Ethical Issues in the Pharmaceutical Industry
- Managing the Pharmaceutical Sales Organization
- Pharmaceutical Industry: Issues, Structure & Dynamics
- Pharmaceutical Marketing & Sales Management
- Pharmaceutical Marketing Research
- Pharmaceutical Product Management
- Pharmaceutical Research & Development
- Regulation of Rx Drugs
- Strategy and Competition in Pharmaceuticals and Biotechnology
- U.S. Healthcare System & Pharmaceutical Managed Markets
Adding a pharmaceutical specialization to your MBA might extend your MBA program a bit, but in general a full-time MBA takes two years to complete and a part-time program may take three years or more to complete. If you would like to speed up the process, the accelerated MBA option may take a little as a year or up to 15 months to complete. Regardless of how long it takes, this degree path promises an excellent return on investment.
Columbia Business School. Columbia University, n.d. Web. 23 June 2016.
Ervian K. Haub School of Business. Saint Joseph’s University, n.d. Web. 23 June 2016.
LeBow College of Business. Drexel University, n.d. Web. 23 June 2016.
Mayes College of Healthcare Business and Policy. University of the Sciences, n.d. Web. 23 June 2016.
"Pharmaceutical and Medicine Manufacturing - May 2015 OES Industry-Specific Occupational Employment and Wage Estimates." U.S. Bureau of Labor Statistics. United States Department of Labor, 30 Mar. 2016. Web. 23 June 2016.
"Pharmaceutical Market Worldwide Revenue 2001-2014." Statista. Statista Inc., 2016. Web. 23 June 2016.
Rutgers Business School. Rutgers University, n.d. Web. 23 June 2016.
Silberman College of Business. Fairleigh Dickinson University, n.d. Web. 23 June 2016